Gold t+d refers to the standardized contract made by Shanghai Gold Exchange, which stipulates to deliver a certain number of subject matter at a specific time and place in the future. This kind of transaction involves producers and operators who transfer the risk of price fluctuation and venture capitalists who bear the price risk and make profits. Fair competition shall be conducted in the exchange according to law and guaranteed by the margin system.

However, gold futures and gold T+D are two-way operation and leveraged trading varieties. However, according to the trading characteristics of gold T+D, which can be delivered daily and has no time limit, its trading risk is lower than that of gold futures, and it is more suitable for individual investors.

Extended data:

Gold T+D trading rules

basic system

Call auction system

The opening of call auction is conducted within 15 minutes before the opening of each trading day, in which the first 14 minute is the time for filing orders, and the second 1 minute is the time for call auction to match, and the opening price is generated at the opening.

Different from the ordinary matchmaking principle, call auction adopts the principle of maximum transaction. The closing declaration form in the opening call auction will automatically participate in the bidding transaction after the opening. If there is no transaction price in call auction, the opening price is the first transaction price after call auction. The first transaction price is generated according to the exchange matching principle, in which the previous transaction price is the closing price of the previous trading day.

Down payment system

1. In the process of buying and selling quotation, no matter the direction of buying and selling, all the funds of 7% of the quotation amount are frozen.

2. The trading process is T+0, and it is sold on the day of buying;

3. All trading varieties * * * use a fund account and a physical account, which realizes the * * * sharing of funds and physical objects among different trading varieties.

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Quoting operation is not only a simple buying and selling quotation, but also a choice of opening and closing positions. Therefore, there are four quotation operations * * *, corresponding to different fund freezing and position increase and decrease.

1. Buy and open positions 2. Selling and opening positions 3. Buying and closing positions 4. Sell and close the position.

Holding positions is the right and obligation to be delivered in the future. There is no concept of holding a position in the spot market, because once a transaction is made, it will be delivered immediately, and the ownership of funds and objects will be transferred. In the spot deferred delivery business, delivery is not carried out immediately, so holding a position represents a right and obligation to transfer the corresponding funds and physical ownership.

Long position: it means that you have to pay the full amount in the future and get physical gold.

Short position: refers to the payment in physical gold and the future acquisition of funds.

Opening a position: it means increasing positions and freezing funds.

Closing positions: refers to reducing positions and freezing funds.

Delivery: There is no specific delivery time for the spot deferred delivery business, which is freely declared by the buyer and the seller. Once the quantity declared for delivery by buyers and sellers is not equal, it is necessary to solve this contradiction through neutral warehouse and deferred compensation mechanism, so as to smoothly realize the delivery function of spot deferred business.

Rules for determining the payment direction of deferred compensation fees

According to the market situation, the liquidated damages can be positive, negative or zero. When the market is in short supply (goods are in short supply), the seller shall pay the buyer the compensation for delay. When the market supply exceeds demand (there are many goods), the buyer shall pay the delay compensation to the seller. When supply and demand are balanced, the compensation for delay is zero.

Liquidation:

In order to facilitate risk control, settlement should be made daily. After the daily trading, the down payment that should be frozen is calculated according to all positions.

According to the settlement price of the day, the total profit and loss of the position is calculated, and the actual fund transfer occurs. Profiteers can withdraw profits, and losers should make up the funds within the specified time.

Handling of breach of contract:

If it constitutes a breach of delivery, the exchange will deduct 7% from the contract amount of the defaulting party and pay it to the observant party, and the delivery will be terminated.

Baidu encyclopedia-gold T+D