Delivery is a process in which both parties to the transaction settle the open contract by transferring the ownership of the goods contained in the futures contract according to the provisions of the contract and rules. To put it simply, after the contract expires, the open buyer pays for the goods and obtains the corresponding goods, and the open seller delivers the corresponding goods and issues a VAT invoice.

The delivery methods of futures trading are divided into physical delivery and cash delivery. In the futures market, commodity futures are usually delivered in kind, and the futures contracts of CSI 300, SSE 50 and CSI 500 index in financial futures are delivered in cash. Physical delivery methods are divided into centralized delivery, rolling delivery and cash transfer. According to the delivery place, there are warehouse delivery, factory delivery, and vehicle and ship delivery.

I. Centralized delivery

Centralized delivery, also known as one-time delivery, refers to the delivery method of one-time centralized delivery of all expired contracts after the last trading day of the delivery month.

Second, rolling delivery.

Rolling delivery means that after the contract enters the delivery month, the seller's customer who holds the standard warehouse receipt and the selling position takes the initiative to put forward, and the exchange organizes the two parties to complete the delivery within the specified time.

Three. Convert futures into cash

Futures-to-spot refers to the transaction that future positions is converted into a spot position in the futures market after the long and short parties holding the same delivery month contract reach a spot transaction agreement.

Four, warehouse, factory warehouse, car delivery

Warehouse receipt delivery refers to the delivery method in which the seller transfers the warehouse receipt of related commodities issued by the designated delivery warehouse to the buyer to complete the physical delivery.

Factory-warehouse delivery refers to the delivery method in which the seller transfers the standard warehouse receipt of relevant commodities issued by the designated delivery factory to the buyer to complete the physical delivery.

Car (ship) delivery refers to a kind of physical delivery method in which the seller loads the goods onto the car, train or ship at the delivery pricing point designated by the exchange to complete the delivery of the goods.

The main difference between the three delivery methods is that warehouse delivery needs to have goods first, and then generate warehouse receipts; If there is no delivery in the factory warehouse, a credit warehouse receipt for delivery can be generated; Pallet delivery does not need to generate warehouse receipts, and the seller loads the goods on pallets or ships them at the delivery pricing point to complete the delivery.

0 1 What is the basic delivery process for buyers?

The buyer pays-receives the electronic warehouse receipt-cancels the standard warehouse receipt-prints the delivery voucher-goes through the delivery formalities at the delivery warehouse with the delivery voucher-delivers the goods.

How did the seller deliver the goods?

Apply for delivery forecast-goods warehousing (delivery warehouse acceptance)-delivery warehouse or designated quality inspection organization inspection-warehouse submits registration application-member review-exchange approval-system submits warehouse receipt-participates in delivery, obtains payment, and issues VAT invoice. (If the standard warehouse receipt is registered in the warehouse, you don't need to apply for delivery forecast.)