Securities refer to ownership or creditor's rights certificates with a certain face value, which can bring regular income and dividends to the holders and can be freely transferred and traded.
He includes "stocks, bonds, securities investment funds, options, futures, etc."
Option, also known as option contracts, is a standardized contract that gives rights rather than obligations, that is, to buy and sell related products with a specific price, a specific quantity and quality at the option fee agreed by both parties when option contracts was concluded in a certain period of time.
On the one hand, the buyer of the option has to pay the option fee and obtain the rights granted by option contracts; On the other hand, the seller of the option charges the option fee and assumes the corresponding obligations when the option buyer chooses to exercise his option.
Call option gives option buyers the right to buy related products, while put option gives option buyers the right to sell related products. The price at which related products change hands is the final price or the performance price. At any given time, options can have different strike prices.
The process of option holders exercising their rights is called execution, and the period of execution is called expiration. Options that can be exercised at any time within the validity period are called American options; Options that can only be exercised on the expiration date are called European options.
When an option based on a futures contract is executed, the seller of the option is obliged to establish a future positions at the execution price opposite to the position obtained by the option buyer; When exercising stock options, the seller of call options will be obliged to sell stocks at the exercise price, and the seller of put options will be obliged to buy stocks at the exercise price; When the options based on the stock index contract are executed, whether they are call options or put options, they are ultimately settled in cash based on the difference between the strike price and the stock index at the time of execution.
Futures, strictly speaking, is not a commodity, but a legal contract, in which both parties agree to buy and sell a specific commodity at an agreed price and quantity in the future. This commodity may be a grain and oil product or a financial product. In short, futures are pre-arranged contracts that stipulate the obligations that buyers and sellers must perform. The futures market ensures that buyers and sellers fulfill their due obligations.
Futures contracts are traded on the futures exchange and settled daily, and both buyers and sellers can perform smoothly. Futures prices fluctuate every day, and investors try to gain profits from these price changes, while hedgers avoid the operational risks brought about by price changes.
Once you have chosen the right brokerage company, the next step is to open a futures trading account. The so-called futures trading account refers to the fund credit account opened by futures traders for trading performance guarantee. The account opening procedure is simple, and the brokerage company will generally provide relevant help enthusiastically.
1, risk disclosure
If a customer entrusts a futures brokerage company to engage in futures trading, he must register an account with the futures brokerage company in advance.
When accepting an application for opening an account, a futures brokerage company shall provide a futures trading risk statement to its customers. Individual customers should sign the Futures Trading Risk Statement after reading and understanding it carefully; Institutional clients shall, after careful reading and understanding, be signed by the legal representative of the unit and stamped with the official seal of the unit.
Step 2 sign a contract
When a futures brokerage company accepts a customer's application for opening an account, both parties shall sign a futures brokerage contract. Individual customers should sign contracts; The institutional client shall be signed by the legal representative (or entrusted by others) and stamped with the official seal.
When opening an account, an individual should provide his/her ID card and keep his/her seal or signature sample card. When opening an account, the institution shall provide a copy of the business license of the enterprise as a legal person, and provide the names and contact numbers of the legal representative of the institution and the executor of the futures trading business.
At present, the domestic futures market implements the registration and filing system of customer transaction codes. When a customer opens an account, the brokerage member shall code it according to the unified coding rules of the Exchange, with one code for each household, which is for special purposes, and no mixed code transactions are allowed. When a futures brokerage company cancels the trading code of its customers, it shall file with the Exchange.
Step 3 pay the deposit
After signing a futures brokerage contract with a futures brokerage company, the customer shall pay the deposit for opening an account in accordance with the regulations. The futures brokerage company shall deposit the margin paid by the customer into the customer account agreed in the futures brokerage contract for the customer to conduct futures trading.
The margin charged by the futures brokerage company to the customer belongs to the customer; A futures brokerage company shall deposit a deposit with the futures exchange. According to the current laws and regulations of China's futures trading, futures brokerage companies implement special account management for customer deposits, and it is strictly forbidden to use them for other purposes than transaction settlement.
Second, place an order
After the customer pays the deposit for opening an account in full according to the regulations, the transaction can be started and the order can be entrusted. The so-called placing an order refers to the trading instruction issued by the customer to the business personnel of the futures brokerage company at each transaction. The contents of trading instructions generally include: futures trading varieties, trading direction, quantity, month, price, date and time, futures exchange name, customer name, customer code and account number, futures brokerage company and customer signature, etc. Usually, customers should be familiar with and master the relevant trading instructions first, and then choose different futures contracts for specific trading.
The commonly used trading orders in the world include: market order, limit orders, stop-loss order and cancellation order. There are two trading orders of China Futures Exchange: limit orders and cancellation order. The trading order is valid on the same day. Before the order is closed, the customer can propose changes or cancel the order.
A limit order means that the transaction must be conducted at a limited price or better. When placing a price limit order, the customer must indicate the specific price.
1, order mode
① Place an order in writing: the customer fills in the transaction form in person;
(2) placing orders by telephone: the futures brokerage company shall record the customer's instructions;
(3) self-help ordering: ordering food through computer "hot self-help";
④ Online ordering: ordering through online trading system.
2. Bidding method
There are public bidding methods and computer matching methods in the world. Computer matchmaking is widely used in domestic futures exchanges. The operation of computer matching transaction mode follows the principle of "price first, time first".
3. Transaction Return and Confirmation
After receiving the trading order, the market representative of the futures brokerage company must input the order into the computer as quickly as possible for matching. When the computer displays the closing instructions, the market representative must immediately feed back the trading results to the trading department of the futures brokerage company. The trading department of a futures brokerage company shall report the filing form to the customer. The transaction return record shall include the following items: transaction price, transaction times, transaction return time, etc. All the above procedures can also be completed through the computer "hot self-help" order.
If the customer has any objection to the items recorded in the transaction settlement form, he shall submit a written objection to the futures brokerage company before the market opens on the next trading day; If the customer has no objection to the matters recorded in the transaction settlement form, it shall sign the transaction settlement form for confirmation or confirm it in the way agreed in the futures brokerage contract. If the customer refuses to confirm or raise any objection to the items recorded in the transaction settlement form, it shall be deemed as the confirmation of the transaction settlement form. It varies from customer to customer