Generally speaking, futures investors don't wear positions very much, because most companies will have the minimum proportion requirement of compulsory liquidation margin. Near this ratio, the company will remind investors and ask them to add margin or close their positions, so this risk mechanism avoids this situation.
Generally speaking, in some extreme markets, futures companies will also determine the minimum margin ratio requirements for compulsory liquidation according to the actual market conditions, and make an announcement at least 5 working days in advance. In this regard, investors need to pay close attention to this plot.
There are two kinds of risks closely related to forced liquidation: puncture and abandonment. The so-called warehouse penetration refers to the risk that the customer's rights and interests in the customer's account are negative, that is, the customer not only loses all the margin in the account before opening the position, but also owes money to the futures company.
In the case that futures companies strictly implement the debt-free settlement system on the same day, cross-position events are not common, but they are also heard from time to time, because in the case of violent market fluctuations, customers' positions may be blocked on the stop-loss board quickly. If the next day, under the action of inertia, the market opens sharply, and the customer is in Man Cang the day before, there may be a warehouse-breaking event.
It is worth pointing out that after the stock index futures simulation trading begins, the media sometimes report that "customers can still trade xx million", and the penetration described here is not true, because these media mistakenly regard the situation that the available funds of customers are negative in the stock index futures simulation trading as penetration, and at this time, the customer's rights and interests are still positive, but the available funds are negative, and there is no penetration.
For example, if a customer deposits 300,000 yuan in a margin account, buys a 1 contract at 4000 points in the Shanghai and Shenzhen 300 index futures, and the futures company pays a margin of 12% (ignoring the transaction costs), then the opening margin and available funds are as follows:
Initial deposit = 4000× 300×/kloc-0 /× 0.12 =144000 yuan.
Available funds after opening = 300,000-144,000 =156,000 yuan.
Obviously, as long as the Shanghai and Shenzhen 300 index futures do not fall below 3000 points, customers will not wear positions, because when they fall from 4000 points to 3000 points, the falling point is 1000 points. According to the 300 yuan calculation of the Shanghai and Shenzhen 300 index futures contract, the customer's loss = 1, 000× 300 = 300,000 yuan, which is exactly equal to the customer's initial deposit.