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Which exchange first adopted cash delivery?
The meaning of cash delivery:

Cash delivery refers to the delivery method of calculating the profit and loss of the open futures contract at the settlement price when the open futures contract is delivered, and finally settling the futures contract by cash payment. This delivery method is mainly used for financial futures and other futures contracts that cannot be delivered in kind, such as stock index futures contracts. Some foreign exchanges are also exploring cash delivery of commodity futures. China's commodity futures market does not allow cash delivery. (Stock index futures have been listed and can be delivered on the spot)

The specific method of cash delivery can be illustrated by taking Hong Kong Hang Seng Index Futures as an example. Suppose an investor sells the Hang Seng Index futures contract for delivery in February at the price of 1 1 000 on June 5438+0 0, and has not closed his position on the last trading day of June 5438+02. If the final settlement price of the contract is 65,438+00,000 points, the profit of the investor at the time of delivery: (65,438+065,438+0000-65,438+00000) x50 = 50,000 Hong Kong dollars (excluding handling fees).

Specific measures for cash delivery:

An investor sold a Hong Kong futures contract 1 lot for delivery in February at the price of 1 1000 on June 5438+00, and it was still open on the last trading day of June 5438+02. If the final settlement price of the contract is 10000, the investor's profit at the time of delivery: (11000-10000) x50 = 50000 Hong Kong dollars (excluding handling fees). Similarly, if the trading direction is reversed and the investor buys 65,438+0 Hang Seng Index contracts instead of selling 65,438+0 lots, then the investor will lose HK$ 50,000.