I. Measures to guard against futures trading risks
1, fully understand and understand the basic characteristics of futures trading. Before entering the futures market, investors must have enough knowledge and understanding of futures trading, master the methods of identifying transaction fraud and safeguard their own rights and interests.
2. Choose futures companies carefully. Earnestly understand the credit standing, business performance, business qualifications and relevant rules and regulations of futures companies. Choose a safe and reliable futures company to reduce unnecessary risks.
3. Formulate and implement correct investment strategies to reduce risks to an acceptable level. Before starting trading, investors should seriously consider futures risks, correctly evaluate their own economic strength, analyze the changing rules of futures prices, formulate and implement correct investment strategies, and reduce investment risks.
4, standardize their own behavior, improve risk awareness and psychological endurance. Investors must strictly abide by laws, regulations and trading rules. Restrain your behavior, prohibit illegal transactions, constantly improve your business skills and strictly perform your duties. At the same time, improve risk awareness and enhance psychological endurance.
Second, the investment risk of futures
1, leverage risk
The capital amplification function magnifies both income and risk. Therefore, how to use the lever of 10 times and how much to use it will also vary from person to person. A higher level can use more than five times or even enough leverage. If those with lower levels also use high leverage, it will undoubtedly make the risk out of control.
2. Futures-related pictures are strong and the risk of short positions is high.
Exchanges and futures brokerage companies have to settle accounts every trading day. When the investor's margin is insufficient and below the specified proportion, the futures company will forcibly close the position. Sometimes, if the market is extreme, there will even be short positions, that is, all the funds in the account are lost, and even the futures company needs to pay the part whose losses exceed the account margin.
3. Delivery risk
Ordinary investors do not want to buy more soybeans in a few months, nor do they want to sell copper in a few months. If the contract is held until the delivery date, investors need to collect enough funds or goods for delivery (the payment is about 10 times of the deposit).
Third, the characteristics of the futures market:
1. Generally, commodity prices involved in futures trading fluctuate frequently, and futures prices often have strong * * * vibration with spot prices, expanding the risk surface and further aggravating the risk on the basis of the spot market;
2. Futures trading is also different from ordinary spot trading. Futures trading is continuous, so there is the possibility of risk extension and chain reaction;
3. Compared with the stock market, futures trading has the characteristics of "small and wide" and is more speculative. Excessive speculation by investors is easy to induce more risky behaviors and increase the possibility of risks;
4. Futures trading is a contest and competition for different expectations in the future to a great extent. There are many uncertainties in the future, which are difficult to predict, and the possibility of disagreement among investors has also increased, so this has also increased the uncertainty risk of the futures market.
Fourth, the basic system of futures.
1, position limit system
The position limit system refers to the system that the futures exchange restricts the positions of members and customers in order to prevent the manipulation of market prices and the excessive concentration of futures market risks on a few investors. If the amount exceeds the limit, the exchange may, as necessary, forcibly close the position or increase the margin ratio.
2. Large reporting system
The large-sum declaration system means that when the speculative position of a member or customer's position contract reaches more than 80% (inclusive) of the position limit stipulated by the exchange, the member or customer should declare his capital and position to the exchange, and the customer can declare it through the brokerage member. The large household declaration system is another system closely related to the position limit system to prevent large households from manipulating market prices and control market risks.
3. Physical transmission system
The physical delivery system refers to the system formulated by the exchange. When the futures contract expires, both parties to the transaction transfer the ownership of the goods contained in the futures contract according to the regulations, and settle the open contract.
4. Margin system
In futures trading, any trader must pay a certain proportion (usually 5- 10%) of the value of the futures contract he buys and sells as the fund guarantee for the performance of the futures contract, and then he can participate in the futures contract trading and decide whether to add funds according to the price change. This system is the deposit system, and the funds paid are the deposit. The margin system not only embodies the unique "leverage effect" of futures trading, but also becomes an important means for the exchange to control the risk of futures trading.
5. Daily settlement system
The settlement of futures trading is organized by the exchange. The futures exchange implements a daily debt-free settlement system, also known as "marking the market day by day", that is, after the daily trading, the exchange will settle the profits and losses, trading deposits, handling fees, taxes and other expenses of all contracts according to the settlement price of the day, and at the same time transfer accounts receivable and accounts payable, and increase or decrease the settlement reserve of members accordingly. The settlement of futures trading is classified, that is, exchange settlement members and futures brokerage companies settle customers.
6. Price limit system
The price limit system, also known as the daily maximum price fluctuation limit, means that the trading price fluctuation of futures contracts in a trading day should not be higher or lower than the specified price fluctuation range, and the quotation exceeding this price fluctuation range will be regarded as invalid and cannot be traded.
7. Compulsory liquidation system
The compulsory liquidation system refers to the compulsory liquidation system implemented by the exchange to prevent further risk expansion when the trading margin of members or customers is insufficient and not replenished within the specified time, or when the positions of members or customers exceed the specified limit, or when members or customers violate the rules. Simply put, it is a compulsory measure for the exchange to close the position of the violator.
8. Risk reserve system
The risk reserve system refers to the system in which a futures exchange draws a certain proportion of funds from the transaction fees charged by its members as a reserve to ensure the exchange's performance. The establishment of exchange risk reserve is to provide financial guarantee for maintaining the normal operation of the futures market and make up for the losses caused by unforeseen risks. The exchange should not only extract the risk reserve from the transaction costs, but also establish the special risk reserve for stock index futures paid by members in view of the special risks of stock index futures. The special risk reserve for stock index futures can only be used to provide financial guarantee for maintaining the normal operation of the stock index futures market and make up for the losses caused by unforeseeable risks of the exchange. Risk reserves must be accounted for separately and stored in special accounts, and shall not be used for other purposes except to make up for risk losses. The use of risk reserve shall follow the prescribed legal procedures, be approved by the board of directors of the Exchange, and be reported to the China Securities Regulatory Commission for the record, and be carried out in accordance with the prescribed purposes and procedures.
The risk reserve system has the following provisions:
(1) The Exchange shall withdraw the management fee at 20% of the fee income (including preferential relief for members) collected from members. When the risk reserve reaches 10 times of the registered capital of the exchange, it may not be withdrawn.
(2) The risk reserve must be accounted for separately and stored in a special account, and shall not be used for other purposes except for making up the risk loss. The use of risk reserve must be approved by the board of directors of the exchange, reported to the China Securities Regulatory Commission for the record, and carried out in accordance with the prescribed purposes and procedures.
9. Information disclosure system
Information disclosure system, also known as publicity system and public disclosure system, refers to a system that in order to protect the interests of investors and accept the supervision of the public, it is necessary to report its own financial changes and operating conditions to the regulatory authorities and exchanges according to law, and make it public or to the public so that investors can fully understand the situation. It includes both the disclosure before issuance and the continuous information disclosure after listing. It mainly consists of prospectus system, periodic report system and interim report system.