2. Delivery date: refers to the date when both parties agree to exchange money. As far as futures contracts are concerned, the delivery date refers to the date when the goods must be delivered. If you don't want to make delivery, you must close the futures contract before the delivery date or the last trading day.

3. Last trading day: refers to the last trading day of the futures contract in the contract delivery month.

Futures and spot are completely different. Spot is actually a tradable commodity. Futures are mainly not commodities, but standardized tradable contracts with certain mass products such as cotton, soybeans and oil and financial assets such as stocks and bonds as the targets. Therefore, the subject matter can be commodities (such as gold, crude oil and agricultural products) or financial instruments.

Extended data:

[Last trading day], the last day of the settlement month.

The last trading day refers to the last trading day of the futures contract in the delivery month. After this trading day, the open contract must be delivered in kind or in cash according to the regulations.

The last trading day of B shares is equivalent to the registration date of A shares. The last trading day of B shares is the last day of interest-bearing or interest-bearing stock trading. As long as you have B shares until the closing of the last trading day, you can have the right to send shares, send shares and distribute cash dividends. The specific date of the "registration date" of B shares can be determined by the "last trading day" of B shares.

Due to the T+3 settlement system of B shares, the "registration date" of B shares is the third trading day after the "last trading day". Until the "base date", the equity registration of B-share investors was completed, which means that B-share shares were not really included in the name of B-share investors until the base date.

The last trading day is a date that investors need to pay special attention to, and the warrant trading day is not the same as the warrant expiration date. In the current management method of warrants, the sixth trading day before the expiration date of warrants is the last trading day of warrants. After the last trading day, the warrants stop trading, and the warrants holders can exercise their rights, but they cannot trade.

Take the put warrant of China Merchants Bank which is about to expire as an example. The maturity date of China Merchants Bank CMP 1 is September 1 day, 2007, which is the last trading day of China Merchants Bank CMP 1, backdating five trading days. After August 24th, the warrants stopped trading.

I would like to remind investors that the fate of China Merchants Bank CMP 1 becoming waste paper is a foregone conclusion. Investors should wait for an opportunity to sell before the last trading day, so as not to suffer losses after the last trading day. If they don't sell, don't exercise it wrongly, so as not to make mistakes again and again and lose more. The last trading day of Guodian JTB 1, which is also about to expire, is August 28th.

References:

Baidu Encyclopedia-The Last Trading Day