1. Treasury futures trading does not involve the transfer of the ownership of China bonds, but only involves the risk of price changes related to this ownership.
2. Treasury bond futures trading must be conducted at the designated trading place. The futures trading market aims at opening and liberalization, and OTC and private hedging are prohibited.
3. All treasury bond futures contracts are standardized contracts. Treasury bond futures trading is a leveraged transaction, and a margin system is implemented.
4. Debt-free treasury bonds futures trading shall be subject to the daily settlement system.
Generally speaking, physical delivery is not common in treasury bond futures trading.