Is the futures settlement price the opening price of the next day?
The futures settlement price is not the opening price of the next day. Futures settlement price is the benchmark price for margin settlement of open contracts after the end of the day's trading, which is generally a weighted average price calculated according to the trading volume within a certain period of time.
The settlement price of futures is a theoretical price, and its purpose is to allocate the funds (deposits) of both parties to the transaction. The settlement price is a daily settlement system, that is, after the daily closing, the profit and loss of each opening position is calculated according to the average price of the day as the settlement price. At the same time, as the daily limit of the next day, the price began to be calculated.
The opening price of futures refers to the transaction price of the first transaction after the opening of each trading day. The opening price of the futures market is generated by call auction, and the principle of call auction is different from the principle of price trading in normal trading, so it is impossible to conclude that the declared buying price is higher than the opening price or the declared selling price is lower than the opening price in some cases.
Generally speaking, futures settlement can be divided into two levels, one is the settlement of members by exchanges, and the other is the settlement of customers by member companies. 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.
China takes the form of setting up a clearing house in the exchange. The difference between an independent clearing house and an internal clearing house 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 clearing houses of the exchange are all concentrated in the exchange. Independent clearing houses are usually shared by banks, other financial institutions and exchanges, which can make the risks more dispersed than those borne by exchanges alone.
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