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Is the futures contract automatically closed when it expires?
When the futures contract expires, it is necessary for individuals to close their positions. If it is unfair, the exchange is fair. The legal person can send it, even if it doesn't.

Futures contract refers to the standardized contract formulated by the futures exchange, which stipulates to deliver a certain quantity and quality of physical or financial goods at a specific time and place in the future.

Futures contract is a standardized contract designed by the exchange and approved by the national regulatory agency. The holders of futures contracts can fulfill or cancel their contractual obligations through the settlement of spot or hedging transactions.

Futures contract is the object of futures trading, and it is carried out through futures trading participants.

Buy and sell futures contracts on futures exchanges, transfer price risks and obtain risk returns. Futures contracts are developed on the basis of spot contracts and spot forward contracts, but the most essential difference between them lies in the terms of futures contracts.

Standardization.

Futures contracts traded in the futures market are standardized in the quantity, quality grade, delivery grade, premium standard of substitutes, delivery place and delivery month, which makes futures contracts universal. In the futures contract, only the futures price is the only variable, which is generated by public bidding in the transaction.

The expiration time of futures contracts is the last trading day of futures, which refers to the deadline for futures contracts to stop trading. Every futures contract has a certain month limit. On a certain day in the contract month, the trading of the contract will be stopped and the physical delivery will be prepared. For example, the Chicago Board of Trade stipulates that the last trading day of corn, soybean, soybean meal, soybean oil and wheat futures is the seventh trading day from the last trading day of the delivery month.

When the futures contract expires, it is necessary for individuals to close their positions. If it is unfair, the exchange is fair. The legal person can send it, even if it doesn't.