Therefore, for the convenience of research, we take the form of "continuous" contract to observe. The "continuous month" here is not a fixed month, but always changes. For example, today is 12.22, so "continuous in the current month" is IF090 1, because IF08 12 has been delivered on 12+09 (the third Friday of each month). If 65438+20091October16 (the delivery date of if 0901), then "continuous in the current month" becomes IF0902 again.
Delivery is the settlement of funds between investors and securities companies in the settlement process. Except for B-shares, the securities (A-shares, funds and bonds) listed and traded in Shanghai and Shenzhen stock markets all implement the T+ 1 delivery system. T+ 1 system means that the stocks bought on the same day cannot be sold on the same day, and the funds can only be received and delivered on the next business day of the trading day, and the cash cannot be withdrawn from the account on the same day.
Futures market first appeared in Europe. As early as ancient Greece and Rome, there were central trading places, bulk barter transactions, and trading activities with the nature of futures trade. The original futures trading was developed from spot forward trading. The first modern futures exchange was established in Chicago, USA in 1848, and the standard contract model here was established in 1865. In 1990s, China Modern Futures Exchange came into being. There are four futures exchanges in China, namely Shanghai Futures Exchange, Dalian Commodity Exchange, Zhengzhou Commodity Exchange and China Financial Futures Exchange. The price changes of its listed futures have a far-reaching impact on related industries at home and abroad.
The initial spot forward transaction is a verbal commitment by both parties to deliver a certain amount of goods at a certain time. Later, with the expansion of the scope of transactions, oral promises were gradually replaced by sales contracts. This kind of contract behavior is becoming more and more complicated, and it needs intermediary guarantee to supervise the timely delivery and payment of goods. So the Royal Exchange, the world's first commodity forward contract exchange, opened in London on 157 1. In order to adapt to the continuous development of commodity economy, improve transportation and storage conditions and provide information for members, 1848, 82 businessmen initiated and organized the Chicago Board of Trade (Board 185 1 Chicago Board of Trade to launch forward contracts; 1865, Chicago Grain Exchange introduced a standardized agreement called "futures contract" to replace the previous long-term contract. This standardized contract allows manual contract trading, and gradually improves the margin system, thus forming a futures market specializing in standardized contract trading, and futures become investors' investment and financial management tools. 1882, the exchange allows hedging to be exempted from performance responsibility, which increases the liquidity of futures trading.