The closing price of futures refers to the transaction price of the last contract at the end of futures trading time; Futures settlement price refers to the weighted average price of all trading prices on the day of a futures contract according to the total trading volume. The calculation method is: total transaction amount ÷ total transaction number. If there is no transaction price on that day, the settlement price of the previous trading day shall be the settlement price of that day.

The closing price also refers to the calculation and distribution of the trading margin, profit and loss, handling fee, delivery payment and other related funds of members according to the trading results and relevant regulations of the exchange. The settlement includes the settlement of members by the exchange and the settlement of customers by the futures brokerage company, and the calculation results will be included in the customer's margin account.

2. Different modes of production.

Settlement price refers to the price of a certain variety calculated by using the weighted average price according to the price fluctuation after the close of the day. This price is mainly used in the market where there is no debt settlement on that day, and it is used to settle the profit and loss of the transaction on that day according to the settlement price at the closing time of the market.

The closing price of Shanghai Stock Exchange is the weighted average price of all transactions (including the last transaction) one minute before the last transaction of the securities on that day. If there is no transaction on that day, the previous closing price is the closing price of that day. The closing price of Shenzhen Stock Exchange was generated by call auction.

If the closing price of call auction cannot be generated, the closing price is the weighted average price of all transactions (including the last transaction) one minute before the last transaction of the securities on that day. If there is no transaction on that day, the previous closing price is the closing price of that day.

3. Different calculation methods

The closing price is the final transaction price of a time unit (day, hour and minute), while the settlement price refers to the weighted average price of the last15min or other time units (some varieties have different settlement time) with a trading day as the time unit, which can be understood as adding all the prices of the last15min and then dividing by this15min.

Extended data

Characteristics of futures contracts

1. The commodity variety, quantity, quality, grade, delivery time, delivery place and other terms of the 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.

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

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

4. Futures contracts can fulfill or terminate their contractual obligations through the settlement of spot or hedging transactions. ? [2]?

Transaction characteristics

1. Small and wide. Futures trading only needs to pay 5- 10% performance bond, and it can complete several times or even dozens of times of contract transactions. Due to the leverage effect of the futures trading margin system, it has the characteristics of "small and wide", and traders can use a small amount of funds to conduct large transactions, saving a lot of working capital.

2. Two-way transaction. In the futures market, you can buy first and then sell, or you can sell first and then buy, so the investment method is flexible.

3. Don't worry about the performance. All futures transactions are settled through the futures exchange, which becomes the counterparty of any buyer or seller and provides guarantee for each transaction. So traders don't have to worry about the performance of the transaction.

4. Market transparency. Trading information is completely open, and trading is conducted by means of open bidding, so that traders can compete openly under equal conditions.

5. Tight organization and high efficiency. Futures trading is a standardized transaction with fixed trading procedures and rules, which are linked one by one and operate efficiently. A transaction can usually be completed in a few seconds.

References:

Baidu Encyclopedia-Futures Contract