换月：金融市场的术语解读

中文段落：

换月，在金融市场中，特别是期货和衍生品市场中，是一个常见的术语。它指的是在某一合约到期之前，交易者将其持有的未平仓合约从一个交割月份转移到另一个交割月份的行为。换月操作的主要目的是为了避免合约到期，同时保持交易者对市场的持仓态度不变。

换月操作通常发生在合约到期前的最后交易日或之前。交易者可以选择将其未平仓合约平仓，并同时开设一个新合约，新合约的交割月份与原先合约不同。这种操作也被称为“展期”或“滚动”。

换月操作对于交易者来说具有一定的风险。因为不同交割月份的合约价格可能存在差异，这种差异可能导致交易者面临额外的成本或损失。因此，在进行换月操作前，交易者需要仔细评估市场情况，并制定相应的风险管理策略。

此外，换月操作也反映了交易者对未来市场的预期。通过选择不同交割月份的合约，交易者可以表达他们对未来市场走势的看法，并据此制定交易策略。

**英文段落：

**Swap Month: An Interpretation of a Financial Market Term

In financial markets, especially in futures and derivatives markets, "swap month" is a common term. It refers to the action taken by traders to transfer their open positions from one delivery month to another before a contract expires. The main purpose of a swap month operation is to avoid contract expiration while maintaining the trader's position in the market.

Swap month operations typically occur on or before the last trading day before a contract expires. Traders can choose to close their open positions and simultaneously open a new contract with a different delivery month. This operation is also known as "rollover" or "rolling".

Swap month operations pose certain risks for traders. Since there may be differences in the prices of contracts with different delivery months, such differences may result in additional costs or losses for traders. Therefore, before performing a swap month operation, traders need to carefully assess market conditions and formulate corresponding risk management strategies.

Additionally, swap month operations reflect traders' expectations of future markets. By selecting contracts with different delivery months, traders can express their views on future market trends and formulate trading strategies accordingly.