Silver futures refer to futures contracts with silver price as the subject matter at a certain point in the future. Silver futures contracts are standardized futures contracts, which are formulated by the corresponding futures exchanges. The detailed silver specifications, silver quality and delivery date are clearly stipulated above.
1. The design scale of silver futures contract is moderate, and the price of silver is 6-7 yuan/gram. The value of silver futures contracts ranges from 90,000 yuan to105,000 yuan. If calculated according to the margin of 12% stipulated by the futures company, it is generally around 1000 yuan. Compared with Japan and India, the trading unit of silver futures contracts in the United States is relatively large. Compared with most varieties, the scale design of domestic silver futures contracts is quite satisfactory.
2. The design of margin system is conducive to improving the efficiency of hedge funds. The collection standard of trading margin for silver futures contracts in different stages of listing operation is the same as that for gold futures, which is divided into four grades: 7%, 10%, 15% and 20%. This design is different from the multiple proportions of copper, aluminum, lead, zinc, steel bars and wires. Simplifying the ratio of trading margin and reducing the maximum ratio are conducive to improving and optimizing the efficiency of the use of silver futures hedging funds.
3. Compared with other varieties, the design of the price limit system has changed slightly. When D 1 and D2 encounter daily limit of silver futures in the same direction, the daily limit of D2 silver futures contract will be increased by 6 percentage points on the basis of D 1, which will be higher than that of gold, copper, aluminum, lead, zinc, rebar and wire rod 1 percentage point. The design of warehouse constraint system is beneficial to enterprise hedging.
4. In the design of warehouse limit, as far as the positions and positions of silver futures contracts are concerned, the members and customers of non-futures companies are limited to 600 batches in the delivery month, which is higher than the 300 batches stipulated by gold futures, which is conducive to the participation of bank-related enterprises in hedging.