1: First, the emergence of futures settlement institutions.
The establishment of specialized futures settlement institutions is due to the complex settlement demand caused by increasing transactions and the requirement of providing transaction settlement and delivery security.
1883, the United States established the reconciliation association.
1925, Chicago Board of Trade Clearing Company (BOTCC) was established.
Second, the organization of futures clearing houses.
As a clearing institution within the exchange, such as CME.
A relatively independent settlement institution attached to an exchange, such as the American Company for International Settlements.
The National Clearing Company is funded by many exchanges and powerful financial institutions, such as the British International Commodity Clearing Company.
China's futures clearing institutions adopt the first method.
Third, the futures market settlement system.
The settlement system of futures market adopts grading and grading management system.
Settlement institutions generally adopt membership system, and only members can directly obtain direct settlement services.
The settlement system of futures trading is divided into two levels: the first level is the settlement of its members by settlement institutions; The second level is that members settle accounts with customers (non-settlement members) according to the settlement results.
The settlement institution in China is the internal institution of the exchange, and the trading members of the exchange are also settlement members.
Fourth, the role of futures clearing institutions.
Calculate the trading profit and loss. Liquidate positions and positions and allocate funds.
Ensure transaction performance. The settlement institution is the seller of all contract buyers and the buyer of all sellers. Both parties to the transaction only have a relationship with the settlement institution, which avoids the meeting between the buyer and the seller, facilitates hedging and guarantees performance.
Control market risk. Margin system is the most basic and important risk control system in futures market. Initial margin, additional margin and temporary additional margin.
Stock index futures refer to standardized futures contracts with stock index as the subject matter, and both parties agree that they can buy and sell the subject index on a specific date in the future according to the size of the stock index determined in advance. As a type of futures trading, stock index futures trading has basically the same characteristics and processes as ordinary commodity futures trading. The subject matter roughly refers to the agreed price of each point, such as 200 yuan per point. The stock index was 2000 points that day, and each hand was worth 400 thousand.
Hedging refers to the trading activities in which the futures market is used as a place to transfer the price risk, and the futures contract is used as a temporary substitute for buying and selling commodities in the spot market in the future, so as to insure the prices of commodities to be bought in the future. The basic feature of hedging is that the same commodity is bought and sold in the spot market and futures market at the same time, that is, at the same time of buying or selling the real thing, the same amount of futures is sold or bought in the futures market. After a period of time, when the price changes make the profit and loss in spot trading even, the losses in futures trading can be offset or compensated. Therefore, hedging mechanisms are established between "now" and "period" and between short-term and long-term to minimize price risk. In other words, hedging is to transfer the price risk to speculators.
4 standard warehouse receipt? This refers to the physical delivery certificate issued to the owner by the delivery warehouse designated by the exchange after the delivery goods are accepted and confirmed to be qualified. The standard warehouse receipt shall take effect from the date of issuance by the exchange.