1, the object of the transaction is a standardized contract;

2. All transactions are conducted through margin;

3. There are trading orders for opening and closing positions, and there is the concept of holding positions;

4. There are risk control measures such as margin system, position limit system, price limit system, large household declaration system and forced liquidation system;

5. The daily debt-free settlement system for futures trading is basically the same as that for deferred settlement contracts;

Difference:

1. There is no fixed delivery period for deferred settlement contract transactions.

In deferred settlement contract transactions, buyers and sellers can freely choose whether to declare settlement every day. There is no fixed delivery period and the holding time is not limited, which is essentially different from the fixed delivery period in futures contracts.

2. Deferred settlement contract transactions are based on delivery.

For example, under normal circumstances, the delivery ratio of gold deferred delivery contracts is generally around 50%, and the trading mode and characteristics based on delivery are very obvious, which is significantly different from non-delivery futures trading.

3. The transaction price of the deferred settlement contract is the spot price.

The transaction of deferred settlement contract has obvious spot property, because it is delivered every day, so the price of deferred settlement contract will not deviate from the spot price, which can directly reflect the relationship between supply and demand in the market; Generally speaking, there is a basis between the futures price and the spot price.

4. Deferred settlement contract transactions have unique trading characteristics.

Deferred settlement contract transactions have unique systems that futures exchanges do not have, such as deferred compensation system, neutral warehouse system and overdue fee system.

5. The risk control mechanism of deferred settlement contract transactions is more abundant.

In addition to the same risk control system as futures trading, such as margin system, position limit system, price limit system and forced liquidation system, deferred settlement contract trading also provides more abundant means for trading risk control.

In addition, the deferred delivery contract has no fixed delivery date and is not mandatory delivery. Daily delivery actually makes it difficult to accumulate risks, and there is no risk of forced liquidation of futures.