According to the settlement price announced by the exchange, the futures settlement institution

Edit this futures transaction

How is the settlement made? How are floating profit and loss and actual profit and loss calculated? Futures settlement refers to the process that futures settlement institutions settle the profits and losses of positions held by customers according to the settlement price announced by the exchange. There are two organizational forms of futures settlement. One is a clearing company independent of futures exchanges, such as London Clcaring House, which also carries out futures settlement for three futures exchanges in London. The other is the settlement department set up in the exchange. For example, futures exchanges in Japan, the United States and other countries have their own settlement departments (hereinafter referred to as "settlement institutions"). At present, China adopts the form of setting up a settlement institution in the exchange. The difference between an independent clearing house and the settlement institutions in the exchange is mainly reflected in the following aspects: the clearing house is independent of the exchange in terms of performance guarantee, control and settlement risk, while the internal settlement institutions in the exchange are all concentrated in the exchange. Independent clearing houses are generally shared by banks, exchanges and other financial institutions, and the risks are relatively scattered compared with those borne by exchanges alone. The settlement of futures trading can be roughly divided into two levels, one is the settlement of members by exchanges, and the other is the settlement of customers by member companies. Because futures trading is a kind of margin trading, it has the characteristics of small and wide, and the risk is relatively small in a sense. Futures settlement is one of the most important means of risk control. The exchange shall open a unified settlement fund account in the bank, and the members shall open a settlement account in the settlement institution of the exchange, and the transactions of the members in the exchange shall be uniformly settled by the settlement institution of the exchange. The futures clearing house plays the role of a third party to all traders in the futures money market, that is, for each seller member, the clearing house is the buyer; For each buyer member, the settlement institution is the seller. By collecting the transaction margin for each transaction, the settlement institution can guarantee the performance of the contract on behalf of the customer, thus institutionally ensuring the status of the settlement institution as the guarantor of the final performance of futures transactions. Because the buyers and sellers of futures contracts do not have to consider each other's credit degree, the speed and reliability of futures trading are greatly improved. The core content of futures settlement business is the daily mark-to-market system, that is, the daily debt exemption system. Specifically, there are two aspects. (1) Calculate the floating gain and loss. That is, the settlement institution calculates the floating profit and loss of the open positions of the members according to the settlement price of the transaction on that day, and determines the amount of the deposit payable for the open positions. The calculation method of floating profit and loss is: floating profit and loss = (settlement price of the day-opening price) x position x contract unit-handling fee. If it is positive, it means that it is a long floating profit or a short floating loss, that is, the price increase after the long position is a long floating profit, and the price increase after the short position is a short floating loss. If it is negative, it means the floating loss of bulls or the floating profit of bears, that is, the price drop after the bulls open positions indicates the floating loss of bulls, or the price drop after the bears open positions indicates the floating profit of bears. If the margin amount is not enough to maintain the open position contract, the clearing institution will inform the members to make up the difference before the second largest market opening, that is, to add margin, otherwise they will be forced to close their positions. If there are floating profits, members can't put forward this part of the profits unless the liquidation contract is closed and the floating profits are turned into actual profits. (2) Calculate the actual profit and loss. The profit and loss realized by liquidation is called actual profit and loss. Most contracts in futures trading are closed by liquidation. The calculation method of actual profit and loss of bulls is: profit and loss = (closing price-buying price) x position x contract unit-handling fee. The calculation method of short profit and loss is: profit and loss = (selling price-closing position) x position x contract unit-handling fee. There are risks in the currency field in the current period, and some members have excessive trading losses, insufficient trading margins or overdrafts. The procedures for handling risks in the settlement system are as follows: ① Notify members to add margin; (2) If the margin increase is not in place, first stop the member from opening new positions and force the member to close the open positions; (3) If the balance of the member's margin is not enough to cover all the losses after closing, use the member's settlement reserve at the exchange; (4) If it is still insufficient to make up the loss, transfer the membership fee and seat fee of the member; ⑤ If it is still not enough to make up for the losses, use the risk reserve of the exchange to make recourse to the members. Settlement I. Concept and system of settlement (1) The concept of settlement refers to the calculation and distribution of trading margin, profit and loss, handling fee, delivery money and other related funds of members according to the trading results and relevant regulations of the exchange. The settlement includes the settlement of members by the exchange and the settlement of customers by the futures brokerage company, and the calculation results will be included in the customer's margin account. (II) Settlement system The settlement of futures exchanges adopts the margin system, daily debt exemption system and risk reserve system. In line with the hierarchical structure of the futures market, the settlement of futures trading is also hierarchical and hierarchical. The exchange only settles accounts for members, and non-member units and individuals settle accounts through members of futures brokerage companies. 1. Exchange's settlement of members (1) After the end of each trading day, the Exchange will settle the profits and losses, trading fees, trading deposits and other funds of each member. The accounting results are the basis for members to check the relevant transactions of the day and settle accounts with customers. Members can obtain the profit and loss statement, contract table, position table and fund settlement statement of members on the same day through the member service system within the specified time of each trading day. (2) Members shall obtain the settlement results provided by the exchange in time every day, do a good job of checking and keep them properly. (3) If a member disagrees with the settlement result, it shall notify the Exchange in writing 30 minutes before the opening of the market the next day. If the member does not raise any objection to the settlement data within the specified time, it shall be deemed that the member has recognized the accuracy of the settlement data. (4) After the transaction settlement is completed, the Exchange will transmit the member fund data to the relevant settlement bank. 2. Futures brokerage company customer settlement (1) Futures brokerage company customer settlement is the same as that of the exchange, that is, after the end of each trading day, each customer's profit and loss, trading expenses, trading margin and other funds are settled. The transaction fee is generally not less than 3 times of the transaction fee standard stipulated in the futures contract, and the transaction margin is generally higher than the transaction margin ratio charged by the exchange by at least 3 percentage points. (2) The futures brokerage company shall issue a transaction statement to the customer after the market closes. (3) When the daily settlement margin of the customer is lower than the trading margin level stipulated by the futures exchange, the futures brokerage company will notify the customer to add the margin in the way agreed in the futures brokerage contract. If the customer fails to add the margin on time, the futures brokerage company shall forcibly close some or all of the customer's positions until the margin balance can maintain its remaining positions. Two. Settlement formula and application (I) Settlement benchmark The Exchange shall manage the deposits deposited by members in the special settlement account of the Exchange separately, set up a detailed account for each member, and register and account the deposits and withdrawals, profits and losses, trading deposits and handling fees of each member every day. The exchange implements the margin system, and the margin is divided into settlement reserve and trading margin. The settlement reserve has a minimum balance. Before the start of daily trading, the balance of settlement reserve of members shall not be less than this amount. If the balance of settlement reserve is greater than zero and lower than the minimum balance of settlement reserve, no new position may be opened. If the balance of settlement reserve is less than zero, the exchange will force liquidation according to relevant regulations. Trading deposit refers to the funds that members guarantee the performance of the contract in the special settlement account of the exchange, which is the deposit that the contract has been occupied. When the buyer and the seller make a deal, the exchange will charge the trading margin to both parties according to a certain proportion of the value of the position contract. The exchange implements a daily debt-free settlement system. This system means that after the daily trading, the exchange will settle the profit and loss, trading margin, handling fees, taxes and other expenses of all contracts according to the settlement price of the day, and implement net transfer of accounts receivable and payable, and correspondingly increase or decrease the settlement reserve of members. (2) Settlement formula. Open futures contracts are based on the settlement price of the day as the basis for calculating the profit and loss of the day. 1, the profit and loss of the day can be calculated item by item. The itemized settlement formula is: profit and loss of the day = profit and loss of liquidation+profit and loss of position. (1) liquidation profit and loss = liquidation history profit and loss+liquidation current profit and loss = ∑ [(selling liquidation price-settlement price of the previous trading day) * selling volume]+∑ [(settlement price of the previous trading day-buying liquidation price) * buying liquidation volume] liquidation current profit and loss = ∑ [(selling liquidation price-buying opening price of the same day) * selling liquidation. (2) position profit and loss = historical position profit and loss+opening profit and loss of the current day = (settlement price of the current day-settlement price of the previous day) * opening profit and loss of the current day = ∑ [(selling opening price-settlement price of the current day) * selling opening amount]+∑ [(settlement price of the current day-buying opening price) * buying opening amount] (3) Today's profit and loss can be integrated. +∑ [(settlement price of the day-purchase transaction price) * purchase amount)]+(settlement price of the previous trading day-settlement price of the day) * (selling positions of the previous trading day-buying positions of the previous trading day) 2. Calculation of margin balance The balance of settlement reserve refers to settlement reserve of the previous trading day = settlement reserve of the previous trading day+deposit+trading margin of the previous trading day+profit and loss-handling fee. (3) The related concept of liquidation refers to the behavior of futures traders to buy or sell futures contracts with the same variety, quantity and delivery month but in the opposite direction, and settle futures transactions. The settlement price of the day refers to the weighted average price of the transaction price of a futures contract according to the volume. If there is no transaction price on that day, the settlement price of the previous trading day shall be the settlement price of that day. Each futures contract is based on the settlement price of the day as the basis for calculating the profit and loss of the day. Open position refers to the number of open positions held by futures traders. (4) The profit and loss on the day of fund transfer shall be transferred at the daily settlement, and the profit on that day shall be included in the member settlement reserve, and the loss on that day shall be deducted from the member settlement reserve. The part of the trading margin settled on the same day that exceeds the trading margin settled yesterday shall be deducted from the settlement reserve of the member. The part of the trading margin at the settlement of the day that is lower than that at the settlement of yesterday is included in the member's settlement reserve. Fees, taxes and other expenses are directly deducted from the settlement reserve of members.