China Financial Futures Exchange, Zhengzhou Commodity Exchange, Dalian Commodity Exchange and Shanghai Futures Exchange.
General stock index futures are cash delivery and centralized delivery. Treasury bond futures are physical delivery and centralized delivery. The varieties of the previous period are all centralized delivery, the varieties of the big trading houses are centralized delivery and rolling delivery, the Zheng trading houses are all rolling delivery, and the commodity futures are all physical delivery.
Centralized delivery mode
Centralized delivery mode: Take Zhengzhou Commodity Exchange and Shanghai Futures Exchange as examples.
1. Zhengzhou Commodity Exchange 1 cotton delivery procedures:
(1) After the market closes on the last trading day (the 10 trading day in the delivery month), the Exchange will deliver and pair the position contracts in the delivery month by computer according to the principle of "rounding to the nearest number". Once the delivery relationship is confirmed, the buyer and the seller shall not adjust or change it without authorization.
(2) On the first trading day after the last trading day (i.e. the notification day), the buyer and the seller confirm the delivery notice through the member service system. Members who have not received the delivery notice or have objections to the delivery notice shall notify the Exchange in writing before the notification date 17. If no objection is raised within the specified time, it shall be deemed as agreement to serve the notice.
(3) Before 9: 00 a.m. on the second trading day after the last trading day (i.e. the delivery date), the buyer member will transfer the outstanding payment to the account of the exchange, and the seller member will submit the certificate of standard warehouse receipt to the settlement department of the exchange. The buyer and the seller shall go to the settlement department of the exchange for specific delivery and settlement procedures within the specified time, and the buyer member shall provide the investor's name and tax registration certificate number to the seller member.
(4) On the delivery date, the Exchange collects the full amount from the buyer member, transfers 80% of the full amount to the seller member on the same day, and delivers the warehouse receipt of the seller member to the buyer member. When the buyer member confirms receipt of the special VAT invoice transferred by the seller member, the balance shall be settled. The transmission of invoices and the settlement of the balance shall be confirmed by the members' seals and signatures.
2. Natural rubber delivery procedures of Shanghai Futures Exchange:
Physical delivery date: the physical delivery date is from 16 to 20 (postponed on holidays) in the month when the contract expires.
(1) Buyer declares intention. The buyer shall submit the letter of intent for the required goods to the Exchange before 12:00 on the next working day of the last trading day (15 of the contract delivery month). The contents include name, brand, quantity and the name of the designated delivery warehouse.
Qilu Net _ Lightning News April 19 News On April 17, Rizhao Customs completed the inspection of a batch of crude oil according to the quality standards of imported crude oil in China. This batch of crude oil is futures bonded delivery crude oil, * * * 1.3 million tons, which was recently unloaded into the Lanshan bonded warehouse of Sinopec Commercial Storage Company, which also marked the smooth landing of bonded delivery of crude oil futures in Shandong.
Bonded delivery of crude oil futures refers to a sales method with bonded supervised crude oil in designated delivery warehouses as the delivery target. As the first batch of six designated delivery warehouses for crude oil in China, Rizhao Sinopec Commercial Warehouse Company has 16 delivery warehouses with a storage capacity of10.6 million cubic meters. The development of this business will further enrich the port crude oil industry chain and promote the development of local shipping and logistics industry.
In order to ensure the smooth development of the bonded delivery business of crude oil futures, Rizhao Customs actively provided services, unblocked the contact channels with the Shanghai Futures Exchange, arranged special personnel to follow up the service all the time, provided business consultation and policy propaganda for enterprises, and guided enterprises to successfully complete the customs clearance procedures for ticket business.
Demand is shrinking, oil storage space is exhausted, and the recent contract decline of WTI crude oil futures continues to expand. During the Asian trading hours at 9: 00 Beijing time on April 20th, the May contract of WTI crude oil, which was about to expire, once fell below 15 USD/barrel, setting a new low since 1999, with an intraday decline of more than 20%. As of press time, the decline narrowed to 16.37%. The contract fell by nearly 20% last week. Brent crude oil futures, another global benchmark, are relatively stable. In June, the contract fell slightly by nearly 1%, and now it is quoted at 27.8 1 USD/barrel. The spread of crude oil between the United States and Burundi is widening.
According to the analysis of market institutions, under normal circumstances, the price difference between the two futures contracts that are about to change months will not be too big. But this time, the spread between WTI May contract and WTI June contract has exceeded $7, which means that the futures contract will be rolled from one month to the next. If investors want to keep the same position, the cost will increase by 30%, which is very rare. The may contract will be delivered on April 2 1 day (02: 30am Beijing time on the 22nd), and most brokers will extend it from April1June-20th. In order to avoid being forced to close their positions, some traders tend to close their May contracts in advance and reopen their June contracts, resulting in many selling in May contracts and a sharp drop in prices.