Settlement price refers to the price of a certain variety calculated by using the weighted average price according to the price fluctuation after the close of the day. This price is mainly used in the market where there is no debt settlement on that day, and it is used to settle the profit and loss of the transaction on that day according to the settlement price at the closing time of the market.

According to the trading results and the relevant regulations of the Exchange, the benchmark price referred to when calculating and transferring members' trading margin, profit and loss, handling fees, delivery money and other related funds is the futures settlement price, which is divided into the settlement price of the day and the settlement price of the last trading day.

Futures settlement refers to the process that futures settlement institutions settle the profits and losses of positions held by customers according to the settlement price announced by the exchange. There are two forms of organization for futures settlement. One is a settlement company independent of the futures exchange, such as London Clearing House.

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House) also conducts futures settlement for three futures exchanges in London; The other is the settlement department set up in the exchange. For example, futures exchanges in Japan, the United States and other countries have their own settlement departments (hereinafter referred to as "settlement institutions").

China adopts the form of exchange with settlement institutions. The difference between an independent clearing house and the settlement institutions in the exchange is mainly reflected in the following aspects: the clearing house is independent of the exchange in terms of performance guarantee, control and settlement risk, while the internal settlement institutions in the exchange are all concentrated in the exchange. Independent clearing houses are generally shared by banks, exchanges and other financial institutions, and the risks are relatively scattered compared with those borne by exchanges alone.

The settlement of futures trading can be roughly divided into two levels, one is the settlement of members by exchanges, and the other is the settlement of customers by member companies. Because futures trading is a kind of margin trading, it has the characteristics of small and wide, and it is risky. In a sense, futures settlement is one of the most important means of risk control. The exchange shall open a unified settlement fund account in the bank, and the members shall open a settlement account in the settlement institution of the exchange, and the transactions of the members in the exchange shall be uniformly settled by the settlement institution of the exchange.

The futures clearing house plays the role of a third party to all traders in the futures money market, that is, for each seller member, the clearing house is the buyer; For each buyer member, the settlement institution is the seller. By collecting the transaction margin for each transaction, the settlement institution can guarantee the performance of the contract on behalf of the customer, thus institutionally ensuring the status of the settlement institution as the guarantor of the final performance of futures transactions. Because the buyers and sellers of futures contracts do not have to consider each other's credit degree, the speed and reliability of futures trading are greatly improved.