Futures contract: a futures contract is a forward contract or agreement to deliver a certain quantity and quality of goods at a certain time in the future. It is reached in the trading hall of the approved exchange and is legally binding. Compared with spot forward contract, it has a standardized format; Easy to change hands; The proportion of physical delivery is small; The success rate is very high. Futures exchange stipulates standardized quantity, quality, delivery place and delivery time for futures contracts, and futures prices change with the changes of market conditions.
Forward contract: a contract signed by the buyer and the seller according to their own special needs.
Swap contract: it is a contract signed by both parties to an internal transaction to exchange certain assets with each other in a certain period of time in the future. He said, more accurately, a swap contract is a contract signed by both parties to exchange cash flows that they think have equal economic value in a certain period in the future. Interest rate swap contracts and currency swap contracts are more common.
Futures market: it is a place for futures trading and the sum of various trading relationships. It is a highly organized and standardized market form developed on the basis of the spot market according to the principle of "openness, fairness and justice". It is not only an extension of the spot market, but also another advanced development stage of the market. From the organizational structure, the broad futures market includes futures exchanges, clearing houses or settlement companies, brokerage companies and futures traders; The narrow sense of futures market only refers to futures exchanges.
Futures Exchange: It is the place to buy and sell futures contracts and the core of the futures market. It is a non-profit organization, but its non-profit only means that the exchange itself does not conduct trading activities, and it does not mean that it does not attach importance to interest accounting. In this sense, the exchange is also a financially independent for-profit institution, which realizes reasonable economic benefits, including membership fee income, transaction fee income, information service income and other income, on the basis of providing traders with open, fair and just trading places and effective supervision services. A set of institutional rules formulated by it provides a self-management mechanism for the whole futures market, which enables the principle of "openness, fairness and justice" in futures trading to be realized.
Commission agent: refers to an intermediary organization established according to law to conduct futures trading on behalf of customers in its own name and charge a certain fee, which is generally called a futures brokerage company.
On-site trading: also known as exchange trading, refers to the trading mode in which all the supply and demand sides concentrate on the exchange for bidding trading. The characteristic of this trading method is that the exchange collects the deposit from the trading participants, and is also responsible for liquidation and performance guarantee.
OTC: Also known as OTC, it refers to the trading mode in which both parties directly become counterparties. There are many forms of this transaction, and products with different contents can be designed according to the different needs of each user.
Listed varieties: refers to the subject matter of futures contract transactions, such as corn, copper, oil, etc. Represented by the contract. Not all commodities are suitable for futures trading. Among many physical commodities, generally speaking, only commodities with the following attributes can be listed on futures contracts: First, the price fluctuates greatly. Second, the supply and demand are large. Third, it is easy to classify and standardize. Fourth, it is convenient for storage and transportation. According to the types of transactions, futures trading can be divided into commodity futures and financial futures. Physical commodities, such as corn, wheat, copper and aluminum, are all commodity futures. Financial products, such as exchange rate, interest rate and stock index, are regarded as financial futures. Generally, there are no quality problems in financial futures, and most of them are settled by cash and price difference. The varieties listed in China mainly include copper, aluminum, soybean, wheat and natural rubber.
Commodity futures: Commodity futures refer to futures contracts with physical commodities as the subject matter. Commodity futures have a long history and a wide variety, mainly including agricultural and sideline products, metal products and energy products. Specifically, there are about 20 kinds of agricultural and sideline products, including corn, soybeans, wheat, rice, oats, barley, rye, pork belly, pigs, live cattle, calves, soybean flour, soybean oil, cocoa, coffee, cotton, wool, sugar, orange juice, rapeseed oil and so on. Among them, soybean, corn and wheat are called three major agricultural futures: 9 kinds of metal products and 9 kinds of rapeseed oil. 5 kinds of chemical products, including crude oil, heating oil, unleaded gasoline, propane and natural rubber; There are two kinds of forest products, including wood and plywood.
Commodity futures trading: Commodity futures trading is a "standardized contract" (that is, "futures contract") that represents a specific commodity.
Financial futures: refers to futures contracts with financial instruments as the subject matter. As a kind of futures trading, financial futures has the general characteristics of futures trading, but compared with commodity futures, its contract object is not physical goods, but traditional financial goods, such as securities, currency, exchange rate and interest rate.
Interest rate futures: refers to futures contracts with bond securities as the subject matter, which can avoid the risk of securities price changes caused by bank interest rate fluctuations.
Currency futures: also known as foreign exchange futures, are futures contracts with exchange rate as the subject matter to avoid exchange rate risks.
Stock index futures: financial futures contracts with stock price index as the subject matter.
Option: Also known as option, option trading is actually a kind of right trading. This right means that investors can buy or sell a certain number of certain "commodities" from the seller of options at a predetermined price (called the agreed price) at any time within a certain period of time, no matter how the price of the "commodities" changes during this period. Option contracts stipulated the time limit, agreed price, transaction quantity and type, etc. Within the validity period, the buyer can freely choose to exercise the resale right; If you think it is unfavorable, you can give up this right; If the contract expires, the buyer's option will automatically become invalid. Options are divided into call options and put options.
Call option: refers to the right to buy a certain number of subject matter at the exercise price within the validity period of the option contract.
Put option: refers to the right to sell the subject matter at the exercise price within the validity period of the option contract.
Option buyer: the buyer who buys or sells options. The option buyer has the right to undertake future positions, but it is not an obligation. Also known as option holder.
Option seller: a person who earns royalties by selling option contracts and has the obligation to perform when the option holder requests to exercise his rights. Also known as the seller.
European option: refers to the option that can only be exercised on the expiration date of the contract, and is adopted in most OTC transactions.
American option: refers to the option that can be exercised on any day within the validity period after the transaction, and is mostly adopted by the floor exchange.
Real option: an option with intrinsic value. When the final price of the call option is lower than the current market price of the relevant futures contract, the call option has intrinsic value. When the final price of a put option is higher than the current market price of the relevant futures contract, the put option has intrinsic value.
Virtual option: an option with no intrinsic value, that is, a call option with a price higher than the current futures price or a put option with a price lower than the current futures price.
Interest rate swap transaction: it is a swap transaction between different interest rates of the same monetary fund, which is generally not accompanied by the exchange of principal.
Currency swap transaction: refers to the swap transaction between two currencies. Generally speaking, it refers to the exchange of capital and principal between two currencies.
Foreign exchange deposit transaction: refers to a forward foreign exchange transaction between financial institutions and between financial institutions and investors. At the time of trading, the trader can only pay a deposit of 1% ~ 10%, and then trade at the limit of 100%.
Adjusted futures price: the futures price equivalent to the spot price. Calculation method: the futures price is multiplied by the conversion factor (factor) of specific financial securities (such as treasury bills) for delivery.
Entrustment form: an order for buying and selling goods entered by a market representative through a computer terminal.
Transaction sheet: a purchase and sale contract sheet generated by computer matching.
Yesterday's closing price: refers to the final transaction price of the previous trading day.
Opening price: the first transaction price of a commodity on that day.
Closing price: the final transaction price of a commodity on that day.
Highest price: the highest transaction price of a commodity on that day.
Lowest price: the lowest transaction price of the commodity on that day.
Latest price: the latest transaction price of a commodity on that day.
Transaction price: refers to the latest transaction price of futures contracts.
Settlement price: the weighted average price of all contracts of a commodity on that day.
Resistance point: the price level that the price is difficult to exceed.
Support point: it is difficult for the price to fall below a certain price level because of the purchase of the contract.
Volume: refers to the number of commodity futures contracts bought or sold in a certain period of time, usually the number of contracts traded in a trading day.
Open position contract: a commodity futures or option contract that is neither offset by the opposite futures or option contract, nor delivered or performed in kind.
Total amount: also known as open position.
Settlement price: weighted transaction price.
Open position: the number of newly opened positions in each transaction.
Open position: the number of closed positions in each transaction.
Weighted quantity: the parameter involved when the exchange calculates the settlement price.
Purchase price: the current highest declared purchase price of a commodity.
Sales price: the current lowest declared sales price of a commodity.
Price difference: the price difference between two related markets or commodities.
Fluctuation: a calculation method used to measure price changes in a certain period of time. Usually expressed in percentage points, and calculated by the annual standard deviation of percentage points of daily price changes.
Price fluctuation: the difference between the closing price of a commodity on the same day and the settlement price yesterday.
Stop loss amount: the maximum daily price fluctuation range (interval) stipulated by the exchange for each contract.
Daily price limit amount: the maximum price limit that can be entered for a commodity on the same day (equal to yesterday's settlement price+maximum change range).
Price Limit Amount: the lowest price limit that can be entered for a commodity on the same day (equal to yesterday's settlement price-maximum change).
Short position: the total amount of commodity futures or options contracts, which is neither offset by the opposite futures or options contracts, nor delivered or fulfilled in kind.
Trading volume: the number of commodity futures contracts bought or sold in a certain period of time. Volume usually refers to the number of contracts traded on each trading day.
Open position: Futures trading usually has two modes of operation, one is bullish (buyer) and the other is bearish (seller). Whether you are long or short, placing an order is called "opening a position".
Close position: buy and sell, or buy and settle the original new order after selling.