Futures Basis

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How To Trade Futures In 3-D: Basis Trading

Basis trading is a third dimension open to aspiring futures traders to trade without speculating on direction, working with the gamut of futures products.

Futures can be a straightforward and capital-efficient way to either speculate or hedge. You think the price of corn is going higher? Buying a /ZC corn futures contract is an easier way to lay a bet than buying a corn farm and growing your own. How about a short-term hedge on a big S&P 500 stock portfolio, just ahead of a Fed announcement? /ES S&P 500 futures fit that bill. Just like stocks, futures can be long-term trades or quick scalps. But unlike stocks, futures can also offer different trading opportunities because of their basis, which few novice individual traders know about.

Basis 101

“Basis” is the term for the difference in futures prices in different expirations, or the cash (“spot”) price of the underlying product and the futures price. Futures prices in the various expirations are different from each other and the spot price because of the cost of carry, and the impact of supply and demand. That difference represents the basis. /ES futures, for example, have contracts that expire in March, June, September, and December. /ZC corn futures have contracts that expire in March, May, July, September, and December. /ZB bonds, /GC gold and, /CL crude oil futures have their own set of expirations.

Trading Basis

In a word, basis trading is buying a future in one expiration month, and selling it in a different expiration month—like selling the March /ES and buying the June /ES. It’s sort of like intermarket pairs trading, but with near 100% correlation. You’re speculating on the basis increasing and widening, or decreasing and narrowing. Because the two futures are based on the same underlying (e.g. S&P 500, Treasury bonds, crude oil, etc.), they are highly correlated. They tend to move up and down at the same time. But when they don’t move at the same time, or by the same amount, the basis changes.

Because the basis can be negative, where the price of the further expiration future is lower than the price of the nearer expiration future (also known as “backwardation”), it’s important to know which way you think the near-term future may move, relative to the back-month future. Some futures like /ES are regularly in backwardation, so the basis widening means it becomes more negative. If you thought it would widen, you might consider buying the near-term future and shorting the back-month future (e.g., you’d buy March /ES and short June /ES).

When the price of further expiration futures are higher than nearer expiration futures, that’s called “contango.” In contango, the basis is positive. If /CL futures are in contango, and you thought the basis would widen, you might consider shorting the near-month /CL future, and buying the back- month /CL future.

4 Steps To Getting Basis

To trade basis, you have to see basis. With that, thinkorswim ® has you covered.

1. On the Trade tab of thinkorswim ® , you can see the available futures expirations by typing the root symbol (e.g. /ES) and selecting “All” from the dropdown menu.

2. To see the basis price between consecutive futures expirations, click the “Spread” dropdown menu and select “Calendar.”

3. Click the arrow next to one of the futures to expand the basis price, which is the further (or back) expiration, minus the nearer expiration.

4. From the basis price you just opened up, you can chart basis by right-clicking the “=” before the futures symbol, and following the click path “More info…” >TOS Charts >upper-left square in the chart grid menu.

FIGURE 1: Source: thinkorswim by TD Ameritrade. For illustrative purposes only.

Basis Trading In the Real World

You may consider the futures basis because they can be traded by themselves, kind of like stocks pairs trades. For example, maybe you don’t have a bullish or bearish bias on the futures’ underlying product itself. But considering the futures basis, you think it might move higher or lower.

Trading the futures basis also has potential advantages over stock pairs trading. First, the contract and tick size are the same for a given future. You don’t need to adjust the quantities of the trade to account for different contract specification. Second, the margin requirement for the basis trades can be lower than for a single long or short future because the basis trade is simultaneously long and short futures. The basis tends to have smaller price changes than the individual future would. So the margin requirement is also smaller.

Let’s look at three futures basis trading scenarios.

Crude Oil (/CL)
Crude oil futures contracts typically go out a couple of years. They’re one of the most liquid, actively traded futures contracts, and the basis can move around a lot. To understand why, think about how crude oil gets turned into gasoline and other “stuff.” It gets pumped out of the ground and transported to a refinery, and that costs money. If the oil is stored, there are insurance and storage fees, as well as interest charges if you’re borrowing money to buy it.

All those things go into the basis of /CL futures, and would make the further-term futures more expensive than near-term futures because those costs are built into the futures’ prices. But with the futures basis, there’s also the expectation of over- or under-supply in the coming months and years. You can see that when you look at /CL futures prices. Backwardation in /CL can happen when the market sees a shortage in crude oil, and where near-term demand outstrips immediate supply. The price of the near expiration /CL future is pushed higher than the back month. But /CL is more often in “contango,” where the carry costs make the back months slightly higher than the near months, and there is Backwardation in /CL can happen when the market sees a shortage in crude oil, and where near-term demand outstrips immediate supply. The price of the near expiration /CL future is pushed higher than the back month. But /CL is more often in “contango,” where the carry costs make the back months slightly higher than the near months, and there is equilibrium between supply and demand. If you see /CL in backwardation and you think the causes are temporary, and that /CL will move back to contango, you could consider shorting the near-expiration /CL and buy the further-expiration /CL. The risk, of course, is that /CL could move further in backwardation, resulting in a loss on the trade. And there’s never a guarantee that contango has to happen in the future. But the trade could be profitable if the futures move back to contango before the expiration of the near-term future.

S&P 500 Index (/ES)
One of the most widely watched and actively traded futures is the /ES contract based on the S&P 500 stock index. /ES trades until 3:15 p.m. CT during “regular” market hours. The price of /ES is based on the value of the stocks in the S&P 500 (which is the SPX index), and the cost to carry the portfolio of those stocks. There is an interest charge to borrow money to buy shares. The interest is offset by dividends that are paid by the S&P 500 stocks.

The net impact of interest and dividends determines the basis between the / ES and the SPX. Nowadays with interest rates low relative to dividends, /ES futures are usually in backwardation, and the basis doesn’t fluctuate much. But because S&P 500 stocks stop trading at 3:00 p.m. CT, so, too, does the price of the SPX stop updating. And in the 15 minutes between 3:00 p.m. and 3:15 p.m., when the /ES continues to trade, it can move higher or lower than what the basis calculation would suggest based on news that arrives after 3:00 p.m., or on the opening of large positions in /ES in the last 15 minutes of trading that anticipate the next day’s price movement.

If the /ES to SPX basis is $-10, when the /ES moves up relative to where SPX closed and makes the basis $-8, for example, that can signal a stronger open the next day. If / ES moves down relative to the SPX closing price to make the basis $-12, that can signal a weaker open the next day. Looking at the /ES to SPX basis before and after 3:00 pm can give you a clue as to the next day’s opening price action. This may impact stop orders, and even technical indicators you might be tracking.

CBOE Volatility Index (/VX)
Volatility futures might be the trickiest to understand. But they might offer the most interesting opportunities. The CBOE Volatility Index (VIX) is derived from the out-of-the-money SPX option prices. When traders anticipate larger price changes in the SPX (i.e. more volatility), the out-of-the-money SPX option prices can increase in price. That, in turn, pushes up the VIX. When traders anticipate smaller price changes in the SPX (i.e., lower volatility), the out-of-the-money SPX prices can drop, which in turn drives the VIX lower.

You can’t trade the VIX directly, and /VX futures are a way to speculate on the direction of volatility. But /VX futures are only modestly tied to the VIX. “Modestly” because /VX settles to the VIX settlement value at their expiration. But there isn’t any cost of carry between the VIX and /VX futures be- cause you can’t buy the VIX like you can buy crude oil or a stock portfolio. That makes /VX futures pure indications of how much future volatility the market anticipates. The basis you see between the near and further month in /VX futures reflects whether the market sees more volatility near term or longer term.

Most of the time /VX futures are in contango—where the market expects more volatility the further into the future you look. But when the market panics and drops, generally the VIX rallies the most, the closest expiration /VX future rallies a bit less, and further expiration /VX futures rally a little less than those. That can push /VX futures into backwardation, and make the basis negative.

Figure 2 charts just this scenario, when a market dropped and pushed volatility higher, and the /VX basis became negative.

FIGURE 2: NEGATIVE BASIS

To view basis on /VX, you have to enter it manually as a pair (i.e., longer-term future minus shorter-term future, or /VXX5-/VXV5 as shown above). Most of the time, /VX futures are in contango, as was the case prior to August in the chart. Source: thinkorswim by TD Ameritrade. For illustrative purposes only.

Most of the time, the price of the back-month /VX future is higher than the price of the near-month /VX future, and the basis is positive. When the market became more volatile, the basis became negative. If you believe the market will calm down, and the front-month /VX will drop relative to the back month, and the basis will go from negative to positive, you could consider shorting the front-month /VX future and buy the backmonth /VX future. That trade could be profitable if the basis goes from negative to positive. But the trade would lose money if the basis became more negative—which is something that happened in the 2008 market crisis.

At the closing bell, /VX basis trading isn’t for the faint of heart. If you’re already a proficient futures trader, consider this another tool in the strategy toolbox. But even if you’re not ready to trade it, /VX basis can certainly offer you clues as to how the market is forecasting volatility.

Basic Basis Trading Strategies

As the popularity and trading volumes of BitMEX grow, I repeatedly receive questions from traders about how to execute interest rate trades using BitMEX products. As I discussed in my previous article, a Eurodollar is a USD deposit held outside of America. The interest rate or basis trades I will describe below all take advantage of higher Eurodollar interest rates in Bitcoin.

A spot Bitcoin exchange essentially is a pseudo-bank that offers USD deposits (aka Eurodollars). The interest rate on these Eurodollars is high mainly because of counterparty risk. There is no deposit insurance, and exchanges routinely get hacked or steal customers’ money.

Traders on derivative exchanges would like to own more Bitcoin than they have cash to purchase. Market makers and arbitrageurs who are usually short Bitcoin, hedge themselves by purchasing it with USD held on the underlying exchanges.

These traders supply USD to speculators for a positive rate of return. This interest or basis compensates them for counterparty risk and the opportunity cost of capital. The three basic basis strategies I will describe below allow traders to capture this basis as profit.

First, it is necessary to have an elementary understanding of the futures and swap contracts that BitMEX offers.

Futures Contract: The buyer or seller is entitled to the difference between the entry and settlement price at maturity. Buyers and sellers pay and receive fixed interest rates depending on whether the basis is positive or negative respectively at entry. Basis is the difference between the futures and spot price.

For the following examples I will use the BitMEX Bitcoin / USD 100x Leveraged 31 March 2020 Futures Contract, XBTH17. Each contract is worth $1 of Bitcoin.

Swap Contract: This derivative is similar to a futures contract, but there is no settlement date. Traders are free to hold their position for as long as their capital allows. To anchor the swap price to the underlying spot price, interest rate payments are exchanged between longs and shorts depending on whether the swap is trading at a premium or discount. A swap contract is an exchange of floating interest rate payments for price performance.

For the following examples I will use the BitMEX Bitcoin / USD 100x Leveraged Swap Contract, XBTUSD. Each contract is worth $1 of Bitcoin.

Both XBTUSD and XBTH17 use the same underlying index. Therefore, trading one against the other in the same quantity eliminates any Bitcoin / USD price risk.

Future vs. Spot

This is the simplest basis trade. This strategy is commonly called cash and carry. Basis can be positive or negative, but usually futures trade more expensive than spot. This is because speculators who are short Bitcoin can only make 100%, but infinity is the maximum return for longs.

Mechanics

  1. Buy $1,000 worth of Bitcoin.
  2. Sell 1,000 contracts of XBTH17.
  3. At expiry, sell the remaining physical Bitcoin.

Margin Considerations

You must deposit at least 1% of the Bitcoin value of the XBTH17 position with BitMEX. The remaining Bitcoin you should store yourself in a properly secured Bitcoin wallet. If the XBTH17 price rises, your position is at risk of being liquidated.

If you are completely comfortable with BitMEX counterparty risk, then deposit the full Bitcoin value. By using 1x leverage, you cannot be liquidated. Otherwise you will have to monitor your liquidation price and occasionally top up your BitMEX account.

Profit Potential

The basis captured is your profit. You must hold the trade until XBTH17 expires to realise the full amount.

Risks

If you do not fully margin the XBTH17 position, you risk getting liquidated if the price rises before you can deposit additional margin on BitMEX.

Swap vs. Spot

This has become a very popular trade due to the historically positive funding rate. A positive funding rate means that longs pay shorts every eight hours. Since May 2020, XBTUSD shorts have been paid a total of 37.60% of interest (47.16% annualised).

Mechanics

  1. Buy $1,000 worth of Bitcoin.
  2. Sell 1,000 contracts of XBTUSD.
  3. Unwind the trade when you believe funding will turn negative for an extended period of time.

Margin

The margin considerations are the same as with the previous trading strategy.

Profit Potential

It is impossible to know the exact amount of profit before entering the trade. This is because the funding rate changes every eight hours. This is the definition of being long a floating rate instrument.

As mentioned earlier, over the past nine months, this strategy yielded a positive 35.58% outright profit.

Risks

The funding rate can and does go negative. When the funding rate goes negative, you lose money. Depending on when you enter the trade, you could experience long periods where you pay funding every eight hours.

During prolonged periods of negative funding, many traders unwind the position rather than continue to bleed. Bitcoin has been in a bull market since this product was launched, it will be interesting to observe the funding rates during a prolonged sideways or bear market.

Future vs. Swap

This is the most advanced strategy I will present today. This is a fixed vs. floating interest rate trade. Unlike the previous two strategies, the performance can be amplified using leverage on both legs of the trade.

Sell Future vs. Buy Swap Mechanics

This is referred to as a curve flattener. If the futures basis decline is greater than the interest you pay being long swap, either due to time decay or an outright movement in the implied interest rate, you make money.

  1. Sell 1,000 XBTH17 contracts.
  2. Buy 1,000 XBTUSD contracts.

If you place the trade when XBTH17’s basis is positive, wait until expiry, and then sell the XBTUSD contracts.

If you plan to trade around the XBTH17 basis, wait for the XBTH17 basis to fall sufficiently, then buy back XBTH17 and sell XBTUSD to unwind the trade at a profit. You will employ this strategy when the XBTH17 basis is already negative but you expect it to decline even further.

Selling XBTH17 at a negative basis means you bleed money each day until expiry (aka negative carry or negative theta). I tend to avoid any situation where my fixed interest leg is entered into at negative carry. It makes turning an eventual profit more difficult.

This type of trade is also a bearish trade with respect to Bitcoin spot movements. During a quick and sharp drop, traders will short futures and swaps. The futures’ basis will decline and turn negative, and the swap funding rate will go negative as well. In this situation, profits due to movements in interest rates will accrue on both legs.

Buy Future vs. Sell Swap Mechanics

This is referred to as a curve steepener. If the futures basis rise is greater than the interest paid being short swap, either due to time decay or an outright movement in the implied interest rate, you make money.

  1. Buy 1,000 XBTH17 contracts.
  2. Sell 1,000 XBTUSD contracts.

If you place the trade when XBTH17’s basis is negative, wait until expiry, and then buy back the XBTUSD contracts.

If you plan to trade around the XBTH17 basis, wait for the XBTH17 basis to rise sufficiently, then sell XBTH17 and buy back XBTUSD to unwind the trade at a profit. You will employ this strategy when the XBTH17 basis is already positive but you expect it to rise even further. Buying XBTH17 at a positive basis means you bleed money each day until expiry.

This type of trade is also a bullish trade with respect to Bitcoin spot movements. During a bull market, traders will buy futures and swaps. The futures’ basis will rise and turn positive, and the swap funding rate will go positive as well. In this situation, profits due to movements in interest rates will accrue on both legs.

Profit Potential

The interest rate differences captured are small. In order to earn a respectable return on equity, leverage must be employed. If the interest rate differential received is 1% unlevered, your return on capital is only 0.5%. Each leg must be margined separately.

Using the same example but with 10x leverage, your return on equity increases to 5%. The one benefit to curve trades is that you do not need to hold until expiry of the futures contracts. You can go one way, then reverse quickly as conditions change. In this way, you become an interest rate day trader.

Speculating on curvature is more difficult, but there are less people employing such strategies. Those who understand the mechanics will be presented with many no-brainer profit opportunities.

Risks

For a curve flattener, you are long swap. If the total net swap funding payments (i.e. the funding rate is positive) exceed the basis income from selling the futures contract, you lose money.

For a curve steepener, you are short swap. If the total net swap funding payments (i.e. the funding rate is negative) exceed the basis income from buying the futures contract you lose money.

In general, when the futures basis is positive, longs pay and shorts receive swap funding. When the futures basis is negative, longs receive and shorts pay swap funding. This is because traders will arbitrage the two products to keep the interest rate differentials in line. Profiting from this strategy requires excellent foresight into how the interest rate curve will move.

Conclusion

The most important part of the three strategies that I outlined is that none of them take any Bitcoin price risk. Bitcoin to basis traders is just another asset with an interest rate curve that can be arbitraged. This curve becomes distorted during highly leveraged speculator induced spot price moves. This allows savvy traders to earn excellent volatility adjusted returns.

Basic Basis Trading Strategies

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BASIS

Meaning of BASIS in English

The difference between the cash price and the futures price of a commodity. CASH – FUTURES = BASIS. Basis also is used to refer to the difference between prices at different markets or between different commodity grades.

A guide to futures and options market technology English dictionary. Английский словарь-руководство по фьючерсам и опционам рыночных технологий . 2020

Еще значения слова и перевод BASIS с английского на русский язык в англо-русских словарях и с русского на английский язык в русско-английских словарях.


More meanings of this word and English-Russian, Russian-English translations for the word «BASIS» in dictionaries.

  • BASIS — I. ˈbāsə̇s noun ( plural ba·ses -āˌsēz) Etymology: Latin — more at base 1. a. : the bottom of anything …
    Webster’s New International English Dictionary
  • BASIS — /bay”sis/ , n. , pl. bases /-seez/ . 1. the bottom or base of anything; the part on which something …
    Random House Webster’s Unabridged English Dictionary
  • BASIS — noun ( plural ba·ses -ˌsēz) Etymology: Latin — more at base Date: 14th century 1. : the bottom of something …
    Merriam-Webster’s Collegiate English vocabulary
  • BASIS — noun the principal component part of a thing. 2. basis ·noun the pedestal of a column, pillar, or statue. 3. …
    Webster English vocab
  • BASIS — / ˈbeɪsɪs; NAmE / noun ( pl. bases / ˈbeɪsiːz; NAmE /) 1. [ sing. ] the reason why people …
    Oxford Advanced Learner’s English Dictionary
  • BASIS
    Longman Dictionary of Contemporary English
  • BASIS — ( bases /beɪsi:z/ ) Frequency: The word is one of the 1500 most common words in English. 1. If something …
    Collins COBUILD Advanced Learner’s English Dictionary
  • BASIS — noun COLLOCATIONS FROM OTHER ENTRIES a fifty-fifty basis ▪ We’ll share it on a fifty-fifty basis . a sound basis …
    Longman DOCE5 Extras English vocabulary
  • BASIS — [noun] [C] [plural] bases – the most important facts, ideas, etc. from which something is developedThis design was the basis …
    Cambridge English vocab
  • BASIS — n. Function: noun 1 something that supports or sustains anything immaterial FF1C; his argument rested on a basis of conjecture …
    Collegiate Thesaurus English vocab
  • BASIS — n. 25B6; noun the basis of his method : FOUNDATION, support, base; reasoning, rationale, defence; reason, grounds, justification, motivation. the …
    Concise Oxford Thesaurus English vocabulary
  • BASIS — n. 1 foundation, base, bottom, heart, footing, principle, underpinning; infrastructure The three R’s form the basis of elementary education Do …
    Oxford Thesaurus English vocab
  • BASIS — сущ. 1) базис, основа, основание, фундамент on a good neighbourly basis ≈ на основе добрососедских отношений Syn : base, foundation, …
    Большой Англо-Русский словарь
  • BASIS — basis.ogg ʹbeısıs n ( pl bases) 1. базис; основа; основание basis and superstructure – базис и надстройка on the basis …
    Англо-Русско-Английский словарь общей лексики – Сборник из лучших словарей
  • BASIS — 1) базис, база 2) основание; фундамент 3) главный компонент 4) базисная грань ( кристалла ) • – as-received basis – …
    Большой Англо-Русский политехнический словарь
  • BASIS — 1) базис, база 2) основание; фундамент 3) главный компонент 4) базисная грань (кристалла) • – as-received basis – dry ash-tree basis – dry basis – go-no-go basis – mineral-matter-free …
    Большой Англо-Русский политехнический словарь – РУССО
  • BASIS — 1) базис, база 2) основание, фундамент 3) система образующих 4) базовый компонент, основа 5) основополагающий принцип • measure with basis — мера с базисом on annual basis …
    Англо-Русский научно-технический словарь
  • BASIS — n ( pl bases) 1. базис; основа; основание basis and superstructure – базис и надстройка on the basis of peaceful …
    Большой новый Англо-Русский словарь
  • BASIS — 1) принцип, основной принцип; основа 2) база; фундамент 3) базис ( при программировании ) • on a continual production basis …
    Англо-Русский словарь по машиностроению и автоматизации производства 2
  • BASIS — 1) принцип, основной принцип; основа 2) база; фундамент 3) базис (при программировании) • on a continual production basis — в условиях непрерывной эксплуатации (напр. …
    Англо-Русский словарь по машиностроению и автоматизации производства
  • BASIS — 1) база, основа, основание 2) редк. фундамент • on dry basis — в расчёте на сухой вес – basis of design – basis tree
    Англо-Русский словарь по строительству и новым строительным технологиям
  • BASIS — сущ.; мн. ч. bases 1) базис, основа; основание 2) разница между ценой по сделке на наличный товар и ценой по сделке на …
    Англо-Русский словарь по экономике
  • BASIS — 1) базис; основа; база; основание 2) бирж. разница между ценой по сделке на наличный товар и ценой по сделке на …
    Англо-Русский словарь по экономике и финансам
  • BASIS — основание, базис – basis for calculation – basis of design – analytical basis of design – calculating basis – semirigid …
    Англо-Русский строительный словарь
  • BASIS — основа, основание, базис on a case-by-case basis — дифференцированно, в зависимости от конкретного случая; on an on-going basis — постоянно; on a «pay …
    Англо-Русский юридический словарь
  • BASIS — основа ; базис ;

accrual basis of accounting ;

carcass weight basis ;


Англо-Русский Деловой словарь

  • BASIS — основа; основание – basis for rejection – basis of division – on the basis of
    Англо-Русский словарь по патентам и товарным знакам
  • BASIS — сущ. 1) общ. базис, основа, база, основание to provide a basis for smth. — обеспечить основу для чего-л. on a voluntary basis — …
    Новый Англо-Русский толковый словарь по финансовым рынкам
  • BASIS — сущ. 1) общ. базис, основа, база, основание to provide a basis for smth. — обеспечить основу для чего-л. on a voluntary basis — …
    Новый англо-русский толковый словарь по менеджменту и экономике труда
  • BASIS — сущ. 1) общ. базис, основа, база, основание to provide a basis for smth. — обеспечить основу для чего-л. on a voluntary basis — …
    Англо-Русский словарь бухгалтерского учета и аудита
  • BASIS — сущ. 1) базис, основа, основание, фундамент on a good neighbourly basis ≈ на основе добрососедских отношений Syn : base, foundation, …
    Новый большой Англо-Русский словарь
  • BASIS — base
    English interlingue dictionary
  • BASIS — tugkaran
    English-Visayan vocabulary
  • BASIS — noun (plural bases) see: base Date: 14th century the bottom of something considered as its foundation, the principal component of …
    Толковый словарь английского языка – Merriam Webster
  • BASIS — (n.) The principal component part of a thing.
    Английский словарь Webster
  • BASIS — (n.) The ground work the first or fundamental principle; that which supports.
    Английский словарь Webster
  • BASIS — (n.) The pedestal of a column, pillar, or statue.
    Английский словарь Webster
  • BASIS — (n.) The foundation of anything; that on which a thing rests.
    Английский словарь Webster
  • BASIS — ( n. ) The principal component part of a thing.
    Webster’s Revised Unabridged English Dictionary
  • BASIS — ( n. ) The pedestal of a column, pillar, or statue.
    Webster’s Revised Unabridged English Dictionary
  • BASIS — ( n. ) The ground work the first or fundamental principle; that which supports.
    Webster’s Revised Unabridged English Dictionary
  • BASIS — ( n. ) The foundation of anything; that on which a thing rests.
    Webster’s Revised Unabridged English Dictionary
  • BASIS — n. foundation, base
    Толковый словарь английского языка – Редакция bed
  • BASIS — n. Pronunciation: ‘ b ā -s ə s Function: noun Inflected Form: plural ba · ses \ – ˌ s …
    Merriam Webster Collegiate English Dictionary
  • BASIS — ■ noun ( plural bases -si:z ) the underlying support for an idea, argument, or process. ↘the principles according to …
    Concise Oxford English vocab
  • BASIS — [ba.sis] n, pl ba.ses [L–more at base] (14c) 1: the bottom of something considered as its foundation 2: the principal …
    Merriam-Webster English vocab
  • BASIS — a step in a march or dance; the lifting and lowering of the foot, or arsis plus thesis. The term …
    Britannica English vocabulary
  • BASIS — basis BrE AmE ˈbeɪs ɪs § \ -əs ▷ bases ˈbeɪs iːz
    Longman Pronunciation English Dictionary
  • -BASIS — -basis stress-imposing BrE AmE bəs ɪs § -əs ▷ — anabasis ə ˈnæb əs ɪs § -əs
    Longman Pronunciation English Dictionary
  • BASIS — n. (pl. bases) 1 the foundation or support of something, esp. an idea or argument. 2 the main or determining …
    Английский основной разговорный словарь
  • BASIS — n. (pl. bases) 1 the foundation or support of something, esp. an idea or argument. 2 the main or determining …
    Concise Oxford English Dictionary
  • BASIS — n. (pl. bases) 1. the foundation or support of something, esp. an idea or argument. 2 the main or determining …
    Oxford English vocab
  • BASIS — (bases) Frequency: The word is one of the 1500 most common words in English. 1. If something is done on …
    Collins COBUILD – Толковый словарь английского языка для изучающих язык
  • BASIS — Synonyms and related words : Anschauung, a priori principle, affirmation, ambition, angle, angle of vision, antecedents, apriorism, aspiration, assertion, assumed …
    Moby Thesaurus English vocabulary
  • BASIS — n. Base, foundation, ground, groundwork, lowest part.
    Dictionary of English Synonyms
  • BASIS — noun 1. something that supports or sustains anything immaterial his argument rested on a basis of conjecture Synonyms: base, bedrock, …
    Collegiate Thesaurus English vocabulary
  • BASIS — noun
    Oxford Collocations Dictionary Second Edition
  • BASIS — noun 1 starting point ADJECTIVE ▪ firm , solid , sound VERB + BASIS ▪ form , provide PREPOSITION ▪ …
    Oxford Collocations English Dictionary
  • BASIS — See ↑ BASIC 2
    Longman Activator English vocab
  • BASIS
    Dirty English-Russian vocab
  • BASIS — n. 1) to form, provide a

    for 2) a firm, solid, sound; first-name; scientific; shaky

    3) on a …
    The Bbi Combinatory Dictionary of English – A Guide to Word Combinations

  • BASIS — Battelle’s Automated Search Information System
    Environmental Engineering English vocabulary
  • BASIS — bassi
    Anagrams English vocabulary
  • BASIS — Regarding a futures contract , the difference between the cash price and the futures price observed in the market . …
    Hypertextual Finance English Glossary
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