When buying and selling futures contracts, both parties need to pay a small sum of money to the clearing house as a performance bond, which is called a deposit. Buying a contract for the first time is called building a long position, and selling a contract for the first time is called building a short position. Then, the contract at hand should be settled daily, that is, the market should be marked daily.
You don't have to hold a trading position until it expires. You can reverse trade at any time before the expiration of the stock index futures contract to reverse the original position. This kind of transaction is called liquidation. For example, stock index futures contracts sell 10 on the first day and buy back 10 on the second day. Then the first one is the short position of opening 10 stock index futures, and the second one is the short position of closing 10 stock index futures. The next day I bought 20 lots of stock index futures contracts, and then I became a long position in 20 lots of stock index futures. Then sell 10 lots, which is called liquidation 10 stock index futures bulls, leaving 10 stock index futures bulls.
A contract that is not closed at the end of a day's trading is called a position. In the above trading process, on the first day after trading, the short position of stock index futures was 10, and the long position of stock index futures was 10 on the second day after trading. Futures market first appeared in Europe. As early as ancient Greece and Rome, there were central trading places, bulk barter transactions, and trading activities with the nature of futures trade. At that time, the Roman Parliament Building Square and the big trading market in Athens were once such central trading places. By the 12 century, this trading method has been developed on a large scale in Britain, France and other countries, with a high degree of specialization. 125 1 year, the British Magna Carta officially allowed foreign businessmen to participate in seasonal fairs in Britain. Later, in trade, there appeared the phenomenon of signing documents in advance for goods in transit, listing the variety, quantity and price of the goods, purchasing them with a down payment, and then buying and selling documents and contracts. 157 1 year, Britain established the first centralized commodity market-Royal London Exchange, and later established the London International Financial Futures Options Exchange on its original site. Later, the first grain exchange was established in Amsterdam, the Netherlands, and a coffee exchange was opened in Antwerp, Belgium. 1666, the Royal Exchange of London was destroyed by the London fire, but several cafes in London continued to trade at that time. /kloc-Around the 0/7th century, the Netherlands invented the option trading method on the basis of futures trading, and formed the option market for trading tulips in Amsterdam Trading Center. 1726, another commodity exchange was born in Paris, France.
1, 1848 Chicago Board of Trade;
2. 1874 Chicago Mercantile Exchange;
3. 1876 London Metal Exchange;
4. 1885 French futures market operation mode. 1. Small and wide. Futures trading only needs to pay 5- 10% performance bond, and it can complete several times or even dozens of times of contract transactions. Due to the leverage effect of the futures trading margin system, it has the characteristics of "small and wide", and traders can use a small amount of funds to conduct large transactions, saving a lot of working capital.
2. Two-way transaction. In the futures market, you can buy first and then sell, or you can sell first and then buy, so the investment method is flexible.
3. Don't worry about the performance. All futures transactions are settled through the futures exchange, which becomes the counterparty of any buyer or seller and provides guarantee for each transaction. So traders don't have to worry about the performance of the transaction.
4. Market transparency. Trading information is completely open, and trading is conducted by means of open bidding, so that traders can compete openly under equal conditions.
5. Tight organization and high efficiency. Futures trading is a standardized transaction with fixed trading procedures and rules, which are linked one by one and operate efficiently. A transaction can usually be completed in a few seconds.