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Futures, completely different from spot, are actually tradable goods (commodities). Futures are mainly not commodities, but standardized tradable contracts based on some popular products such as cotton, soybeans and oil and financial assets such as stocks and bonds. Therefore, the subject matter can be commodities (such as gold, crude oil and agricultural products) or financial instruments. The standardized contract made by the futures exchange stipulates that a certain quantity and quality of the subject matter will be delivered at a specific time and place in the future. Futures commission: equivalent to the commission in the stock. For stocks, the expenses of stock trading include stamp duty, commission and transfer fees. Relatively speaking, the cost of engaging in futures trading is only the handling fee. Futures commission refers to the fees paid by futures traders according to a certain proportion of the total contract value after the transaction. The commodity variety, trading unit, contract month, margin, quantity, quality, grade, delivery time and delivery place of futures contracts are all established and standardized, and the only variable is price.
The standards of futures contracts are usually designed by futures exchanges and listed by national regulatory agencies. Futures contracts are concluded under the organization of futures exchanges and have legal effect. Prices are generated through public bidding in the trading hall of the exchanges. Most foreign countries adopt public bidding, while our country adopts computer trading. The performance of futures contracts is guaranteed by the exchange, and private transactions are not allowed. Futures contracts can fulfill or cancel their contractual obligations through the settlement of spot or hedging transactions. If the buyer of a futures contract holds the contract until the expiration date, he is obliged to purchase the subject matter corresponding to the futures contract; If the seller of a futures contract holds the contract until it expires, he is obliged to sell the subject matter corresponding to the futures contract (some futures contracts do not make physical delivery when they expire, but settle the difference, for example, the expiration of stock index futures means that the open futures contract is finally settled according to a certain average value of the spot index. Of course, traders of futures contracts can also choose to reverse the transaction before the contract expires to offset this obligation.