First of all, the futures spot is hedged and closed in the futures market through the "closing price" (the general topic will inform both parties of the "opening price"). In this process, buyers and sellers will generate certain profits and losses.
In the second step, the two parties conduct spot transactions in the spot market at the "delivery price". Final buyer's (actual) purchase price = delivery price-futures market profit and loss.
2. Calculation of futures trading profit and loss and position profit and loss
Distinguish the relationship between the profit and loss of the day and the profit and loss of the opening or position of the day: the profit and loss of the day = the profit and loss of the closing position+the profit and loss of the position = the profit and loss of the closing position+the profit and loss of the opening position of the day.
3. Calculation of future value and present value
(chapter on financial futures): future value = present value *( 1+ annual interest rate * year)
A. The face value and coupon rate will be informed in the general topic, and then these two conditions can be used to calculate: future value = face value *( 1+ coupon rate)-assumption 1 year.
B. Because short-term certificates are usually three months, the calculation will involve the conversion of the interest rate of 1 year and the interest rate of three months (1/4 years).