Calculation method of soybean oil futures
Soybean oil futures belong to commodity futures. The calculation method of commodity futures margin is: transaction price * purchase quantity * margin ratio = futures margin, which is 5% of the minimum transaction margin contract value stipulated by soybean oil futures exchange. Futures companies generally float according to the proportion stipulated by the exchange. The specific amount of soybean oil futures can be calculated directly according to the above formula.
Soybean oil futures trading rules
(A) the deposit system
The minimum trading margin for soybean oil futures contracts is 5% of the contract value. Foreign exchange deposits are managed at different levels. As the delivery date of futures contracts approaches and the positions increase, the exchange will gradually increase the trading margin. When the soybean oil contract continues to rise (fall), the exchange will appropriately increase the trading margin.
1. Collection standard of trading margin when the soybean oil contract approaches the delivery date.
Trading margin for trading hours (RMB/lot)
The first trading day one month before the delivery month 10% of the contract value.
The sixth trading day one month before the delivery month 15% of the contract value.
Pay 20% of the contract amount on the 1 1 trading day one month before the delivery month.
Pay 25% of the contract amount on the16th trading day one month before the delivery month.
Pay 30% of the contract value on the first trading day of the delivery month.
2, soybean oil contract position change trading margin collection standard.
Total bilateral position in contract month (n) Trading margin (RMB/lot)
N ≤ 5% of the contract value of 400,000 batches.
400,000 lots
500 thousand lots
600 thousand lots
3. When the daily limit of the soybean oil contract is unilateral and there is no continuous quotation on a trading day (the trading diary is the nth trading day), the trading margin of the futures contract is charged at 6% of the contract value (if the original trading margin ratio is higher than 6%, it will be charged at the original ratio). If there is no continuous quotation in the same direction as on N+ 1 trading day, the trading margin of soybean oil contract will be charged at 7% of the contract value from the settlement of N+ 1 trading day (if the original trading margin ratio is higher than 7%, it will be charged at the original ratio). If there is no unilateral continuous quotation in the same direction as the previous trading day, the trading margin will be restored to the normal level at the time of settlement on that trading day.
(B) the price system
The exchange implements the price limit system, and the exchange sets the daily maximum price fluctuation range of each futures contract. The Exchange may adjust the range of price limit of each contract according to market conditions.
The fluctuation of soybean oil contract before the delivery month is limited to 4% of the settlement price of the previous trading day, and the fluctuation of the delivery month is limited to 6% of the settlement price of the previous trading day.
The price limit of the new listing contract is twice that of the normal month. If the transaction is completed, it will be restored to the limit of the general month on the next trading day. If there is no contract, the next trading day will continue to implement the price limit range of the previous trading day.
When a contract has no continuous quotation in the same direction as the N+ 1 trading day on the N+2 trading day, after the market closes on the N+2 trading day, the exchange will take one or more of the following risk control measures according to market conditions: suspending trading, unilaterally or bilaterally adjusting the range of price limit, increasing trading margin in the same proportion or in different proportions, and suspending some or all members from opening new positions.
(3) Warehouse restriction system
The exchange implements the position limit system. Limited position refers to the maximum number of speculative positions in a contract that a member or customer can hold according to the regulations of the exchange.
In general, when the unilateral position of soybean oil contract is more than 6,543,800 lots in a month, the position limit of this contract shall not be more than 20% of the unilateral position of brokerage members, 654.38+ 00% of the unilateral position of non-brokerage members and 5% of the unilateral position of customers.
When the unilateral position of soybean oil in general monthly contract is less than or equal to 6,543.8+10,000 lots, the position limit of this contract is 20,000 lots for brokerage members, 654.38+ 00,000 lots for non-brokerage members and 5,000 lots for customers. One month before and during the delivery month of the soybean oil contract, the position limit is:
Unit: hand
Brokerage members, non-brokerage members and customers during trading hours.
8,000,4,000,2,000 from the first trading day one month before the delivery month.
4,000,2,00010,000 from the tenth trading day one month before the delivery month.
Delivery month 2000 1000 500
The hedging position is subject to the examination and approval system, and the position is not restricted.