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What are the price differences between financial futures trading and financial spot trading, excluding the difference in price determination? Why?
Compared with financial spot trading, the characteristics of financial futures are reflected in the following aspects:

(1) The transaction objects are different. The object of financial spot trading is a specific form of financial instruments. Usually, it is stocks, bonds or other financial instruments that represent a certain ownership or creditor's rights relationship, and the object of financial futures trading is financial futures contracts. Financial futures contract is a standardized written agreement designed by futures trading, which uniformly stipulates the types, specifications, quantity, settlement month and settlement place of designated financial instruments.

(2) The purpose of the transaction is different. The primary purpose of spot trading of financial instruments is to raise funds or invest, that is, to raise funds necessary for production and operation, or to find interest-bearing and profitable investment opportunities for temporarily idle monetary funds. The main purpose of financial futures trading is hedging, that is, to provide stable cost conditions for producers and operators who are unwilling to bear price risks, so as to ensure the normal operation of production and business activities. Similar to spot trading, arbitrage and speculation can also be carried out through financial futures trading, but usually the latter has higher trading leverage.

(3) The transaction price has different meanings. The transaction price of financial spot is formed through open bidding or negotiation during the transaction. This price is the real-time transaction price, which represents the market equilibrium price acceptable to both supply and demand at a certain point in time. The transaction price of financial futures is also formed in the process of trading, but this transaction price is the expectation of the future price of financial spot, which is equivalent to discovering the future price of financial spot basic tools (or financial variables) at the same time of trading. Therefore, in this sense, the futures trading process is also the discovery process of future prices. Of course, so-called price discovery is not absolute. There is a lot of evidence in academic circles that there may be some deviation between the futures price and the future spot price for various reasons.

(4) Different trading methods. Spot trading of financial instruments generally requires that all funds and financial instruments be settled within a few trading days after the transaction. In mature markets, financing is usually allowed to buy or sell short, but the funds or securities involved in the gap of funds or securities are lent to traders by brokers, and the corresponding interest is charged. In futures trading, margin trading and mark-to-market system are implemented, and traders do not need to own or borrow all funds or basic financial instruments when trading.

(5) Different settlement methods. Financial spot trading usually ends with the change of hands between the basic financial instruments and the currency. However, in financial futures trading, only a few contracts are settled in kind when they expire, and most futures contracts are closed by hedging in reverse trading.

Let me give you my opinion. Both financial futures trading and financial spot trading follow the principle that prices fluctuate around value. For example, China's stock index futures, which use matching transactions, have a strong buyer and a rising price, or a large seller and a falling price. But it is a matchmaking transaction, so if there is no counterparty to take over, it can't be sold or bought, and there is still room for speculation.