1, deposit system

Engaged in futures stock index futures trading, only need to pay a certain proportion of the contract value, generally from 8% to 10%. Therefore, futures trading has the characteristics of small bets and high leverage. High leverage can not only double profits, but also amplify losses. Stock index futures with margin trading provide investors with a highly leveraged investment method.

2. Standardized contracts

The so-called standardization means that the quality, quantity, delivery date and place, payment time and other factors of the subject matter of the transaction are all determined in the contract, and the only uncertainty is the price, so as to increase the convenience and timeliness of the transaction and enable market participants to transfer futures contracts conveniently. Traders can buy and sell in reverse before the expiration of the contract to offset the performance obligations arising from the original transaction (the buyer pays the money and the seller delivers the goods) without having to pay or deliver the goods again.

3. Daily debt-free settlement

The daily debt-free settlement system refers to the exchange's settlement of all contracts' profits and losses, trading deposits, handling fees and other expenses according to the settlement price of each contract on the day after the daily trading, and the net transfer of accounts receivable and payable, and the corresponding increase or decrease of members' settlement reserves. The futures brokerage company is also responsible for the settlement of customers.

4. Cash delivery system

Futures contracts have a specific expiration date, and buyers and sellers must deliver the subject matter after the expiration of the contract. However, the stock index is not a commodity, how to deliver it? Theoretically, the seller can hand over the constituent stocks contained in the index to the buyer, but in fact, the index may contain many constituent stocks, so it is difficult to deliver them. Therefore, the delivery of stock index futures is settled in cash. In the stock index futures contract, it is stipulated that the cash value of the unit is measured by the index. For example, every 300 yuan of the Shanghai and Shenzhen 300 (4668.087, -56.46,-1.20%) index futures is calculated by multiplying the cash value of each point by the ups and downs of the Shanghai and Shenzhen 300 index futures, and settled directly in cash.