1. The delivery month of the contract between Zhengzhou and Dalian Commodity Exchange cannot be held by a natural person investor.
2. The contracts of Shanghai Futures Exchange (except fuel oil contracts) can be held by both natural persons and legal persons in the delivery month, but there are integral multiples. (Copper, aluminum, zinc and lead are integral multiples of 5 lots; Threads, wires and hot-rolled coils are integer times of 30 lots; Gold is an integer multiple of 3 lots; Silver, tin and paper pulp are integer times of 2 lots; Nickel is an integer multiple of 6 hands; Stainless steel is an integral multiple of 12 lot. )
Positions that do not meet the requirements of the exchange will be closed, profits will be confiscated by the exchange, and losses will be borne by the exchange. Our company will deal with illegal positions in accordance with the regulations of the exchange. If the position does not meet the delivery requirements, resulting in delivery default, the exchange will charge liquidated damages.
I. Settlement price for delivery
1. There are two main rules for determining the maturity settlement price of stock index futures: single price and average price. Most of the earliest stock index futures contracts use a single spot closing price as the delivery price, which is easy to produce "expiration effect" and "three witch effects" After discovering this problem, some markets changed the delivery price of stock index futures to a special opening price on the day after the last trading day, and the "three witches effect" disappeared, but the "maturity effect" was transferred to the opening of the next day.
2. Specifically: (1) If we emphasize the improvement of arbitrage (hedging) efficiency, reduce the deviation between futures and spot prices, and reduce the deviation between delivery settlement prices and index closing or opening prices, we may tend to adopt simple closing and special opening prices as delivery settlement prices. (2) If anti-manipulation is emphasized to avoid the maturity effect, the average price of a certain period before closing may be used to determine the settlement price of delivery relatively complicated, thus increasing the manipulation cost.
3. At present, most stock index futures use the average price method to determine the settlement price.
Second, the delivery system of stock index futures.
Investors engaged in futures trading, whether long or short, must deliver open positions if they do not reverse their positions before the last trading day. The delivery system is an important bridge connecting the spot market and the futures market, and it is an important institutional guarantee to ensure the normal return of futures prices and the convergence with spot prices.
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