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I still don't quite understand the difference between warehouse receipt offset and offset
The security deposit collected by securities is only used for transaction guarantee, and the losses, delivery payment, withdrawal and expenses incurred by members must be settled in monetary funds in time. When a member uses securities to pay the deposit, he must transfer the securities to the exchange for possession. After the securities are registered to pay the deposit, the exchange enjoys the pledge right of the securities.

Non-futures company members who use securities to cover their positions must go to the exchange in their own name. Where a customer uses securities to cover the margin, it shall entrust a member of the futures company and handle it in the name of the member of the futures company, and declare to the exchange that it is willing to provide guarantee for futures trading in the name of the member of the futures company. The Exchange accepts the following securities to pay the deposit:

(1) Standard warehouse receipts that can be circulated in the exchange;

(2) National bonds that can be circulated and can realize pledge registration;

(3) Other securities recognized by the Exchange.

Where the securities specified in the preceding paragraph are used to offset the deposit, the offset period shall not exceed the validity period of the securities, and the value of the securities offset each time shall not be less than 65.438 billion yuan (RMB).

Discount is relatively simple. In other words, if you have a standard warehouse receipt in your hand, you can go to a discount bank and get a loan with the warehouse receipt as collateral. As for what you do with this loan, nobody cares. The compensation must be used as a margin for futures trading.