(2) holding positions. The open contract of stock index futures investors after opening positions is called open contract, also known as open position. After the stock index futures investors open their positions, there are two ways to close the stock index futures contract: either close the position in advance or hold it until the last trading day for cash delivery.
(3) changing hands. Hand-changing transactions can be divided into "long hand-changing" and "short hand-changing". When an investor who originally held a long position sells a position, but a new long position opens a position to buy it, it is called "long hand-changing". "Short positions change hands" means that investors who originally held short positions are buying and closing positions, and new short positions are opened and sold.
(4) Total market position. "Total market position" means the total number of "open positions" (including long and short positions) of all investors in futures contracts. Investors keep opening and closing positions when trading, so the total market positions are constantly changing. The total position of stock index futures market is calculated unilaterally, which is different from the bilateral calculation of commodity futures market at present. For example, in a trading contract, one investor buys the contract and holds it, while another investor sells the contract and holds it. The total position in the stock index futures market is shown as one contract, while the total position in the commodity futures market is shown as two contracts.