2. Introduction to Futures-(1) Basic knowledge of futures trading

3. Introduction to futures-(2) Introduction to the development of futures market

4. Introduction to Futures —— (3) Flows and Rules of Futures Trading —— 1. Basic flow of futures trading

5. Introduction to Futures —— (3) Procedures and Rules of Futures Trading ——2. How to open an account?

6. Introduction of futures-(3) Procedures and rules of futures trading-(3) How to place an order

7. Introduction to Futures -(3) Procedures and Rules of Futures Trading -(4) Settlement and Account Management

8. Introduction to Futures -(3) Procedures and Rules of Futures Trading -(5) Physical Delivery

9. Introduction to Futures-(4) Futures commodities and trading methods-1. Domestic futures exchanges and futures contracts

10, introduction to futures-(4) futures commodities and trading methods-2. Introduction of Representative Commodities of Shanghai Futures Exchange (SHFE)

1 1. Introduction to futures-(4) Futures commodities and trading methods-3. Introduction of Representative Commodities of Zhengzhou Futures Exchange

12. Introduction to futures-(4) Futures commodities and trading methods-(4) Main trading methods

13, introduction to futures-(4) futures commodities and trading methods-5. hedging

14, introduction to futures-(4) futures commodities and trading methods-6. Speculative trading

15, introduction to futures-(4) futures commodities and trading methods-7. arbitrage

16, Introduction to Futures —— (5) Futures Trading Strategy and Risk Prevention —— 1, Ideas and Strategies of Futures Investment

17, Introduction to Futures —— (5) Futures Trading Strategy and Risk Prevention ——2. Key points of technical analysis

Characteristics of steel futures risk control

In the process of contract design and rule making, risk management has always been put in the first place. According to the characteristics of the steel market, our company has made strict regulations on the design of risk control measures for steel futures. Mainly includes:

1, a higher deposit collection standard.

The minimum trading margin ratio of wire rod and rebar futures contracts is 7% of the contract value, and the minimum trading margin for listed transactions is tentatively set at 8% of the contract value.

At the same time, according to the size of contract positions, different proportions of trading deposits are charged. According to the total position, the maximum margin is increased to 12%.

When the wire rod and rebar futures contracts have unilateral quotes in the same direction on a certain trading day, the margin ratios for three consecutive trading days from that trading day will be adjusted to 10%, 12% and 12% respectively.

In terms of increasing the margin near the delivery month gradient, the margin gradient of wire rod and rebar futures contracts is set to six grades, that is, from the tenth trading day of the second month before the delivery month to the first two trading days of the last trading day, and the maximum margin is increased to 30%.

2. Strict position limit ratio and position limit regulations.

From the time the contract is listed to the last trading day of the second month before the delivery month, the wire rod and rebar futures contracts are subject to proportional restrictions. During this period, when the positions of wire futures contracts are ≥ 450,000 lots and rebar futures contracts are ≥ 750,000 lots, the positions of futures company members, non-futures company members and customers are limited to 65,438+05%, 65,438+00% and 5% respectively.

From the first month before the delivery month, the absolute positions of wire rod and rebar futures contracts are restricted, that is, the positions of futures company members, non-futures company members and customers are limited to 18000, 6000, 1800 lots respectively, and the positions of rebar futures contracts are limited to 30000, 9000 and 3000 lots respectively.

After the delivery, the absolute value of wire rod and rebar futures contracts is also limited, that is, the positions of futures company members, non-futures company members and customers are limited to 3600 lots, 1200 and 360 lots respectively, and the positions of a rebar futures contract are limited to 6000 lots, 1800 and 600 lots respectively.

At the same time, the last period has a perfect risk control system, a strict risk monitoring system and an experienced risk management team, which can timely find and handle abnormal situations in the trading process and ensure the smooth and healthy operation of steel futures.

Comparison between steel futures and forward electronic trading

I. Types of transactions

Futures trading: rebar and wire rod.

Electronic trading: each electronic market has two or three key products, including: rebar, high-speed wire rod, ordinary wire rod, equilateral angle steel, hot rolled coil plate, I-beam, channel steel and so on.

Second, the minimum trading unit futures trading fixed unit: 10 ton/hand electronic disk trading: different electronic disks have different delivery units. Shanghai Sidier Electronic Trading Market rebar 5t/hand hot rolled coil10t/hand rebar of Shanghai Bulk Steel Electronic Trading Center, high-speed wire 5t/hand hot rolled coil10t/hand secondary rebar of Shanghai Zhonglian Steel Electronic Trading Market, 6.5mm ordinary wire rod, 5.5mm hot rolled coil are all 5t/hand rebar and 5t/hand hot rolled coil.

4. The minimum change unit is 1 yuan/ton.

5. The contract month is1-65438+February.

Sixth, the price limit

Seven. trading hour

Futures trading: 9: 00-11:301:30-3: 00.

Electronic transaction: 9: 30- 1 1: 30, 1: 30-3: 00.

VIII. Delivery grade varieties and rebar standards for electronic trading of futures trading: meet the national standard GB 1499.2-2007 "Steel for Reinforced Concrete Part 2: Hot Rolled Ribbed Rebar" or φ 16mm, φ 18mm, φ20mm, φ22mm and φ 200 of HRB400 brand.

Substitution: Φ16mm, Φ18mm, Φ φ20mm, Φ φ22mm, Φ φ25mm steel bars or HRBF335 brands that meet the national standard GB 1499.2-2007 "Steel for Reinforced Concrete Part 2: Hot Rolled Ribbed Steel Bars". Secondary steel bar (three-level alternative delivery) conforming to GB 1499- 1998 Hot Rolled Ribbed Steel Bar for Reinforced Concrete. Specification: φ12mm-φ 25mm; 9 meters long, steel grade HRB335 or HRB400. Wire rod standard: φ8mm wire rod conforming to the national standard GB 1499. 1-2008 Steel for Reinforced Concrete Part 65438: Hot Rolled Round Steel (HPB235);

Substitution: φ6.5mm wire rod conforming to the national standard GB 1499. 1-2008 Steel for Reinforced Concrete Part 65438: Hot Rolled Round Steel HPB235. High-speed wire rod conforming to GB/T70 1- 1997 "Ordinary Low Carbon Steel Hot Rolled Wire Rod". Steel grade Q235, specification: φ 6.5mm. IX. Minimum margin futures trading contract value 10% Electronic trading: Different electronic markets have their own regulations, which are different. 200 yuan, the buyer of rebar in Shanghai Sidier Electronic Trading Market, has one ton, and the seller provides a registered warehouse receipt or a 20% position for each ton of 200 yuan Shanghai Bulk Steel Electronic Trading Center. When setting the trading process, the dealer who initiated the transaction chooses the margin method and specific value of the transaction, and the contract amount in Bohai Iron and Steel Trading Network is not less than 25% of rebar, hot rolled coil and high-speed wire rod; Among them, T+ 1 collects the buyer's full deposit, and the seller delivers the registered warehouse receipt to South China International Logistics Steel Trading Center, accounting for 20% of the transaction cost.

Futures: about three ten thousandths of the transaction amount (including risk reserve). According to the current market price, each batch of formalities is about 7- 10 yuan (each batch 10 ton).

Electronic transactions: mostly 1 yuan/ton.

XI。 Delivery fee

Futures: 1 yuan/ton.

Electronic transactions: mostly 5 yuan/ton.

Twelve. Minimum delivery unit

Futures: 300 tons.

Electronic transactions: mostly 10 tons, 20 tons.

Thirteen. place of delivery

Futures: the delivery warehouse is designated by the exchange, and the factory warehouse is also allowed to deliver.

Electronic transaction: designated by each electronic market and relatively dispersed.

Fourteen Delivery brand

Futures trading: delivery brand registered enterprise registered trademark rebar brand Shougang Shougang Corporation Shougang Beijing Shagang Jiangsu Shagang Group Co., Ltd. Shagang Jiangsu Zhangjiagang Maanshan Iron and Steel Co., Ltd. Maanshan Anhui Maanshan, Anhui Hefei Xinxing Brand Xinxing Casting Pipe Co., Ltd. Xinxing Hebei Wu' an, Anhui Wuhu Shuangling Brand Hunan Hualing Iron and Steel Co., Ltd. Shuangling Hunan Lianyuan Huaqi Brand Rizhao Steel Rolling Co., Ltd. Huaqi Shandong Rizhao Haixin Brand Haixin Iron and Steel Group Co., Ltd. Co., Ltd. Haixin Shanxi Wenxi Bosheng Brand Pingxiang Iron and Steel Co., Ltd. Bosheng Jiangxi Pingxiang Lianfeng Brand Jiangsu Yonggang Group Co., Ltd. Lianfeng Jiangsu Zhangjiagang Wire Brand Shougang Corporation Tougang Beijing Shagang Brand Jiangsu Shagang Group Co., Ltd. Shagang Jiangsu Zhangjiagang Maanshan Iron and Steel Co., Ltd. Maanshan Anhui Maanshan, Anhui Hefei Xianggang Brand Hunan Hualing Iron and Steel Co., Ltd. Xianggang Hunan Xiangtan Huaqi Brand Rizhao Rolling Co., Ltd. Co., Ltd. Huaqi Shandong Rizhao Haixin Brand Haixin Iron and Steel Group Co., Ltd. Haixin Shanxi Wenxi Guotai Brand Henan Jiyuan Iron and Steel (Group) Co., Ltd. Guotai Henan Jiyuan, Henan Luoyang Bosheng Brand Pingxiang Iron and Steel Co., Ltd. Bosheng Jiangxi Pingxiang Lianfeng Brand Jiangsu Yonggang Group Co., Ltd. Lianfeng Jiangsu Zhangjiagang Electronic Trading: The following two trading markets mainly trade rebar and wire. Shanghai dazong steel electronic trading center

Trademark of rebar and wire rod manufacturer Shanghai Baosteel Jintuan Company Baoguang Shougang Corporation Shougang Tangshan Iron and Steel Group Co., Ltd. Tangshan Angang Group Co., Ltd. Angang Hangang Group Co., Ltd. Huanguang Maanshan Iron and Steel Co., Ltd. Maanshan Jiangsu Shagang Group Co., Ltd. Shagang Shanghai Zhonglian Iron and Steel Electronic Trading Market

6.5mm Bus and Designated Substitute Tonggang Group Co., Ltd. Shougang Corporation Tangshan Iron and Steel Group Co., Ltd. Changzhou Zhongtian Iron and Steel Co., Ltd. Hefei Iron and Steel Group Co., Ltd. Shaogang Songshan Co., Ltd. Qingdao Iron and Steel Holding Group Co., Ltd. Handan Iron and Steel Group Co., Ltd. Wuhan Iron and Steel Group Hankou Rolling Mill Weifang Iron and Steel Group Co., Ltd. Tenth Five-Year Price Analysis

Because of its own advantages, the forward electronic market transaction is relatively objective and fair, which can be used as a reference for enterprises to trade spot steel. At present, China's steel forward trading market price is relatively stable, and the parallelism with the spot market price trend is good. There is an obvious linear relationship between the two, the basis fluctuation is moderate, and the price discovery function of the forward market is better. However, by observing the prices of several major electronic trading markets, we can clearly find that the rules of each market are different, even very different, and the participants are different, so the prices are very different.

On the whole, the present situation of China's steel forward electronic trading is the coexistence of centralized steel trading in a few individual areas and decentralized steel trading in the whole country. Therefore, although the steel electronic trading market in China is relatively mature, it does not have all-encompassing integrity. At the same time, the electronic trading market of Changxie is far from affecting the spot market because of its small capacity, limited participants and scattered steel transactions throughout the country.

The advantages of steel futures are: high performance rate, guaranteed quality, and unified authoritative price with influence on the spot market, which is not available in the ordinary forward electronic trading market. In the recent financial crisis and changing market situation, steel producers, intermediate traders and users in downstream industries all need a trading scheme that can effectively control the price risk. Steel futures trading provides hedging function for the whole steel industry chain and helps enterprises avoid price risks. At the same time, compared with the characteristics of scattered location, limited capacity and non-uniform standards in the steel electronic trading market, both speculators and enterprise hedging customers can achieve more stable trading in the futures market, and the income is more secure and regular.

Sixteen. Analysis of arbitrage opportunities in futures market and forward electronic market

The delivery standards of rebar in futures market and forward electronic market are highly coincident with the registered brands that allow delivery. Although the price operation of the two markets is linked, there is still a big difference in the capital capacity between the participating groups and the market, and the situation of Bailey still has a chance, which provides institutional investors with opportunities for cross-market arbitrage. Let's take forward electronic market buying and futures market selling as examples to analyze the arbitrage opportunities between the two markets.

Theoretically, cross-market arbitrage is profitable if the price difference between the two markets is greater than the sum of the capital cost, transaction cost and delivery cost required for the operation between the two markets. The specific calculation is as follows: (The benchmark price is the closing price of rebar in the bulk electronic trading market on March 24th. The futures contract participating in the calculation is 0909 contract). The transaction cost of Shanghai Futures Exchange in the forward electronic market of this project 1 yuan/ton× 2 = 2 yuan/ton× 2 = 1. 9 yuan/ton delivery fee 5 yuan/ton1yuan/ton storage fee 18 yuan/ton storage fee 0./kloc.

2. Storage fee: The storage fee for futures delivery shall be borne by the seller.

3. Warehousing cost: As there is time for warehouse receipt registration in futures delivery, investors are advised to choose the futures contract of the next month of the forward electronic contract. For example, if they choose the forward electronic contract in September, then they choose the futures contract of 10 month, so there is a storage cost of one month after buying the delivery spot.

4. Capital cost: As the spot is bought in the forward electronic market, the full amount needs to be paid at the time of delivery, and the capital cost of futures trading is only the part occupied by the margin, so the capital cost is the loan interest required by the sum of the payment and the margin of futures trading. If the customer's funds are self-owned, the cost of funds can be saved and the profit will be greatly improved.

Through calculation, we find that if the price difference between the steel futures market and the forward electronic market is greater than 126 yuan, we can make a profit by buying goods in the forward electronic market and selling them in the futures market. The greater the price difference, the greater the profit.

Seventeen. abstract

At present, in the steel trading industry, forward electronic trading similar to futures has had a great impact. Taking Shanghai as an example, 60% of the trading enterprises in this region participate in forward electronic trading. Based on the understanding of the delivery rules of forward electronic market, customers can easily master the delivery rules of futures trading, and it is easier to master and use various trading methods in the futures market, including hedging and arbitrage.