Judging from the historical process. Futures trading is developed from spot trading. In Antwerp, Belgium in the13rd century, Amsterdam, the Netherlands in the17th century and Osaka, Japan in the18th century, the embryonic form of futures trading has appeared. Modern organized futures trading originated in Chicago, USA. 1848, Chicago Board of Trade (CBOT) began to engage in forward trading of agricultural products. In order to avoid the risk of sharp fluctuations in agricultural product prices, farmers, agricultural product traders and processors have used spot forward contracts to exchange commodities from the beginning, so as to stabilize supply and marketing and reduce the risk of price fluctuations. With the expansion of trading scale, some disadvantages in spot forward contract trading are gradually exposed. First, the spot forward contract is not standardized, and each transaction requires both parties to re-sign, which increases the transaction cost and reduces the transaction efficiency. Second, due to the variety of contents and terms of forward contracts, a specific contract cannot be widely recognized, which makes it difficult to transfer the contract smoothly and reduces the liquidity of the contract. Third, the performance of forward contracts is based on the credit of both parties to the transaction, which is prone to default. Fourth, the price of forward contracts is not widely representative and is not a reasonable expected price recognized by the market. Therefore, the early Chicago Board of Trade often had trading disputes and defaults, which greatly restricted commodity trading and restricted market development. In order to reduce trading disputes, simplify trading procedures, enhance contract liquidity and improve market efficiency, Chicago Board of Trade introduced standardized futures contract trading at 1865, replacing the original spot forward contract trading, and then introduced performance bond system and unified settlement system.
3. What is a futures exchange?
A futures exchange is a place that specializes in trading futures contracts. Generally speaking, it is a membership system, that is, it is jointly established by members, and each member enjoys the same rights and obligations. Exchange members have the right to directly participate in the transactions of the exchange, and must abide by the rules of the exchange, pay membership fees and fulfill their due obligations.
Membership futures exchange is a non-profit-making economic organization, which mainly relies on collecting transaction fees to maintain the expenses of trading facilities and employees. The savings can only be used for expenses directly related to the transaction, and shall not be used for other investments or profit distribution. The purpose of the futures exchange is to provide facilities and services for futures trading. It does not own any commodities, buy or sell futures contracts or participate in the formation of futures prices.
4. What is a futures margin?
In the futures market, traders can pay a small amount of money according to a certain proportion of the price of futures contracts as financial guarantee for the performance of futures contracts and participate in the trading of futures contracts. This kind of money is the futures margin.
In China, futures margin (hereinafter referred to as margin) varies according to its nature and function. It can be divided into two categories: settlement reserve and trading margin. Settlement reserve is generally paid by member units to the exchange according to fixed standards, and prepared in advance for transaction settlement. Trading margin refers to the actual margin paid by member companies or customers for holding futures contracts in futures trading, which is divided into initial margin and additional margin.
Initial margin is the money that traders need to pay when they open new positions. According to the transaction amount and margin ratio, that is, initial margin = transaction amount and margin ratio. At present, the minimum margin ratio in China is 5% of the transaction amount, which is generally between 3% and 8% internationally. For example, the soybean margin ratio of Dalian Commodity Exchange is 5%. When a customer buys five soybean futures contracts (each 10 ton) at a price of 2,700 yuan/ton, he needs to pay an initial deposit of 6 750 yuan (i.e. 2700x50x5%%) to the exchange.
In the process of holding positions, traders will have floating profits and losses (the difference between settlement price and transaction price) due to the constant changes of market conditions, so the funds actually available in the margin account can be increased or decreased at any time. Floating profit will increase the balance of margin account, while floating loss will decrease the balance of margin account. The minimum balance that must be kept in the margin account is called maintenance margin. Maintenance margin: the settlement price is adjusted to the position, and the margin ratio is adjusted to xk(k is a constant, which is called the maintenance margin ratio, which is usually 0.75 in China). When the book balance of the margin is lower than the maintenance margin, the trader must make up the margin within the specified time to make the margin account balance (settlement price x position x margin ratio), otherwise the exchange or institution has the right to carry out compulsory liquidation on the next trading day. This part of the margin that needs to be replenished is called additional margin. Still according to the above example, suppose that on the third day after the customer bought 50 tons of soybeans at a price of 2700 yuan/ton, the settlement price of soybeans fell to 2600 yuan/ton. Due to the sharp drop in prices, the floating loss of customers is 5000 yuan (that is,
The function of futures trading
1. Discovery price:
There are many people who participate in futures trading, and they all trade at the price they think is the most suitable. Therefore, futures prices can comprehensively reflect the expectations of both supply and demand for the relationship between supply and demand and price trends in a certain period of time in the future. This kind of price information increases the transparency of the market and helps to improve the efficiency of resource allocation. The domestic prices of copper in Shanghai Commodity Exchange and soybeans in Dalian Futures Exchange are the industry guidance prices at home and abroad.
2. Avoid price risk:
In the actual production and operation process, in order to avoid rising costs or falling profits caused by changing commodity prices, futures trading can be used for hedging, that is, buying or selling futures contracts with the same quantity but opposite trading directions in the futures market, so that the gains and losses of futures market trading can offset each other. Lock in the production cost or commodity sales price of the enterprise, maintain the established profit and avoid the price risk.
Futures is also an investment tool. Because the futures contract price fluctuates, traders can use the price difference to earn risk profits.
take for example
In July 1, the spot price of soybean was 2040 yuan/ton, and the processor in a certain place was satisfied with the price. In order to avoid the possible increase of spot price and raw material cost in the future, it is decided to conduct soybean futures trading in Dalian Commodity Exchange. At this time, the September contract price of soybean futures is 20 10 yuan/ton. Then, the processor bought 65,438+00 lots (65,438+000 tons) of September soybean contracts in the futures market. On August 1 day, he bought 100 tons of soybeans in the spot market at a price of 2080 yuan/ton, and sold 10 lots (100 tons) of soybeans in the futures market at a price of 2050 yuan/ton. The transaction is as follows:
July 1 spot market soybean price is 2040 yuan/ton. The futures market bought the soybean contract 10 lot in September: the price was 20 10 yuan/ton.
In August, I bought 100 tons of soybeans: the price was 2080 yuan/ton, and in September, I sold 10 lots of soybeans: the price was 2050 yuan/ton.
Hedging result: the spot market loses 40 yuan/ton and the futures market gains 40 yuan/ton.
Loss in the spot market (2080-2040)* 100=4000
Earn in the futures market (2050-2010) *100 = 4000.
The money lost in the spot market will be earned back in the futures market! Fixed production cost
First of all, compared with stocks, it has the following advantages:
1. Daily settlement system, the futures fair will settle the transactions of the day every day, and the customer's profit and loss will be credited to the account as soon as possible!
2. The risk is controllable. We have the most authoritative analyst to analyze the market for you and will inform you of the latest information as soon as possible every day.
3. Price limit system. Generally, the increase or decrease is limited to +-3%.
4. Margin system. In the futures market, 5~ 15% margin can exercise the right of 100%. Expand your funds. You can use the value of 1 ton of wheat to pre-store1ton of wheat in the futures market. It can also promote the circulation of funds in your spot market. Of course, if you don't want to save it, you can also sell it at a high price in the futures market and get the difference.
5. The two-way trading system can not only buy low and sell high in the futures market, but also make money by selling high and buying low, and the trading methods are more diversified.
5) Ensure the performance of the contract. After a futures transaction is concluded, it must be settled and confirmed by the settlement department of the futures exchange. The buyer and the seller pay the deposit to the exchange, and the exchange undertakes the responsibility of intermediate guarantee performance. Buyers and sellers do not need to worry about the performance of the transaction.
Thirdly, if you are a dealer of one of the varieties, you can use futures trading to avoid the risks caused by price fluctuations in the spot market and find out the future price trend, so as to grasp the market situation and gain profits.
I. Opening an account
1, customer type:
By customer subject: natural person customer and legal person customer;
According to the transaction mode: business hall customers (written customers and telephone customers), remote customers in different places ("trinity" remote customers and online trading customers);
2. Account opening conditions:
In any of the following circumstances, it shall not become a customer of a futures brokerage company:
A natural person without or with limited capacity for civil conduct;
Staff of futures supervision departments and futures exchanges;
Company employees and their spouses and immediate family members;
The futures market is forbidden to enter;
Financial institutions, institutions and state organs;
State-owned enterprises or enterprises with state-owned assets holding or leading position that cannot provide the approval documents signed by the legal representative;
The entrusted account opening unit fails to provide authorization documents;
Other circumstances stipulated by the China Securities Regulatory Commission;
3. Time and place of opening an account: you can choose to go to the business premises of Sanlong Company at any time, or you can send staff from Sanlong Company to the customer's location;
4. Account opening amount: unlimited.
5. Information required for opening an account:
Personal account: ID cards and copies of customers and authorized persons.
Legal person: copies of business license and ID card and copies of legal representative and authorized person;
Second, deposits.
Deposits can be made by cash, telegraphic transfer, money order, check, etc. T/T, money orders and checks are deemed to have arrived in our account only when the funds are deposited in our account;
Third, the application code.
After the customer fills in the application code table of each exchange, Sanlong Company will go through the application procedures for the transaction code for the customer, and the transaction can only be carried out after the code is approved;
Fourth, trading.
1. Business hall customers: customers who place orders in written form fill in the orders and then transmit them to the business department, which will distribute the orders to the market representatives of the exchange for trading and trading returns; Customers who place an order by telephone call the sales department to place an order, but they must first report the password agreed by both parties, and then the room sends instructions to the market representative of the exchange to conduct transactions and return goods;
2. Remote customers in different places: online trading customers conduct transactions and return transactions on the order interface provided by Sanlong Company through the Internet;
Verb (short for verb) solution
The settlement department will settle customers' daily transactions, and customers in the business hall will ask for and sign for the statement from the business department computer room every day, and customers who trade online will query the statement through the online query function every day.
Sixth, cancel the household.
After the customer has gone through the cancellation procedures stipulated by Luneng Jinsui Futures Brokerage Co., Ltd., both parties sign a termination agreement to terminate the agency relationship.
Seven, gold
The company's finance department handles withdrawals for customers by cash, wire transfer, draft or check.
Enterprises aim at profit. Through futures, you can grasp the latest market trends, business opportunities, strategize, and at the same time avoid the risks of enterprises to a minimum and get higher returns. I like a sentence: only the person who laughs last is a successful person. You may start a business later than others, but you can do better than others!
I wish you success in your career!
I didn't know until now. China has 1 1 futures varieties.
Shanghai: fuel oil, copper, natural rubber and aluminum.
Zhengzhou: wheat, cotton and sugar
Dalian: soybeans, soybean oil, beans and corn.
By the end of this year, the futures market will launch stock index futures, which will combine the futures market with stocks, so that investors can not only speculate in stocks, but also avoid the risks in the futures market.