(2) Calculate the actual profit and loss

The profit and loss realized by liquidation is called actual profit and loss. Most contracts in futures trading are closed by liquidation. The calculation method of actual profit and loss of bulls is: profit and loss = (closing price-buying price) x position x contract unit-handling fee. The calculation method of short profit and loss is: profit and loss = (selling price-closing position) x position x contract unit-handling fee. There are risks in the currency field in the current period, and some members have excessive trading losses, insufficient trading margins or overdrafts. The procedures for handling risks in the settlement system are as follows: ① Notify members to add margin; (2) If the margin increase is not in place, first stop the member from opening new positions and force the member to close the open positions; (3) If the balance of the member's margin is not enough to cover all the losses after closing, use the member's settlement reserve at the exchange; (4) If it is still insufficient to make up the loss, transfer the membership fee and seat fee of the member; ⑤ If it is still not enough to make up for the losses, use the risk reserve of the exchange to make recourse to the members.

Futures settlement formula and its application

(1) Settlement basis

The Exchange shall manage the deposits deposited by members in the special settlement account of the Exchange in separate accounts, set up a detailed account for each member, and register and calculate the deposits and withdrawals, gains and losses, trading deposits and handling fees of each member every day. The exchange implements the margin system, and the margin is divided into settlement reserve and trading margin. The settlement reserve has a minimum balance. Before the start of daily trading, the balance of settlement reserve of members shall not be less than this amount. If the balance of settlement reserve is greater than zero and lower than the minimum balance of settlement reserve, no new position may be opened. If the balance of settlement reserve is less than zero, the exchange will force liquidation according to relevant regulations. Trading deposit refers to the funds that members guarantee the performance of the contract in the special settlement account of the exchange, which is the deposit that the contract has been occupied. When the buyer and the seller make a deal, the exchange will charge the trading margin to both parties according to a certain proportion of the value of the position contract. The exchange implements a daily debt-free settlement system. This system means that after the daily trading, the exchange will settle the profit and loss, trading margin, handling fees, taxes and other expenses of all contracts according to the settlement price of the day, and implement net transfer of accounts receivable and payable, and correspondingly increase or decrease the settlement reserve of members.

(2) Settlement formula

Open futures contracts are based on the settlement price of the day as the basis for calculating the profit and loss of the day. 1, the profit and loss of the day can be calculated item by item. The itemized settlement formula is: profit and loss of the day = profit and loss of liquidation+profit and loss of position. (1) liquidation profit and loss = liquidation historical position profit and loss+liquidation current position profit and loss (2) position profit and loss = historical position profit and loss+current opening position profit and loss (3) current profit and loss can be integrated into a general formula. 2. Calculation of margin balance The balance of settlement reserve refers to the current settlement reserve = settlement reserve of the previous trading day+deposit and withdrawal+trading margin of the previous trading day-current trading margin+current profit and loss-handling fee, etc.

(3) Related concepts

Closing a position refers to the behavior of futures traders to buy or sell futures contracts with the same variety, quantity and delivery month but in the opposite direction, and close futures trading. The settlement price of the day refers to the weighted average price of the transaction price of a futures contract according to the volume. If there is no transaction price on that day, the settlement price of the previous trading day shall be the settlement price of that day. Each futures contract is based on the settlement price of the day as the basis for calculating the profit and loss of the day. Open position refers to the number of open positions held by futures traders. (4) The profit and loss on the day of fund transfer shall be transferred at the daily settlement, and the profit on that day shall be included in the member settlement reserve, and the loss on that day shall be deducted from the member settlement reserve. The part of the trading margin settled on the same day that exceeds the trading margin settled yesterday shall be deducted from the settlement reserve of the member. The part of the trading margin at the settlement of the day that is lower than that at the settlement of yesterday is included in the member's settlement reserve. Fees, taxes and other expenses are directly deducted from the settlement reserve of members.