English: Futures.

The so-called futures generally refers to futures contracts, which are standardized contracts made by futures exchanges and agreed to deliver a certain number of subject matter at a specific time and place in the future. This subject matter, also known as the underlying asset, can be a commodity, such as copper or crude oil, a financial instrument, such as foreign exchange and bonds, or a financial indicator, such as three-month interbank offered rate or stock index. If the buyer of a futures contract holds the contract until the expiration date, he is obliged to purchase the subject matter corresponding to the futures contract; If the seller of a futures contract holds the contract until it expires, he is obliged to sell the subject matter corresponding to the futures contract (some futures contracts do not make physical delivery when they expire, but settle the difference, for example, the expiration of stock index futures refers to the final settlement of the futures contract in the opponent according to a certain average value of the spot index). Of course, traders of futures contracts can also choose to reverse the transaction before the contract expires to offset this obligation.

The broad concept of futures also includes option contracts traded on exchanges. Most futures exchanges list both futures and options.

The role of futures

Futures trading is developed on the basis of spot trading, and it is an organized trading method to buy and sell standardized futures contracts on futures exchanges. If people who invest in futures are classified, they can be roughly divided into two categories-hedgers and speculators.

Hedging means spot hedging. Buying when bullish (that is, bulls) and selling when bearish (that is, bears) simply means buying (or selling) commodities in the spot market and selling (or buying) the same kind of commodities in the futures market, so that no matter how the price of the spot supply market fluctuates, you can eventually lose money in one market and make profits in another market, and the loss is roughly equal to profit, thus achieving the purpose of avoiding risks.

Speculators aim at obtaining the price difference, and their income comes directly from the price difference. Speculators make a decision to buy or sell according to their own judgment on the trend of futures prices. If this judgment is the same as the market price trend, speculators can get speculative profits after closing their positions. If the judgment is contrary to the price trend, the speculator will bear the speculative loss after closing the position. Speculators take the initiative to take risks, and his appearance promotes the liquidity of the market and ensures the realization of the price discovery function; For the market, the emergence of speculators has eased the possible excessive fluctuations in market prices.

Hedgers and speculators are indispensable in futures trading! Speculators provide the venture capital that hedgers need. Speculators use their own funds to participate in futures trading and bear the price risk that hedgers hope to pass on. Its participation makes the price changes of related markets or commodities tend to be consistent, increasing the market trading volume, thus increasing the market liquidity, which is convenient for hedgers to hedge their contracts and enter and leave the market freely.

The emergence of futures makes investors find a relatively effective channel to avoid market price risks, which is helpful to stabilize the national economy and establish and improve the market economic system!

Interpretation of basic terms and futures terms

Futures contract: a standardized contract made by a futures exchange to deliver a certain quantity and quality of goods at a certain time and low point in the future.

Margin: refers to the funds paid by futures traders in accordance with the prescribed standards for settlement and performance guarantee.

Settlement: refers to the settlement of the trading gains and losses of both parties according to the settlement price announced by the futures exchange.

Delivery: refers to the process that when a futures contract expires, both parties to the transaction end the expired open contract by transferring the ownership of the goods contained in the futures contract in accordance with the rules and procedures of the futures exchange.

Open position: the trading behavior of starting to buy or sell futures contracts is called "opening positions" or "establishing trading positions".

Liquidation: refers to the behavior of futures traders to buy or sell futures contracts with the same variety, quantity and delivery month but with opposite trading directions, and to liquidate futures transactions.

Open position: refers to the number of open positions held by futures traders.

Warehouse receipt: refers to the standardized delivery certificate issued by the delivery warehouse and recognized by the futures exchange.

Matchmaking: refers to the process that the computer trading system of the futures exchange matches the trading orders of both parties.

Price limit: refers to that the trading price of futures contracts in a trading day shall not be higher than or lower than the prescribed price limit, and the quotation exceeding this price limit will be regarded as invalid and cannot be traded.

Compulsory liquidation system: refers to the system in which futures brokerage companies carry out compulsory liquidation to prevent further expansion of risks when customers' trading margin is insufficient and their positions exceed the prescribed position limit, and are punished for violating the rules, and should be forced to liquidate according to the emergency measures of the exchange, as well as other situations that should be forced to liquidate.

Position: market agreement. The buyer of the futures contract is in a long position, and the seller of the futures contract is in a short position.

Arbitrage: a trading technique that speculators or hedgers can use, that is, buying spot or futures commodities in one market and selling the same or similar commodities in another market in the hope of making a difference between the two transactions, thus making a profit.

Futures account

I. Opening an account

1. Select an account opening institution.

2. Account opening conditions

In any of the following circumstances, it shall not become a customer of a futures brokerage company:

A natural person without or with limited capacity for civil conduct;

Staff of futures supervision departments and futures exchanges;

Company employees and their spouses and immediate family members;

The futures market is forbidden to enter;

Financial institutions, institutions and state organs;

State-owned enterprises or enterprises with state-owned assets holding or leading position that cannot provide the approval documents signed by the legal representative;

The entrusted account opening unit fails to provide authorization documents;

Other circumstances stipulated by the China Securities Regulatory Commission;

3. Time and place of account opening: You can choose to go to the business place of the futures company at any time.

4. Account opening amount: not less than 50,000 yuan;

5. Information required for opening an account:

Individual household: the head portrait and scanned ID card of the natural person investor;

Legal person account: the head photo of the account opening agent of the institutional investor, the scanned ID card of the account opening agent, the business license (copy) of the institutional investor and the scanned organization code certificate.

Second, deposits.

The deposit method can be cash, wire transfer, money order, check and bank transfer. Only when funds are deposited into our account are telegraphic transfers, drafts and checks deemed to have arrived in our account.

Third, the application transaction code

After the customer fills in the application code table of each exchange, the futures company will handle the application procedures for the trading code for the customer, and the trading can only be carried out after the code is approved.

Fourth, trading.

Verb (short for verb) solution

The settlement department will settle customers' daily transactions, and customers in the business hall will ask for and sign for the statement from the business department computer room every day, and customers who trade online will query the statement through the online query function every day.

Sixth, cancel the household.

After the customer closes the account according to the regulations of the futures company, both parties sign a termination agreement to terminate the agency relationship.

Seven, gold

The finance department of the futures company handles the withdrawal of funds for customers by means of cash, wire transfer, draft, check and bank transfer.

The difference between futures and stocks

Futures speculation is very similar to the stock market, but there are also obvious differences.

The difference between futures and stocks is that the return on investment is different: futures trading can amplify the income by four to two thousand pounds because of the leverage principle of its margin. Futures only need to pay within 10% of the total contract value; In the case of stocks, you must invest 100% of the funds, and interest costs are needed to raise funds.

Trading methods are different: domestic stocks can only be long, and futures can be long or short.

1. Take small shares as an example: shares are fully traded, that is, you can only buy as many shares as you have, while futures is a margin system, that is, you only need to pay 5% to 10% to trade 100%. For example, if an investor has 1 10,000 yuan, he can buy 1000 shares if he buys1000 yuan, and he can clinch a commodity futures contract with110,000 yuan by investing in futures, that is, taking small bets and making big ones.

Second, two-way trading: stocks are one-way trading, and you can only buy stocks first before you can sell them; Futures can be bought or sold first, which is a two-way transaction.

3. Time limit: There is no time limit for stock trading. If the quilt can be closed for a long time, the futures must be delivered at maturity, otherwise the exchange will force the liquidation or physical delivery.

4. Actual gains and losses: The gains from stock investment are divided into two parts, one is the market price difference, and the other is dividends. The gains and losses from futures investment are the actual gains and losses in market transactions.

5. Huge risks: futures are characterized by high returns and high risks due to the restrictions of margin system, additional margin system and forced liquidation at maturity. In a sense, futures can make you rich overnight, or you may be penniless in an instant, so investors should invest carefully.

1: Only a few varieties are active in variety futures, which is convenient for analysis and tracking. The stock variety 1300 is more than one, so it is difficult to look at it once, and it is even more difficult to analyze it.

2. Fund futures are margin trading, and 5% of the funds can be traded as 100%, and the funds are enlarged by 20 times, so the leverage is very obvious. Stocks are traded on full margin, so you can buy as many stocks as you have.

3. Trading method Futures is T+0 trading, with short-selling mechanism and two-way trading. The stock is T+ 1, and there is no short-selling mechanism.

4. Participants: Futures participants are manufacturers and distributors who want to avoid price risks, and speculators who are willing to bear price risks and obtain risk profits. Participants in stocks are basically speculators (speculators are forced to become investors when they are stuck in high positions)

5. Function: The most striking feature of futures is that it provides a market for spot dealers and distributors to avoid price risks. The most important function of stock is financing, which is often called financing.

6. Information disclosure: Futures information is mainly about output, consumption and weather in main producing areas, which is reported by professional newspapers with high transparency. The most important thing about stocks is financial statements, and more than 60% of listed companies are fraudulent.

7. Subject: Futures and contracts correspond to fixed commodities such as copper and soybeans. Stocks are securities.

8. Price: The futures price is everyone's expectation of the future trend. Due to the cost of futures commodities, the price will be consistent with the spot price near the delivery month. The stock price is determined by the strength of the dealer's pull, which is closely related to the market trend.

9. Risk: Futures commodities have costs, and excessive deviation of futures prices will be corrected by the market. The risk mainly comes from the participants' reasonable grasp and operation level of positions. Stocks can be delisted, and the share price can also fall very low. Even if you have a high level of operation, it is not easy to see which company is making false accounts, as evidenced by the shares of Zhongke Department and Yinguangxia.

10: Time: Futures have a delivery month and must be delivered at maturity. You can also cancel the performance responsibility by hedging. Stocks can be held for a long time.

1 1: Alpari dealer: www.alparichina.com.

The connection and difference between futures trading and stock trading;

Contact: They are all capital investments, which belong to the category of financial markets, so they are investments.

There are similarities in the application of concepts, methods and technical indicators. People who invest in stocks and foreign exchange are more likely to enter the futures market and master the skills of futures investment.

Difference:

(1) The investment objects are different: stocks are spot transactions with clear investment objects, while futures investment is futures trading, futures trading, and the trading objects are contracts. If delivery is made in a certain period in the future, the current transaction is the sale of future goods. If there is no delivery, what is being traded now is only an expectation, an expectation of the future price trend.

(2) Different efficiency in the use of funds: stock trading is conducted in full cash, and the amount of funds of investors determines the trading volume. In the face of sudden market, the scheduling of funds has become the main problem restricting investors' transactions. Futures trading shall implement the margin system. The general margin ratio is about 5%-8%, and the fund amplification effect is obvious. Under the premise of controlling risks, investors can have enough time and funds to operate in the face of sudden market conditions.

(3) The trading mechanism is different: stock trading is a kind of cash (physical) commodity trading. At present, there is no short-selling mechanism in the stock market, and the stock adopts T+ 1 transaction settlement system. Futures trading is largely a virtual transaction, with two trading mechanisms, long and short, and T+0 trading settlement system.

(4) Different means of risk control: Although there are risk control systems in stock and futures trading, such as the price limit system, due to the design of the system itself, it is difficult for investors to avoid systemic risks in the stock market at present, and there is no short-selling mechanism. The only choice for investors to avoid market risks is to sell stocks. Because there are two forms of futures trading, the means to control market risk can be used to avoid market risk in addition to the common general forms. The system of limiting positions and forcibly closing positions in futures trading is also the main risk control system different from stock trading.

(5) Different analysis methods: technical analysis methods are * * *; However, from the perspective of fundamental analysis method, because the object of futures investment is mainly commodity futures, it is very important to analyze the price trend characteristics of commodities themselves, mainly reflected in the supply and demand of commodities, and the basic factors affecting commodity prices are relatively clear and fixed. The analysis of stock fundamentals is mainly about the operating conditions of specific listed companies.

(6) The transparency of information is different: the futures market is more transparent than the stock market, and the information dissemination channels are clearer.

(7) It should be emphasized that the social and economic functions of futures trading and stock trading are also inconsistent. Stocks provide the functions of raising funds and redistributing social resources, while futures trading provides the functions of risk avoidance and price discovery.

Basic system of futures market

1. Margin system In futures trading, any trader must pay a certain proportion (usually 5- 10%) of the value of the futures contract he buys and sells as the fund guarantee for his performance of the futures contract, and then he can participate in the futures contract trading and decide whether to add funds according to the price change. This system is the deposit system, and the funds paid are the deposit. The margin system not only embodies the unique "leverage effect" of futures trading, but also becomes an important means for the exchange to control the risk of futures trading.

2. The settlement of futures trading in the daily settlement system shall be organized by the Exchange. The futures exchange implements a daily debt-free settlement system, also known as "marking the market day by day", that is, after the daily trading, the exchange will settle the profits and losses, trading deposits, handling fees, taxes and other expenses of all contracts according to the settlement price of the day, and at the same time transfer accounts receivable and accounts payable, and increase or decrease the settlement reserve of members accordingly. The settlement of futures trading is classified, that is, exchange settlement members and futures brokerage companies settle customers.

3. The price limit system is also called the daily maximum price fluctuation limit, which means that the trading price fluctuation of futures contracts in a trading day shall not be higher or lower than the specified price fluctuation range, and the quotation exceeding this price fluctuation range will be regarded as invalid and cannot be traded.

4. Position limit system The position limit system refers to the system in which futures exchanges limit the number of positions held by members and customers in order to prevent market price manipulation and prevent excessive concentration of futures market risks on a few investors. If the amount exceeds the limit, the exchange may, as necessary, forcibly close the position or increase the margin ratio.

5. Bulk declaration system The bulk declaration system means that when the speculative position of a certain variety of position contracts of members or customers reaches more than 80% (inclusive) of the position limit stipulated by the exchange, members or customers should declare their funds and positions to the exchange, and customers must declare through brokerage members. The large household declaration system is another system closely related to the position limit system to prevent large households from manipulating market prices and control market risks.

6. Physical delivery system Physical delivery system refers to the system formulated by the exchange. When the futures contract expires, both parties to the transaction transfer the ownership of the goods contained in the futures contract according to the regulations and settle the open contract.

7. Forced liquidation system The forced liquidation system refers to the forced liquidation system adopted by the exchange to prevent further risk expansion when the trading margin of members or customers is insufficient and not replenished within the specified time, or when the positions of members or customers exceed the specified limit, or when members or customers violate the rules. Simply put, it is a compulsory measure for the exchange to close the position of the violator.

main feature

A. The commodity variety, quantity, quality, grade, delivery time and delivery place of a futures contract are established and standardized, and the only variable is the price. The standards of futures contracts are usually designed by futures exchanges and listed by national regulatory agencies.

B. Futures contracts are concluded under the organization of the futures exchange and have legal effect, and prices are generated through public bidding in the trading hall of the exchange; Most foreign countries adopt public bidding, while our country adopts computer trading.

C the performance of futures contracts is guaranteed by the exchange, and private transactions are not allowed.

D futures contracts can fulfill or cancel their contractual obligations through settlement of spot or hedging transactions.

Basic characteristics of futures trading

The object of futures trading is standardized contracts. Futures contract refers to the standardized contract concluded by the futures exchange for trading in the exchange, which is bound by law and stipulates to deliver a commodity or financial asset at a specific time and place in the future.

Futures trading is a standardized transaction. Standardization means that in the process of futures trading, all terms of futures contracts are predetermined except the contract price.

Futures trading implements a long-short two-way trading system.

Futures trading implements the T+0 trading system.

Futures trading is a kind of margin trading.

Futures trading should be marked to the market day by day and settled without debt every day. Refers to daily life.

After the transaction is completed, the Exchange will settle the profit and loss, trading margin, handling fees, taxes and other expenses of all contracts according to the settlement price of the day, transfer the net accounts receivable and payable at one time, and increase or decrease the settlement reserve of members accordingly. A futures brokerage company shall settle accounts with customers according to the settlement results of the futures exchange, and notify customers of the settlement results in time.

It is a unique system to control market risk to implement the margin system, daily mark-to-market and daily debt-free settlement system in the futures market.

Constituent element

A. Various transactions

B. Number and unit of transactions

C the lowest change price, and the quotation must be an integer multiple of the lowest change price.

D. daily maximum price fluctuation limit, that is, price fluctuation limit. When the market price rises to the maximum increase, we call it "daily limit", on the contrary, we call it "daily limit".

E. Contract month

F. Transaction time

G. Last trading day: The last trading day refers to the last trading day when futures contracts are traded in the contract delivery month;

H delivery time: refers to the actual delivery time stipulated in this contract;

I. Delivery standards and levels

J. place of delivery

K. security deposit

Length transaction cost

Contractual behavior

One is to attract hedgers to use the futures market to buy and sell contracts, lock in costs and avoid the possible losses caused by the risk of commodity price fluctuations in the spot market.

The second is to attract speculators to conduct venture capital transactions and increase market liquidity.

Transaction characteristics

1. Two-way futures trading: One of the biggest differences between futures trading and the stock market is that futures can be traded in two directions, and futures can be sold short or short. When the price rises, you can buy low and sell high, and when the price falls, you can sell high and make up low. Going long can make money, and shorting can also make money, so there is no bear market in futures.

In a bear market, the stock market will be depressed, while the futures market will remain unchanged and opportunities will still exist.

2. The cost of futures trading is low: countries that trade futures do not collect stamp duty and other taxes, and the only cost is the transaction fee. At present, the procedures of the three domestic exchanges are about two ten thousandths or three ten thousandths, plus the additional fees of brokers, and the unilateral handling fee is less than one thousandth of the transaction amount.

Low cost is the guarantee of success.

3, the leverage of futures trading:

Leverage principle is the charm of futures investment. You don't need to pay all the money to trade in the futures market. At present, domestic futures trading sometimes requires a deposit of 5% (as the case may be) to obtain futures trading rights.

Due to the use of margin, the original market has been enlarged ten times. We assume that the daily limit of copper price closes on a certain day (the daily limit in futures is only 3% of the last trading day), and the operation is correct. Our capital profit rate is as high as 60%(3%÷5%), which is six times the daily limit of the stock market.

You can only make money if you have a chance.

4. Double the trading opportunities of "T+0": Futures is a "T+0" transaction, which makes your capital use to the extreme. After grasping the trend, you can close your position at any time.

Convenient access can increase the safety of investment.

5. Futures is a zero-sum market but greater than a negative market: futures is a zero-sum market, and the futures market itself does not create profits. In a certain period of time, regardless of the transaction costs of capital entry and exit, the total amount of funds in the futures market remains unchanged, and the profits of market participants come from the losses of another trader.

The stock market has entered a bear market, the market price has shrunk dramatically, the dividends are meager, the state and enterprises absorb funds, and there is no short-selling mechanism. The total amount of funds in the stock market will show negative growth for a period of time, and the total profit is less than the loss.

Zero is always greater than a negative number.

The comprehensive policy of the country, the needs of economic development and the characteristics of futures all determine that futures have huge development space.

The full name of stock index futures is stock price index futures, which can also be called stock index futures and futures index. It refers to the standardized futures contract with the stock index as the subject matter. The two sides agreed that on a specific date in the future, they can buy and sell the underlying index according to the size of the stock index determined in advance. As a type of futures trading, stock index futures trading has basically the same characteristics and processes as ordinary commodity futures trading.

Content of futures contract

Contract name, trading unit, quotation unit, minimum fluctuation price, maximum fluctuation limit of daily price, delivery month, trading time, last trading day, delivery date, delivery level, delivery place, minimum trading margin, transaction cost, delivery method, transaction code, etc. Attachments to futures contracts have the same legal effect as futures contracts.

Let's give a small example from life to help you understand. For example, if you go to a flower shop to buy flowers, buy them now and pay them now, which is a spot transaction; If it is agreed to pay and deliver on the birthday two months later, it is a forward transaction. The emergence of futures trading is derived from spot trading and forward trading, and developed on the basis of forward trading. The futures contract mentioned above is actually a standardized forward contract. That is to say, the type, quality, quantity, delivery time and place of the goods (the subject matter of the contract) are agreed in advance in the contract, so that the buyer and the seller will not dispute the quality, quantity, delivery place and time of the goods.

It is generally easy to understand how to do more. Let's take shorting wheat as an example (the seller may not have the goods in his hand when signing the sales contract) to explain:

When the price of wheat is 2000 yuan per ton, it is estimated that the price of wheat will fall. You signed a (first-class) contract with the buyer in the futures market, for example, you agreed to sell him 10 ton of standard wheat at a price of 2000 yuan per ton at any time within six months. (the value is 2000× 10 = 20000 yuan, calculated in 600 yuan. )

Why should a buyer sign a contract with you? Because he's awesome.

When you signed the contract, there was no wheat in your hand. You are observing the market. If the market drops to 1.800 yuan per ton as you wish, you can buy 10 ton of wheat at 1.800 yuan per ton and sell it to the buyer at 2000 yuan per ton. After the performance of the contract (your performance bond is returned to you), you get:

(2000-1800) × 10 = 2000 (yuan) (the handling fee is generally10 yuan, which is ignored).

In practice, you only need to sell a hand of wheat in 2000 and buy a flat at 1800, which is very convenient.

If the price of wheat rises within half a year, you have no chance to buy low-priced wheat to close your position, you will be forced to buy high-priced wheat to close your position (the contract must be closed at the expiration), you will lose money, and the buyer who signed with you will make a profit.

If you close your position at 2200, you will lose money:

(2200-2000)× 10=2000 (yuan)+10 yuan handling fee.

Standard contract style: Dalian Commodity Exchange soybean futures contract 1.

Trading variety-soybean 1

Trading unit-10 ton/lot

Quotation unit-RMB

Lowest price change-1 yuan/ton

Price limit range-5% of the settlement price of the previous trading day

Contract delivery month-1, 3, 5, 7, 9, 1 1.

Trading hours-every Monday to Friday from 9: 00 am to 165438+ 0: 30 pm to 15: 00 pm.

Last trading day-the tenth trading day of the contract month.

Final delivery date-the seventh day after the last trading day (postponed in case of legal holidays).

Delivery level-see the attachment for details.

Delivery place-delivery warehouse designated by Dalian Commodity Exchange

Trading margin-7% of the contract value

Transaction fee -4 yuan/hand

Delivery method-centralized delivery

Transaction code -a

Listed Exchange-Dalian Commodity Exchange

Delivery Grade-Minimum target of pure grain rate%

Seed coat, impurity%, moisture%, smell and color

Premium-(RMB/ton)

Discount-(RMB/ton)

……

Characteristics of futures contracts

Variety, quantity, quality, grade, delivery time,

Terms such as delivery place are established and standardized, and the only variable is price. The first standardized futures contract was introduced by CBOT in 1865.

Futures contracts are concluded under the organization of futures exchanges and have legal effect.

The price is generated by public bidding in the trading hall of the exchange; Most foreign countries adopt public bidding, while our country adopts computer trading.

The performance of futures contracts is guaranteed by the exchange, and private transactions are not allowed.

Is the buyer's seller, the seller's buyer.

Futures contracts can fulfill their obligations through hedging, liquidation and delivery.

Only involves a lot, there is a website you can look at: www.qihuoz.com.