First, the leverage effect in futures is the original mechanism of futures trading, that is, the margin system. It can enlarge the trading volume of investors, and at the same time increase the risks borne by investors many times. Simply put, leverage is to amplify the winning or losing multiple. The calculation method of leveraged futures is 1÷ margin. For example, if the margin ratio of commodity futures is 15%, then the futures leverage is 1 ÷ 15. It is worth mentioning that many futures companies control the leverage ratio of accounts in order to prevent and control risks when opening accounts.
Two. Futures trading rules
1. Margin rules
It means that when trading, the relevant entities must pay a certain amount of settlement funds in proportion to the value of futures contracts to ensure the standardization of contracts;
2. No debt rule on trading day
After the daily related party transactions are completed, all expenses shall be paid according to the settlement price of the day and the corresponding funds shall be transferred. At the same time, increase or decrease the settlement reserve of members;
3. Price limit rules
It means that the trading price fluctuation of futures contracts needs to be carried out within the prescribed fluctuation range, and once the relevant restrictions are broken, the transaction cannot be successfully completed;
4. Position limit rules
Represents the maximum value calculated in the unit of the member position limit stipulated by the exchange;
5. Extended family reporting system
It is a system to prevent relevant personnel from manipulating the market, with the purpose of protecting the fairness of market transactions;
6. Delivery rules
It refers to the settlement of the price difference between the two parties before the expiration of the contract and the completion of the liquidation contract at the end of the period;
7. Compulsory liquidation rules
It means that when investors violate the rules, the exchange will take hard measures to close the positions of relevant investors;
8. Risk reserve rules
Special funds provided to maintain the smooth operation of the futures market and avoid losses caused by sudden risks;
9. Information disclosure rules
It means that the exchange publicly announces the relevant information of futures trading at a fixed time.