(2) Two-way transaction: refers to investors buying warehouse receipts at low prices and selling them at high prices, thus making profits; You can also sell at a high price, buy at a low price and make a profit. Trading methods are more flexible and increase trading opportunities.
(3) Hedging mechanism: Hedging mechanism refers to the reverse operation of electronic contracts in order to achieve the purpose of discharging performance responsibilities.
(4) Day-to-day settlement system: investors' accounts are recorded daily to avoid debt disputes and achieve the purpose of controlling risks.
(V) Margin system: Margin system refers to the freezing of appropriate margin for both parties to the transaction, so as to achieve the purpose of ensuring the performance of the contract, and at the same time give full play to the leverage of funds and make full use of them.
(6) T+0 trading system: the contract can be transferred on the same day, and it can be hedged and closed for profit on the same day, making full use of funds, reducing the risks brought by long positions and being flexible in operation. Hedging function means that producers and operators can effectively avoid, transfer or disperse the fluctuation risk of the spot market by hedging in the spot electronic trading market.
Hedging helps to avoid risks. Its basic economic principle is that the spot electronic transaction and spot of a specific commodity will be affected and restricted by the same economic factors at the same time and space, so generally speaking, the changing trend of the two markets is the same.
Take cottonseed meal as an example. For operators who use cottonseed meal as raw material, the increase of cottonseed meal will increase the production cost. If a large amount of cottonseed meal is stored locally, it will occupy a lot of money, resulting in a great waste of manpower, material resources and financial resources. In this case, warehouse receipts can be bought in the spot electronic trading market. With the increase of cottonseed meal, although the cost of spot purchase has increased, the warehouse receipt bought in the spot electronic trading market will bring some profits because of the increase, thus making up for the spot loss and avoiding risks. It refers to the process of realizing authenticity, anticipation, continuity and authority in the spot electronic trading market through an open, fair, efficient and competitive trading operation mechanism.
The traditional trading model often forms obvious regionality due to geographical restrictions and few investors. However, through spot electronic transactions, there are many investors, including many commodity producers, sellers, processors and importers and exporters. Their bids can represent the strength of both the supply and demand sides and contribute to the real formation. At the same time, most investors involved in the transaction are familiar with a commodity market, with rich business knowledge, extensive information channels and a set of scientific analysis and forecasting methods, which basically reflect the changing trend of supply and demand. Spot trading refers to a trading method in which buyers and sellers deliver physical goods in real time or short term according to the agreed payment method and delivery method.
The main differences are:
(1) Different settlement time: spot transactions are generally completed immediately or in a short time, while the settlement date of spot electronic transactions is specified in advance.
(2) Different trading objects: the object of spot trading is mainly physical objects, while the object of spot electronic trading is standardized contracts, not contracts.
(3) The purpose of trading is different: the purpose of spot trading is to transfer the ownership of goods; The purpose of spot electronic trading is to obtain the price difference or avoid risks.
(4) trading places is different: spot trading is random, not limited by trading time, place and object, while these conditions of spot electronic trading are fixed.
(5) Different settlement methods: the settlement methods of spot transactions include one-time settlement, cash on delivery or installment payment, while the spot electronic trading market implements the daily settlement system.
(6) Different risks: Generally, many domestic spot leverage is as high as 50 times, so it is necessary to carefully control risks. The stocks, bonds and funds circulating in the securities market are the standardized ownership contract of joint-stock companies and the standardized creditor's rights and debts contract of bond issuers respectively.
Main differences:
(1) The basic economic functions are different: the basic functions of the securities market are resource allocation and risk pricing, while the basic functions of the spot electronic trading market are to avoid risks and find or obtain investment profits.
(2) The purpose of trading is different: the purpose of trading in the securities market is to transfer the ownership of securities and obtain the price difference; The purpose of spot electronic trading is to avoid spot risks and seek or obtain investment profits.
(3) The market structure is different: the securities market is divided into primary market and secondary market, while the spot electronic trading market is not so defined.
(4) Different margin provisions: the spot trading of securities must pay the full amount of funds, and the spot electronic trading only needs to pay a certain percentage of margin. Futures trading is also the trading of forward standardized contracts, which is somewhat similar to spot electronic trading. Their main differences are as follows:
(1) Futures markets with different ranges involve a wider range of commodities, more investors participate in transactions and absorb more funds. In this sense, the composition of the bubble is greater and the risk is greater.
(2) The margin ratio is different: the margin ratio in the futures market is about 5%- 10%, and the margin ratio is relatively low and the leverage is large, thus amplifying the risks and benefits of investment. For investors who are new to the market, the risk is even greater. If a person who has never learned to swim goes surfing in the sea, the result can be imagined.
(3) Different trading units: the smallest trading unit in the futures market is the hand, generally speaking, each hand is 10 ton, which means that the smallest trading unit in the futures market is 10 ton, which is a relatively high entry threshold, while the smallest trading unit in the spot warehouse receipt electronic trading market is 1 ton, which is a relatively low entry threshold.
4. Analysis of the difference between spot and futures.
First of all, let me introduce: spot, spot electronic transactions; Futures, futures electronic trading. Spot, very simple, the goods have been listed. Spot electronic trading is to unify the existing goods (spot) through e-commerce, and conduct call auction on the Internet according to certain standards, which is more inclined to trade.
Futures, also very simply, future commodities. The electronic trading of futures refers to the matching bidding of future commodities with standardized forward contracts, which is more inclined to finance.
Below I will explain futures and spot from the following points.
First of all: let's take it literally:
Spot, existing goods. He is the existing goods. Because the commodity itself has dual attributes: financial attributes and commodity attributes. For example, we can say that the house can be said to be an investment, and of course it should be more inclined to the necessities of life. In the house, we often hear: existing houses, faster houses.
Futures, future commodities. He doesn't exist yet. It is a kind of future goods, of course, there is a certain degree of certainty, but because of the time problem, he can't deliver the goods immediately. For things in the future, we should know that due to the time problem, the predictability of their prices is a bit difficult to grasp compared with the spot.
Second; Let's look at its manifestations:
Spot electronic trading is the highest form of trade, and futures electronic trading is the highest form of finance.
Spot electronic transaction is a kind of transaction method based on physical objects. 2 1 century today, in the increasingly developed society of e-commerce, spot is also operated as an electronic transaction mode. Through spot electronic transactions, many advantages and conveniences can be realized, and many costs can be saved. Of course, due to the duality of commodities and market transactions (producers, demanders and middlemen), middlemen must play the role of lubricants, referred to as investors or speculators, in order to form a complete market. On the whole, the spot electronic transaction itself is for the transformation of commodity ownership, but due to the dual nature of commodities and the structure of the market, it has brought its certain financial form. Spot market is such a new type of investment between trade and finance.
Electronic futures trading is a kind of future contract trading. He is more inclined to finance. If you draw a pyramid, the risk of futures should be at the top. He is riskier than the stock, and of course his return is high. Due to the uncertainty of the future time of the commodity and its 10% margin, it fluctuates greatly. Moreover, not every spot commodity can be used for trading, and it must meet certain standards.
Third; From a historical point of view:
As early as our ancestors used shells as money, they were in stock (note that it was not a spot electronic transaction, and there were no computers at that time). For example, A family has a sheep and traded three chickens with B family. In other words, A first replaced the sheep with shells, and the shells were replaced with three chickens of B's family. This is an early spot transaction (of course, it is not the spot electronic transaction we are talking about. )
Later, this method evolved abroad: in Europe and America, distributed spot trading appeared, which gradually evolved into a forward form, that is, the embryonic form of futures.
In China, when foreign futures exchanges appeared (Chicago Board of Trade produced futures in a strict sense, and it was also a model of 1848 futures), the China government (Qing Dynasty) closed its doors to the outside world, which led to such an evolutionary failure of China. In the socialist society of China, the futures trading introduced after the stock market did not evolve in China, but was directly introduced into the futures market, which led to the tragedy that should not have happened in the early stage of futures development, and even the phenomenon of premature death. The government made an across-the-board approach to futures in 1996, and it didn't develop again until later. Why didn't China's futures market evolve like foreign countries? Because of the lack of spot market as a guarantee. We want to ask a question: if a commodity does not appear, how do you say its price is priced? For example, how much is a ghost? How much is a dozen aliens? Some people will say, how to buy this? The price is hard to say, there is no such thing. What about futures? This is the future. If it has no spot as a guarantee, how can we talk about prices and trends? So I said: spot is the basis of futures, and futures are the extension of spot.
The importance of agricultural and sideline products development points;
China needs such a market as the guarantee of futures, and the spot market must be developed. In view of China's lessons on iron ore, China must keep them in mind. We are an agricultural country, and agricultural products are our advantages. Be sure to determine your right to speak in the agricultural products industry and avoid the iron ore tragedy from happening again!
The development of new things will take some time, and I admit that they will be squeezed out or even suppressed because of their interests. However, I hope that from a higher perspective, for the sake of the country, just like the cooperation between the Kuomintang and the Communist Party, we can fight side by side when a powerful foreign enemy invades. There is still much work to be done in spot development. I hope that people in the spot industry can become more and more brave, and I would also like to express this article to cheer for the spot industry!
Young people with a monthly income of over 10,000 yuan are found in various industries. The following are some common industries a