Multi-delivery means multi-positions change hands, which means that the old ones sell and close positions, the new ones buy and open positions, and the total market positions remain unchanged.

Empty orders change hands: if the original selling orders in hand are to be closed, they must be repurchased. Someone else must have sold it at this time. If he opened a position, the position in the market did not change at this time, but the sell order was changed from my hand to his hand. This is called empty exchange.

Simply put, changing hands means: the original short position is bought and closed, and the new short position is sold and opened, and the position remains unchanged.

The content of this article comes from People's Republic of China (PRC) Financial Code: Applied Edition published by China Law Publishing House.