1. Select a futures company. (The choice of futures companies is mainly based on the company's market judgment ability, transaction server speed and transaction cost. )
2. After selecting a futures company, make an appointment to open an account with the company's account manager, so that you can get the corresponding preferential policies. You can make an appointment to open an account at the Golden Axe Futures Account Channel for free, saving time.
3. According to the agreed time, bring my ID card and bank card (diplomatic relations between workers and peasants) to the futures company to open an account. If only commodity futures accounts are opened, the futures company can send account opening personnel to open accounts at home.
4. After opening an account, go to the bank to handle banking business (three-party depository).
5. Download quotation software and trading software from the website of the futures company; After the deposit, you can trade.
PTA futures trading rules
First, the deposit system.
PTA futures implement margin system. The minimum trading margin for PTA futures contracts is 6% of the contract value.
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PTA futures contract trading margin is managed in three stages: general month (one month before delivery month), one month before delivery month and delivery month.
Generally speaking, PTA futures contracts adopt different trading margin ratios according to different positions. See the table below for details:
Average monthly trading margin ratio
Bilateral positions (N ten thousand lots) N≤40 4060
Trading margin ratio is 6% 9% 12% 15%
PTA futures contracts one month before the delivery month adopt different trading margin ratios in the early, middle and late days respectively. See the table below for details:
Trading margin ratio of one month before the delivery month.
Early, middle and late days
8% 15% 20%
In the month before the delivery month, if the positions of brokerage members, non-brokerage members and investors (including hedging positions and arbitrage positions) reach 65,438+05%, 65,438+00% and 5% of the unilateral positions in the market in the delivery month respectively, the normal margin ratio will be increased by 5 percentage points.
From the settlement on the trading day before the delivery month, all members who hold the delivery month contract must pay a trading deposit of 30% of the contract value.
Whoever fails to pay the trading margin on time, the trading ownership will forcibly close the position of the monthly delivery contract held by him until the margin can maintain the current position level.
In the process of trading, when the position of a contract reaches a certain level of the total position, the newly opened contract will be charged according to the trading margin standard of that level. After the transaction, the exchange will collect the trading margin corresponding to the total position for all positions.
When a futures contract has a price limit, the trading margin of the futures contract shall be implemented in accordance with the relevant provisions of Chapter III of these Measures.
When the contract price changes according to the settlement price within one month, the cumulative increase or decrease (n) of four consecutive trading days (namely, D 1, D2, D3 and D4) is three times as high as that stipulated in the contract, and the cumulative increase or decrease (n) of five consecutive trading days (namely, D 1, D2, D3, D4 and D5) reaches the contract. The increase of the trading margin shall not be higher than 3 times of the trading margin agreed in the contract.
2. The calculation formula of 2.PTA futures (n) is as follows:
N=(Pt—P0)/P0× 100% t=4，5
P0 is the settlement price of D 1 trading day.
Pt is the settlement price of t trading days, t = 4,5.
The Exchange shall report the above measures to the China Securities Regulatory Commission in advance.
When the futures contract is abnormal, the exchange may adjust the trading margin ratio according to the prescribed procedures.
When the contract market risk of a product increases obviously in a certain month, the exchange may increase the trading margin for some or all members and investors in the same proportion or in different proportions according to market conditions.
In case of a long holiday, the Exchange may adjust the margin standard of contract trading and the range of price limit before the market is closed.
At the same time, if the provisions of these Measures on adjusting the trading margin are met, the trading margin shall be charged according to the larger value among the specified trading margin values.
Third, the warehouse quota system
The exchange implements the position limit system. Limited position refers to the maximum number of speculative positions in a contract that members or investors can hold according to the regulations of the exchange.
The warehouse quota shall implement the following basic systems:
(1) PTA contracts in a certain month are subject to different position limits at different stages of the trading process, and the contract position limits in the delivery month are strictly controlled;
(2) Controlling the scale of market positions by restricting the combination of members and investors' positions.
(3) The hedging trading position is subject to the examination and approval system, and the position is not restricted.
The number of limited positions in PTA contracts decreases in turn according to the three stages of listing: the general month, the month before the delivery month and the delivery month.
Generally speaking, the exchange will limit the positions of PTA futures contracts according to brokerage members, non-brokerage members and investors.
The ratio of the maximum unilateral position of PTA to the market unilateral position or absolute position limit in general months.
Brokerage member non-brokerage member investor
1.20,000 lots of unilateral positions ≤ 15% ≤ 10% ≤5%.
Unilateral positions 1.2000 lots or less 1.8000 lots1.2000 lots and 6000 lots.
One month before the delivery month, the exchange will restrict the unilateral positions of brokers, non-brokers and investors on PTA contracts, as well as unilateral positions in the early, middle and late stages.
Maximum unilateral position (hand) in the month before the delivery month.
Brokerage member non-brokerage member investor
Morning, noon, evening, morning, evening, morning, evening.
16000 12000 8000 8000 6000 4000 4000 3000 2000
In the delivery month, the exchange will limit the absolute amount of unilateral positions of PTA contracts according to brokerage members, non-brokerage members and investors. The specific quantities are as follows:
Maximum unilateral position in delivery month (hand)
Brokerage member non-brokerage member investor
4000 2000 1000