金融产品合约的可互换性(fungibility)是指同一金融产品的合约可以在不同交易场所交易,在某一交易场所买进的金融产品可以在另一交易场所卖出。股权类产品具有交易的可互换性,而衍生类产品目前尚不具有可互换性,这是目前国际衍生品交易业务盈利远高于股权交易业务的重要原因。可互换性为交易场 The fungibility of financial product contracts means that the contracts of the same financial product can be traded at different places of exchange and the financial products bought at one place of trade can be sold at another place of exchange. Equity products are traded interchangeably, while derivative products are not yet interchangeable. This is an important reason why the earnings of the international derivatives trading business are much higher than the equity trading business at present. Interchangeability for the exchange market