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In today's two chapters, some readers have reported that they are strong in professional Xing and don't quite understand it. I have to explain the futures knowledge here.

1. Futures trading is a standardized forward trading conducted on the exchange.

What is a forward transaction? For example, if I place an order with a factory, we will sign a contract to order a certain product 100 tons, with a certain specification and quality, and each ton 1000 yuan, and agree to deliver it on a certain day after three months. This is a forward transaction. But the money in this kind of transaction contract is negotiated with a factory. Next time we make a contract, or with other factories, it may be different. This kind of transaction is not carried out in the exchange, but happens all the time in the vast market.

However, futures trading is different. It must be conducted in a futures exchange, and the variety of transactions must be the standard futures contract stipulated by the exchange.

Let's take an example: Thread 09 10 mentioned in the novel is a standard futures contract of Shanghai Futures Exchange.

Its trading unit is lots, each lot is 10 ton, the minimum change price is 1 yuan/ton, and the maximum fluctuation limit of daily price does not exceed 5% of the settlement price of the previous trading day. The contract delivery month in 2009 is 10 month, and the contract delivery month in the last trading day is 15 day (postponed in case of legal holidays) ...