2. Secondly, in futures trading, both parties appear in pairs, otherwise they cannot trade. When opening short positions, there must be short positions (equivalent to long positions), long positions or hedging multiple positions, otherwise the transaction cannot be realized.
3. Most futures transactions will be closed before maturity, and some will be delivered at maturity. Specific delivery can be physical delivery or cash delivery, and cash delivery is more common in financial futures delivery. In physical delivery, short sellers in futures trading deliver the goods that meet the specifications of the exchange to the warehouse designated by the exchange to complete the delivery. The bulls go to the warehouse designated by the exchange to pick up the goods and complete the delivery of the bulls.
1. The standardized contract formulated by the futures exchange stipulates that a certain quantity and quality of the subject matter shall be delivered at a specific time and place in the future.
2. Futures commission: equivalent to the commission in the stock. For stocks, the expenses of stock trading include stamp duty, commission and transfer fees. Relatively speaking, the cost of engaging in futures trading is only the handling fee. Futures commission refers to the fees paid by futures traders according to a certain proportion of the total contract value after the transaction.
3. The initial margin is the money that traders need to pay when they open positions. According to the transaction amount and the margin ratio, that is, initial margin = transaction amount * adjusted margin ratio. At present, the minimum margin ratio in China is 5% of the transaction amount, which is generally between 3% and 8% internationally. For example, the soybean margin ratio of Dalian Commodity Exchange is 5%. When a customer buys five soybean futures contracts (each 10 ton) at a price of 2,700 yuan/ton, he needs to pay an initial deposit of 6 750 yuan to the exchange (that is, 2,700× 5×10× 5%).