Different from the stock market, the margin calculation in the futures market is based on the settlement price instead of the closing price. This is because there is leverage in the futures market, and it is easy to suddenly rise or fall at the end of the session, and it is easy to explode according to the closing price. In order to protect the interests of investors, the settlement price is adopted.

How to calculate the settlement price?

The settlement price is calculated according to the weighted average price of the transaction price and volume in the last hour of futures trading, and the calculation result is retained to one decimal place. If the transaction is interrupted in the last hour due to system failure and other reasons, it will be regarded as the last hour after deducting the interruption time. If the last transaction on the day of the contract is less than one hour away from the opening time, the weighted average price of the whole day's trading volume shall be taken as the settlement price of the day. If the settlement price of the day cannot be determined by the above method or the calculated settlement price is obviously unreasonable, the settlement price of the day will be determined by the ownership of the transaction.

It should be noted that domestic stock index futures also have the settlement price of delivery date, when the settlement price of stock index futures was the arithmetic average price of spot disk index in the last two hours. The calculation results are retained to two decimal places, and the trading ownership adjusts the settlement price of stock index futures according to market conditions.