Earlier, we have introduced several basic concepts in the basic process of futures trading, such as opening position, holding position, closing position, long position, short position, margin, delivery and so on. In this section, we will continue to introduce the basic terms related to futures trading.

★ Opening price

The opening price of the futures market is the price of the first transaction in the trading day. This is not much different from the stock market.

★ closing price

The price of the last transaction in the trading day is the closing price.

★ Settlement price

One of the most important prices that investors need to pay attention to in the futures market is the settlement price, because the settlement price is the basis for the daily settlement of investors who still hold positions at the end of the trading day, and it is also the performance of the cost of investors' positions. Because the daily settlement is expressed by the settlement price rather than the closing price, this means that the cost price of investors' positions is equal to the settlement price.

★ delivery settlement price

The settlement price of delivery is the calculation basis of cash delivery, which is generally a reference price calculated by the exchange after the closing of the contract due trading day. Both buyers and sellers should deliver the goods at this price.

★ Settlement

Settlement means that after the transaction is completed, the settlement institution calculates the gains and losses of all accounts and makes corresponding fund receipts and payments. One of the characteristics of futures is that it should be settled every trading day, and the profit and loss of buyers and sellers should be calculated every day.

★ Delivery

Delivery is the settlement or delivery activity when the contract expires. In the case of physical delivery, the seller of the futures contract shall hand over the physical object in accordance with the regulations, and the buyer of the futures contract may take the physical object; If it is cash delivery, the buyer of the futures contract should take the delivery settlement price as the closing selling price and calculate the profit and loss. The profitable buyer will transfer the money to his account, and the losing buyer will transfer the lost money. The same is true for sellers of futures contracts. The settlement price of delivery is the purchase price of closing the position, and it is also necessary to calculate the profit and loss to allocate funds.

★ Basis difference

Basis is the difference between spot price and futures price. The basis difference is greater than zero, indicating that the spot price is greater than the futures price; Basis is less than zero, indicating that the futures price is greater than the spot price.

★ Price difference

The spread is the difference between the futures price and the spot price. The spread is greater than zero, indicating that the futures price is greater than the spot price; The spread is less than zero, indicating that the spot price is greater than the futures price. Basis and spread are opposites.

Compared with a foundation, or none of the above, the difficulty of futures is a relatively high part of the difficulty coefficient in financial investment, so many investors changed their direction and switched to stocks because of the difficulty;