1. Futures trading is the subject of current trading and will be settled or delivered in the future. The theme can be some commodities, such as gold, crude oil, agricultural products, financial instruments or financial indicators. The delivery date of futures may be one week later, one month later, three months later or even one year later. The futures market sprouted in Europe for the first time.
The futures market sprouted in Europe for the first time. As early as ancient Greece and Rome, there were central exchanges, bulk barter transactions, trading activities and futures trading. The original futures trading developed from spot forward trading. The first modern futures exchange was established in Chicago in 1848, and the institute established a standard contract model in 1865. In 1990s, China Modern Futures Exchange was integrated. There are four futures exchanges in China: Shanghai Futures Exchange, Dalian Commodity Exchange, Zhengzhou Commodity Exchange and China Financial Futures Exchange. The price changes of listed futures have a far-reaching impact on related industries at home and abroad.
1. A standardized contract made by a futures exchange in order to provide a certain quantity and quality at a specific time and place in the future, rather than being made by a futures exchange.
2. Futures Committee: equivalent to the Stock Committee. For stocks, the cost of stock trading includes stamp duty, commission and transfer fees. Relatively speaking, the cost of engaging in futures trading is only the handling fee. Futures commission refers to the fees paid by futures traders according to a certain proportion of the total contract value after futures trading.
3. Initial margin is the money that traders need to pay when opening new positions. According to the transaction volume and margin ratio, that is, initial margin = transaction volume * adjusted margin ratio. At present, the minimum margin ratio in China is 5% of the transaction amount, which is usually between 3% and 8% internationally. For example, the soybean margin ratio of Dalian Commodity Exchange is 5%. If customers buy five soybean futures contracts (each lot 10 ton), they must pay 6750 yuan (2700x5 yuan) to the exchange × 10x5%).
4. In the process of holding positions, traders will have floating gains and losses (the difference between settlement price and transaction price) due to the constant changes of market conditions. Therefore, the funds actually available for loss and guarantee in the margin account will increase or decrease at any time. Floating profit will increase the balance of margin account, while floating loss will decrease the balance of margin account. The minimum balance that must be kept in the margin account is called maintenance margin. Maintenance margin: settlement price adjustment position adjustment margin XK(k is a constant, called maintenance margin ratio, which is usually 0.75 in China).