Generally speaking, the closing principle of continuous bidding is: the first price takes precedence, and the second price takes precedence. In call auction, the principle of clinching a deal is: the first volume takes precedence, the second price takes precedence, and the third time takes precedence. To put it simply, bidding auction "offers first, then matches, then closes", while continuous bidding is "offers, matches and closes".
Futures settlement refers to the process that futures settlement institutions settle the profits and losses of positions held by customers according to the settlement price announced by the exchange. There are two organizational forms of futures settlement. One is a clearing company independent of futures exchanges, such as London Clcaring House, which also carries out futures settlement for three futures exchanges in London. The other is the settlement department set up in the exchange. For example, futures exchanges in Japan, the United States and other countries have their own settlement departments (hereinafter referred to as "settlement institutions"). At present, China adopts the form of setting up a settlement institution in the exchange. The difference between an independent clearing house and the settlement institutions in the exchange is mainly reflected in the following aspects: the clearing house is independent of the exchange in terms of performance guarantee, control and settlement risk, while the internal settlement institutions in the exchange are all concentrated in the exchange. Independent clearing houses are generally shared by banks, exchanges and other financial institutions, and the risks are relatively scattered compared with those borne by exchanges alone.
The settlement of futures trading can be roughly divided into two levels, one is the settlement of members by exchanges, and the other is the settlement of customers by member companies. Because futures trading is a kind of margin trading, it has the characteristics of small and wide, and the risk is relatively small in a sense. Futures settlement is one of the most important means of risk control. The exchange shall open a unified settlement fund account in the bank, and the members shall open a settlement account in the settlement institution of the exchange, and the transactions of the members in the exchange shall be uniformly settled by the settlement institution of the exchange.
The futures clearing house plays the role of a third party to all traders in the futures money market, that is, for each seller member, the clearing house is the buyer; For each buyer member, the settlement institution is the seller. By collecting the transaction margin for each transaction, the settlement institution can guarantee the performance of the contract on behalf of the customer, thus institutionally ensuring the status of the settlement institution as the guarantor of the final performance of futures transactions. Because the buyers and sellers of futures contracts do not have to consider each other's credit degree, the speed and reliability of futures trading are greatly improved.
The core content of futures settlement business is the daily mark-to-market system, that is, the daily debt exemption system. Specifically, there are two aspects.
(1) Calculate the floating gain and loss. That is, the settlement institution calculates the floating profit and loss of the open positions of the members according to the settlement price of the transaction on that day, and determines the amount of the deposit payable for the open positions. The calculation method of floating profit and loss is: floating profit and loss = (settlement price of the day-opening price) x position x contract unit-handling fee. If it is positive, it means that it is a long floating profit or a short floating loss, that is, the price increase after the long position is a long floating profit, and the price increase after the short position is a short floating loss. If it is negative, it means the floating loss of bulls or the floating profit of bears, that is, the price drop after the bulls open positions indicates the floating loss of bulls, or the price drop after the bears open positions indicates the floating profit of bears. If the margin amount is not enough to maintain the open position contract, the clearing institution will inform the members to make up the difference before the second largest market opening, that is, to add margin, otherwise they will be forced to close their positions. If there are floating profits, members can't put forward this part of the profits unless the liquidation contract is closed and the floating profits are turned into actual profits.
(2) Calculate the actual profit and loss. The profit and loss realized by liquidation is called actual profit and loss. Most contracts in futures trading are closed by liquidation.
The calculation method of the actual profit and loss of bulls is:
Profit and loss = (closing price-buying price) x position x contract unit-handling fee
The calculation method of short-term profit and loss is:
Profit and loss = (selling price-liquidation) x quantity held x contract unit-handling fee
At present, there are risks in the money market, and some members have excessive trading losses, insufficient trading margins or overdrafts. The procedures for handling risks in the settlement system are as follows:
(1) Notify members to add margin; (2) If the margin increase is not in place, first stop members from opening new positions and force members to close open positions;
(3) If the balance of the member's margin is not enough to make up for the losses after all liquidation, the member's settlement reserve at the exchange shall be used;
(4) If it is still insufficient to make up the loss, transfer the membership fee and seat fee of the member;
⑤ If it is still not enough to make up for the losses, use the risk reserve of the exchange to make recourse to the members.
Account opening consultation QQ1093128172.