You can refer to the settlement rules of Dalian Commodity Exchange:
Chapter IV Physical Delivery and Settlement
Article 60 When making physical delivery, members shall pay the delivery fee to the Exchange in accordance with regulations. Specific standards are stated in the delivery rules.
The delivery fee is deducted from the member's settlement reserve.
Article 61 The settlement price for delivery shall be determined according to different delivery methods. The settlement price on the matching date of rolling delivery adopts the settlement price on the matching date of futures contracts; The settlement price of rolling delivery and centralized delivery on the last trading day adopts the weighted average price of all transaction prices of the futures contract from the first trading day to the last trading day of the delivery month. The settlement price of future cash conversion adopts the price agreed by the buyer and the seller.
Article 62 The payment for delivery shall be settled at the settlement price.
Article 63 During the delivery period, the buyer member shall pay the amount corresponding to the delivery of the buying position to the Exchange; Seller members submit standard warehouse receipts corresponding to delivery and selling positions to the Exchange. If the buyer fails to pay the payment in full and the seller fails to pay the standard warehouse receipt in full, it constitutes a delivery breach.
Article 64 VAT invoices for delivery shall be issued by the seller's customers and delivered to the corresponding buyer's customers. The VAT invoices issued by the customers shall be handed over, collected and checked by the members of both parties, and the Exchange shall be responsible for supervision.
Article 65 In the delivery month, if the member fails to submit the VAT invoice within the specified time, the Exchange will reserve the payment for the delivery of the member according to a certain proportion (the reserved proportion is 20% of the corresponding payment for the delivery of the member) until the member returns after submitting the corresponding VAT invoice; If the member fails to submit the corresponding VAT invoice before next month, the Exchange will levy a late payment fee of 0.5‰ of the corresponding delivery payment amount on the member (calculated from the date when the member fails to submit the VAT invoice), which will be deducted from the delivery payment amount reserved by the member at the Exchange. If a member fails to submit the corresponding VAT invoice before the end of this month, it will be regarded as unpaid VAT invoice and fined 20% of the payment amount.
Article 66 The settlement business on the last trading day shall be handled in accordance with the following provisions.
(1) After the closing of the last trading day, the position trading margin bought by the buyer member in the delivery month will be converted into delivery advance payment;
(2) At the time of settlement on the last trading day, the positions held by members in the delivery month are settled at the delivery settlement price of the exchange, and the gains and losses generated are included in the liquidation gains and losses of that day.
(3) At the time of settlement on the last trading day, the Exchange deducts the delivery fee from the settlement reserve of the members;
(4) Before the closing of the market on the final delivery day, the buyer member shall transfer the difference between the payment for goods corresponding to the buying position in the delivery month and the delivery advance payment to the special settlement account of the exchange, and the seller member shall submit the standard warehouse receipt corresponding to the selling position in the delivery month to the exchange;
(5) When the market closes on the last delivery day, if the seller fails to deliver the standard warehouse receipt in full and the buyer fails to pay the purchase price in full, it constitutes a delivery breach;
(6) After the market closes on the last delivery day, the Exchange will issue a standard warehouse receipt to the buyer member and pay 80% of the payment to the seller member, and the balance will be settled after the seller member submits the special VAT invoice;
(7) Within one working day after the final transaction date, the buyer shall notify the seller of the specific matters of issuing VAT invoices according to the provisions of the tax authorities, such as the buyer's name, address, taxpayer registration number, amount, etc.
(8) Before the closing of the market on the last delivery day, the Seller's member shall submit the special VAT invoice to the Buyer's member.
Article 67 Rolling delivery and settlement business shall be handled in accordance with the following provisions.
(1) After the market closes on the matching day, the trading margin of the buyer's member matching the buying position will be converted into delivery advance payment;
(2) At the time of settlement on the matching date, the positions held by members in the delivery month are settled at the delivery settlement price of the exchange, and the resulting gains and losses are included in the liquidation gains and losses of that day.
(3) At the time of settlement on the matching date, the Exchange shall deduct the delivery fee from the settlement reserve of the members;
(4) Before the closing of the market on the settlement date, the buyer member shall transfer the difference between the payment and the settlement advance payment corresponding to its settlement position to the special settlement account of the exchange;
(5) When the market closes on the delivery date, the buyer fails to pay the payment in full, which will constitute a delivery breach;
(6) After the market closes on the delivery date, the Exchange will issue the certificate of holding the standard warehouse receipt to the buyer member, and pay 80% of the payment to the seller member, and the balance will be settled after the seller member submits the special VAT invoice;
(7) Within one working day after the closing date, the buyer shall notify the seller of the specific matters of issuing VAT invoices according to the provisions of the tax authorities, such as the name, address, taxpayer registration number and amount of the purchasing unit;
(8) Within 7 days after the matching date, the Seller's member shall submit the special VAT invoice to the Buyer's member.
Article 68 Cash installment settlement business shall be handled in accordance with the following provisions.
(1) The Exchange is responsible for the delivery and payment of standard warehouse receipts converted into warehouse receipts;
(2) The delivery and payment of goods converted from non-standard warehouse receipts shall be determined by both parties through consultation, and the Exchange shall not undertake any guarantee responsibility for this;
(3) When the futures cash-out approval date is settled, the exchange will settle the futures cash-out positions of both parties at the agreed price, and the resulting gains and losses will be included in the liquidation gains and losses of that day;
(4) At the time of settlement on the approval date of cash conversion, the Exchange will deduct the cash conversion fee from the member settlement reserve.
The standard warehouse receipt cash conversion fee is charged according to the delivery fee standard of this variety, and the non-standard warehouse receipt cash conversion fee is charged according to the transaction fee standard of this variety;
(5) Before the market closes on the day when the standard warehouse receipt period is approved, the buyer member will transfer the full amount to the special settlement account of the exchange, and the seller member will hand over the corresponding number of standard warehouse receipts to the exchange and submit the special VAT invoice to the buyer member.