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Actually refers to the physical objects that can be used for shipment, storage and manufacturing. The spot available for delivery can be converted into cash on the basis of spot or forward, or the payment can be made in advance, and the buyer pays the payment in a very short time, which is the symmetry of futures.
In spot trading, the common way is cash on delivery or barter.
Spot trading is generally applicable to agricultural and sideline products sales, small wholesale and retail transactions. In China, retail enterprises generally adopt the method of one-handed delivery and one-handed collection, and two-handed delivery; Spot transactions of wholesale enterprises, in addition to cash on delivery, also take the form of bank collection and acceptance for settlement within a time limit. The difference between spot trading and other trading methods lies in:
(1) For the purpose of trading, it is to obtain the ownership of goods.
(2) In terms of trading methods, it is generally conducted through one-on-one negotiation between the two parties, and there is no need to focus on a specific time and place.
Before 2 1 century, the traditional trade mode was mainly traditional trade. The traditional trade model is that buyers and sellers meet directly, reach an agreement on the sale of goods, and then make a deal, with one hand paying and one hand delivering. In traditional trade, bulk commodity transactions are mostly conducted by contract, and buyers and sellers will conduct commodity transactions according to the contents of the signed contract in the future. It has the following disadvantages:
(1) The price formation is irregular and the risk cannot be transferred. Since the signing of the contract price is determined according to the factors such as supply and demand at that time, in the process of contract execution, the change of market price is inevitable, which is beneficial to one party and unfavorable to the other. At the same time, the formation of prices is also largely restricted by regions, and it is difficult to form a fair price.
(2) Credit risk. The inevitability of price risk affects the effectiveness of contract execution, in which case credit risk is inevitable.
(3) There are few buyers and sellers, so it is difficult to form a centralized market. Buyers and sellers negotiate and bargain separately to reach an agreement, and their negotiation skills and skills have a great influence on the formation of prices.
(4) The degree of contract specification is low. Every time a contract is signed, there are a series of links, such as finding customers, making inquiries, preliminary negotiations, signing contracts, etc. It must be repeated that factors such as variety quality, time and transportation must be debated endlessly. For bulk merchants, such signing and execution is very complicated, and the transaction cost increases accordingly.