According to relevant sources, the target of treasury bonds futures is five-year nominal standard treasury bonds, with a face value of 6.5438+0 million yuan, 3% for coupon rate, 3% for the minimum trading margin and 2% for the price limit.
The threshold for treasury bond futures is 30,000.
According to the reporter's understanding, the month of the simulated trading contract of treasury bonds futures is the last three quarters (three, six, nine and twelve-month cycles); The maximum fluctuation of daily price is limited to 2% of the settlement price of the previous trading day; The minimum trading margin is 3% of the contract value; The delivery method is physical delivery; Deliverable bonds are fixed-rate bonds with a remaining maturity of 4-7 years (excluding 7 years) on the final delivery date; The contract code is TF.
"The 5-year treasury bond futures contract uses a' nominal standard coupon' that may not exist in reality and has a fixed remaining term as the transaction target. In reality, national debt can be converted into nominal bonds for delivery through conversion factors. " Relevant persons of CITIC Jiantou Futures revealed to reporters that the contract implements multi-coupon alternative delivery, that is, all government bonds with a certain remaining maturity can participate in delivery, and the seller has the right to choose the "cheapest bond" for delivery.
Judging from the contract value, at present, the face value of treasury bond futures contracts is relatively concentrated in the international market, which is about 1 10,000 yuan when converted into RMB, and the threshold for converting treasury bond futures according to the 3% margin ratio is 30,000 yuan.
As for the setting of the price limit board, market participants said that the price fluctuation of government bond trading is generally small due to its own characteristics, and market participants are mainly institutional investors, so there are few exchanges in the world that set the price limit board for bond futures.
The mock transaction is about to begin.
According to the data, it has been 17 years since the famous "327" treasury bond futures illegal operation event. Does the introduction of futures simulation trading indicate that treasury bond futures are expected to restart again?
According to relevant sources, the simulated trading of CICC treasury bonds futures will adopt a gradual transition mode, guiding financial institutions to participate in batches, and finally forming a simulated trading environment with the participation of the whole market to simulate the real trading environment to the greatest extent.
The reporter learned from the public information that in addition to five futures companies, three other financial institutions participated in the first round of simulated trading, and Chongqing local CITIC Jiantou Futures was among them, but this news did not receive a positive response from CITIC Jiantou Futures Company.