Hello, there will be about 3.4 million futures accounts in 2020, which is the largest number of futures accounts in recent years. According to the latest statistics of China Futures Association, the trading scale of the national futures market increased in July compared with last month. Unilaterally, the turnover of the national futures market in that month was 567,649,727 lots, and the turnover was 45,422.505 billion yuan, up 36.77 respectively. From June 5438 to July, the national futures market had a total turnover of 3,089.377 million lots, with a total turnover of 210,888.58 billion yuan, up by 43.69% and 33.70% respectively.

: 1. What is futures?

Futures and spot are completely different. Spot is actually a tradable commodity. Futures are not commodities, but standardized tradable contracts based on commodities such as cotton, soybeans and oil and financial assets such as stocks and bonds. Therefore, the subject matter can be commodities (such as gold, crude oil and agricultural products) or financial instruments.

The delivery date of futures can be one week later, one month later, three months later or even one year later.

A contract or agreement to buy or sell futures is called a futures contract. The place where futures are traded is called the futures market. Investors can invest or speculate in futures.

Futures market first appeared in Europe. As early as in ancient Greece and Rome, there were central trading places, bulk barter transactions and trading activities with the nature of futures trading. The original futures trading was developed from spot forward trading.

The first modern futures exchange was established in Chicago in 1848, and the institute established a standard contract model in 1865. 1990s, China Modern Futures Exchange came into being. There are four futures exchanges in China: Shanghai Futures Exchange, Dalian Commodity Exchange, Zhengzhou Commodity Exchange and China Financial Futures Exchange. The price changes of listed futures have a far-reaching impact on related industries at home and abroad.

Second, the main characteristics of futures

The commodity variety, trading unit, contract month, margin, quantity, quality, grade, delivery time and delivery place of futures contracts are all established and standardized, and the only variable is price. The standards of futures contracts are usually designed by futures exchanges and listed after being approved by the state regulatory authorities.

Futures contracts are concluded under the organization of the futures exchange and have legal effect, and prices are generated through public bidding in the trading hall of the exchange; Most foreign countries adopt public bidding, while China adopts computer trading.

The performance of futures contracts is guaranteed by the exchange, and private transactions are not allowed.

Futures contracts can fulfill or terminate contractual obligations through spot settlement or hedging transactions.