In T+D, "t" is the initials of Trade and "d" is the initials of Delay. This kind of transaction involves producers and operators who transfer the risk of price fluctuation and venture capitalists who bear the price risk and make profits. Fair competition shall be conducted in the exchange according to law and guaranteed by the margin system. A notable feature of the margin system is to make larger transactions with less money, and the margin is generally 6%-9% of the contract value. Compared with stock investment, investors' investment funds in the gold T+D market are much smaller than other investments, commonly known as "taking small bets and making big ones".
Gold t+d is characterized by margin trading. Traders can choose to deliver on the same day or postpone delivery indefinitely. Investors of gold t+d can't open their positions immediately at the current price. They need to set a price and quantity first, and then wait for the market to find a completely matching counterparty before opening their positions. Because investors need to wait after submitting the application for opening positions, they often miss the investment opportunity because they wait for the system to match. The market area of gold t+d trading is limited to the domestic market, and the volume and activity are far less than the international market.
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T +D characteristic
T +D fees are higher than futures and lower than physical gold, which is equivalent to stocks, and the risk is between futures and stocks. This bank will become the "exclusive agent" of personal gold deferred trading (hereinafter referred to as "personal gold TD") business. But many investors are afraid of a gold TD, because its handling fee is much higher than that of gold futures and underground speculation.
Gold TD trading is a kind of gold spot deferred delivery business that investors can carry out through margin. It is a spot transaction, which not only does not need to be delivered on the same day, but also can be postponed indefinitely. If they are traded at spot prices, these products belong to spot trading varieties; However, if it is traded at a futures price, it is a forward or futures transaction. Shanghai Gold Exchange trades at the price of the day, including physical delivery and spot trading. This is a concept that must be clarified.
Compared with the two, in the delivery period, futures have a fixed delivery date, while gold TD has no fixed delivery date and can always hold positions; In terms of trading time, gold TD has always had night trading, while futures have had night trading since July 20 13.
Baidu encyclopedia -T +D