In a gambling bank, customers bet on the stock market price, but they don't actually go to the established exchange to buy and sell stocks. Gambling between businessmen and customers in casinos.

Gambling banks can't be counted as brokers, because brokers are responsible for matching buyers and sellers, while gambling banks make profits by earning commissions and making price changes contrary to customers' needs. In the previous stock market, gambling banks may hold a large number of stocks bet by customers, so that they can make the market move against the needs of customers.

Provide margin loans to gambling banks. In the past, stocks did not provide stop-loss orders to gambling banks, so losing positions often led to a total loss of principal.

Gambling banks also have the characteristics similar to boiler room companies, attracting investors to enter designated stocks through high-pressure sales strategies. Usually, it is the boiler room that "packages" the stock by fabricating false stories about the basic business, so as to establish the stock demand (the company has bought the stock in its own name before).

When the stock price reaches a high level, they will "sell" the stock to make a profit. Gambling banks rarely actually execute transactions in any exchange, but if the trader of a gambling bank is indeed a broker, he will send the customer's instructions to the exchange, and in order to eliminate risks, he will also use his own account to execute instructions contrary to the customer's instructions.

initial margin

Initial margin is the money that traders need to pay when they open new positions. According to the transaction amount and margin ratio, that is, initial margin = transaction amount and margin ratio. At present, the minimum margin ratio in China is 5% of the transaction amount, which is generally between 3% and 8% internationally.

For example, the soybean margin ratio of Dalian Commodity Exchange is 5%. When a customer buys five soybean futures contracts (each 10 ton) at a price of 2,700 yuan/ton, he needs to pay an initial deposit of 6 750 yuan to the exchange (that is, 2,700× 5×10× 5%).

In the process of holding positions, traders will have floating profits and losses (the difference between settlement price and transaction price) due to the constant changes of market conditions, so the funds actually available in the margin account can be increased or decreased at any time.

Floating profit will increase the balance of margin account, while floating loss will decrease the balance of margin account. The minimum balance that must be kept in the margin account is called maintenance margin. Maintenance margin: settlement price x position x margin ratio xk(k is a constant, called maintenance margin ratio, which is usually 0.75 in China).

Extended data:

Additional deposit

When the book balance of the margin is lower than the maintenance margin, the trader must replenish the margin within the specified time, so that the balance of the margin account is ≥ settlement price x position x margin ratio, otherwise the exchange or institution has the right to forcibly close the position on the next trading day.

This part of the margin that needs to be replenished is called additional margin. Suppose the customer buys 50 tons of soybeans at a price of 2700 yuan/ton on the third day, and the settlement price of soybeans drops to an additional margin of 2600 yuan/ton. Due to the price drop, the customer lost 5,000 yuan (that is, (2700-2600) x50);

The balance of the customer's margin account is 1750 yuan (that is, 6750-5 000 yuan). As the balance is less than the maintenance deposit (= 2 =2 700x50X5%x0.75=5 062.5 yuan), the customer needs to make up the deposit to 6750 yuan (2 700x50x5%), and the deposit to be made up is 5 000 yuan (6 750-).

This means that even if the soybean price drops to 2000 yuan/ton, the deposit account will remain at 6750 yuan, which is the initial deposit.

Margin ratio

At present, the proportion of trading margin charged by the exchange in normal months of domestic listed futures varieties

Shanghai: al 10%, au 13%, cu 13%, fu 14%, rb 12%, ru 12%, WR/Kloc-.

Dalian: a 10%, b 10%, c 10%, j 10%, jm 10%, l 10%, m/kloc.

Zhengzhou: cf 10%, ri9%, oi 10%, Sr1%,ta1%,wh9%, me14.

CICC: If 15%, TF4%.

rule

At present, 8% is the most widely spread standard in the market to collect margin for the upcoming Shanghai and Shenzhen 300 index futures trading, but there are still many different views. Some people think that the margin should be 5% or even lower, and many people think that the market risk is too great if the margin is lower than 10%, and some even suggest 20-30%.

However, from the analysis of international practice and China's actual situation, 8% margin is a reasonable ratio, because for the Shanghai and Shenzhen 300 index futures contracts, too low or too high margin ratio may amplify or reduce the liquidity of the market, or the risk is excessively amplified or the liquidity of the market is limited.

Relatively speaking, the futures margin, especially the financial futures margin, should not be too high, and a certain percentage of margin should be added on the basis of 8% charged by the exchange to ensure risk control, so the margin ratio of the upcoming Shanghai and Shenzhen 300 index futures is most likely 8%.

Baidu Encyclopedia-Futures Margin