Investors choose futures brokerage companies.
Entrust an application, open an account
Essentially, it is the legal relationship between investors and futures brokerage companies.
(1) Risk disclosure: the disclosure of futures trading risks, including position risk, margin loss and additional risk, forced liquidation risk, risk that trading orders cannot be liquidated, hedging risk, force majeure risk, etc.
Agreed matters:
Selection of transaction mode and notification mode, etc. ;
The choice of deposit and withdrawal method-"bank transfer" (if you decide to use it, you should also sign the Bank Real-time Transfer Agreement);
Handling fee;
Other special requirements
(ii) Signing contracts
Futures brokerage contract
Personal account opening should provide my ID card, retained seal or signature sample card;
When an entity opens an account, it shall provide a copy of the business license of the enterprise as a legal person, and provide written materials such as the name of the entity, the contact telephone number, the seal of the entity and its legal representative or person in charge, and the written authorization of the legal representative to authorize the executor of futures trading business.
The Exchange implements the registration and filing system of customer transaction codes, with one code for each household and one code for special use.
(3), pay the deposit
After the above procedures are completed, the futures brokerage company will prepare a futures trading account for the customer and deposit the deposit it should pay in accordance with the regulations. The margin charged by the futures brokerage company to the customer belongs to the customer, and it is strictly prohibited for the futures brokerage company to use it for other purposes except for depositing the margin to the futures exchange for the customer in accordance with the provisions of the China Securities Regulatory Commission.
Second, place an order
Contents of trading instructions: variety, trading direction, quantity, month, price, date and time of futures trading, name of futures exchange, name of customer, customer code and account, signatures of futures brokerage company and customer, etc.
Transaction order type: price limit order cancels market order (stock index futures only).
Ordering method: written ordering, telephone ordering, online ordering and self-service terminal ordering.
Third, bidding.
Main methods: open bidding method and computer matching transaction method.
Price first, time first.
When BP≥SP≥CP, the latest transaction price =SP When BP≥CP≥SP, the latest transaction price =CP When CP≥BP≥SP, the latest transaction price = B.
(provided that the purchase price must be greater than or equal to the selling price)
The opening and closing prices are generated by call auction.
Maximum intersection principle
Fourth, settlement.
Settlement refers to the calculation and distribution of trading margin, profit and loss, handling fees and other related matters of members according to the trading results and relevant regulations of the exchange. The settlement includes the settlement of members by the exchange and the settlement of customers by the futures brokerage company, and the calculation results will be included in the customer's margin account.
Verb (short for verb) delivery
Mode of delivery: physical delivery and cash delivery.
Physical delivery: Physical delivery refers to the process that when a futures contract expires, both parties to the transaction settle the expired open contract by transferring the ownership of the goods contained in the futures contract.