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What is the risk degree of futures?
There are two kinds of forced liquidation in futures: the forced liquidation of futures companies (or self-operated members) by exchanges and the forced liquidation of customers by futures companies. Forced liquidation is also called forced liquidation, and it is also called being cut/cut/exploded. According to the different subjects of compulsory liquidation, compulsory liquidation can be divided into exchange compulsory liquidation and brokerage compulsory liquidation. \x0d\ According to different reasons for forced liquidation, forced liquidation can be divided into the following categories: \ x0d \ 1. Forced liquidation due to failure to fulfill the obligation of additional margin. According to the rules of the Exchange, a margin system is implemented for futures trading, and a certain percentage of margin must be paid for each transaction. When the market changes unfavorably, that is, when the market reverses and changes in the opposite direction, members or customers should also add margin according to the trading rules and the contract when entering the delivery month. If the member or customer fails to fulfill the obligation of additional margin within the specified time, the trading ownership will forcibly close the position held by the member or brokerage company. \ x0d \ 2。 Forced liquidation due to violation of regulations. If a member or customer violates the trading rules of the exchange, the trading ownership will be forced to close the position and violate the trading rules. It mainly includes: exceeding positions in violation of position restrictions; Failing to report or making a false report in violation of the large household reporting system; Carry out futures business for those who are prohibited from entering the market; Brokerage companies engage in self-operated business; Manipulate the market together; And other violations that require compulsory liquidation. \ x0d \ 3。 Forced liquidation due to temporary changes in policies or trading rules. This often happens in previous years, and trading rules are often modified because of the temporary regulations of policies or regulatory authorities, or can not be implemented normally for the time being. \x0d\ Exchange's compulsory liquidation right means that when the spread loss between the open contract held by the customer and the settlement price of the current transaction exceeds a certain proportion, and the customer fails to pay the additional margin within the specified time limit, the futures brokerage company has the right to compulsory liquidation of the customer's hand contract, so as to reduce the margin level and risk and ensure that the customer is free from greater economic losses, and the consequences of compulsory liquidation shall be borne by the customer. \x0d\ The forced liquidation of futures companies to customers refers to the forced liquidation of customers due to insufficient funds and excessive positions. \x0d\ For example, if you originally bought 100 lots of soybeans, the margin ratio is 10%, and the capital occupied by the position is 300,000. Because of the drastic changes in the market, the exchange increased the margin ratio to 15%, and your 300,000 yuan can only maintain 80 positions, so either you add additional funds to maintain your 100 position, or the futures company will close 20 lots of soybeans.