Standardized futures contract: Futures contract is the trading object or subject matter of futures trading. It is a standardized contract made by the futures exchange and agreed to deliver a certain quantity and quality of goods at a specific time and place. Futures prices are reached through public bidding.

Features:

1. The commodity variety, quantity, quality, grade, delivery time, delivery place and other terms of the futures contract are established and standardized, and the only variable is the price. The standards of futures contracts are usually designed by futures exchanges and listed by national regulatory agencies.

2. Futures contracts are concluded under the organization of futures exchanges and have legal effect. Futures prices are generated by public bidding in the trading hall of the exchange. Most foreign countries adopt public bidding, while our country adopts computer trading.

3. The performance of futures contracts is guaranteed by the exchange, and private transactions are not allowed.

4. Futures contracts can fulfill or terminate their contractual obligations through the settlement of spot or hedging transactions.