Including hedging, arbitraging and speculation.

包括套期保值、套利及投机。

There are mainly three functions of IF: hedging, speculating and arbitraging.

股指期货主要有三个功能：套期保值，投机和套利。

Secondly, try to prevent speculative behavior, reduce the channels by arbitraging for money.

其次，尽量防止投机性行为，减少通过套戥机会来发财的渠道。

Alastair Ryan, an analyst at UBS, says the rules have become a "smorgasbord" and that "everyone is arbitraging" them.

UBS的一个分析师Alastair Ryan说：规则已经变成了自助餐，可以任人去用。

The spreading trade, including hedging and the arbitraging, is the important and safe operations in derivative security market.

对冲交易包括套期保值和跨期套利，是金融衍生商品交易市场中非常重要且较为安全的交易方式。