1. If you have completed a complete transaction process (sales contract), then of course, it will be settled according to the transaction price (sales price).

2. If you have a position contract, settle it according to the settlement price (calculate the profit and loss).

There are two reasons:

One is that the rise and fall of futures prices are calculated according to the settlement price, so the settlement is also calculated according to the settlement price; If the settlement is calculated according to the closing price, the rise and fall are calculated according to the settlement price, which not only increases the complexity of calculation, but also is not conducive to traders to judge their own profit and loss changes at any time.

Secondly, if the price fluctuation and profit and loss are calculated according to the closing price, the risk will increase because futures is a margin system with leverage effect. Some of these risks can be traced back to the exchange itself, so from the perspective of risk control, settlement at the settlement price is also to avoid excessive risks.

3. The reason why the stock is settled according to the closing price is because the stock is traded in spot and needs to be paid by 100%, so there is no risk amplification problem. In addition, from the settlement theory, in fact, there is no settlement in stock trading, and the settlement of shareholders by securities companies is only a simple running account, and there is no need for the process of "settlement" at all.