Futures: English for Futures, as a future, is a long-term evolution of "future", which means that both parties need to settle a certain commodity at an agreed time in the future, which is why China people call it "futures".
The initial development from spot futures to forward trading is the first act of the settlement time of some commodities promised by both parties verbally. Later, with the expansion of the scope of the transaction, oral commitment has gradually replaced the performance according to the sales contract. The behavior of this contract is becoming more and more complicated, and an intermediary is needed to ensure that the buyer and the seller monitor the delivery progress and payment. So, they appeared in London and opened the world's first commodity exchange forward contract-Royal Exchange at 1570. In order to adapt to the continuous development of commodity economy, Chicago Grain Exchange introduced a standardized agreement called "Futures Contract" at 1985, which was originally used to replace forward contracts. The use of this standardized contract enables contract traders to gradually improve the security system, thus forming a special futures market with standardized contracts and making financial futures an investment tool for investors. Its basic concept
Futures: Futures is a standardized contract, a unified and long-term "commodity" contract. Futures contract trading is actually a commitment to buy or sell a certain number of "commodities" in the future (commodities can be physical commodities such as soybeans and copper, indicators can also be used, and financial products such as foreign exchange).
The main features of futures contracts are: commodity variety, quantity, quality, grade, delivery time, delivery place and other terms.
A. In the formulation of futures contracts, the only standardized variable is price. Standard futures contracts are usually listed by futures and approved by the state regulatory authorities.
B. Futures contract transactions are organized in futures exchanges, which have legal effect and the prices are generated by public bidding in the trading hall; Most foreign public opinion is in uproar, and China trades with computers.
Guaranteed by the exchange, it is not allowed to trade C. futures contracts privately.
D. Futures contracts settle cash or conduct transactions to hedge or fulfill contractual obligations.
Component futures contracts include:
A. Various transactions
C the minimum price change and the number of sales units, the price should be an integer multiple of the minimum price change.
D's daily maximum price fluctuation limit, that is, price fluctuation limit. When the market price rises to the maximum increase, we call it "daily limit", and vice versa.
E. contract
Construction transaction time
G. Last trading day: The last trading day refers to the futures contract traded on the last trading day of the delivery month contract;
H. Deadline: refers to the time of the physical delivery contract;
First, delivery standards and grades.
J. place of delivery
K. security deposit
Length Transaction Process Role Fee
Futures contracts are:
& gt First of all, attract hedgers to lock in cost futures contracts by trading to avoid the risk that commodity price fluctuations in the stock market may lead to losses.
The second is to attract speculators' venture capital transactions and increase market liquidity.
Futures characteristics
1, bisexual futures: The biggest difference between futures and futures in the stock market is that they can be traded in both directions, and futures can be short. When the price can be bought low and sold high, you can make time to sell high and suck low. You can make more money, but you can short it, so there is no bear market futures.
In a bear market, the stock market and futures market will be depressed, but the scenery remains the same and the opportunities remain the same.
2. Low-cost futures: countries that trade futures do not levy stamp duty and other taxes, and the only cost is the transaction cost. At present, the procedures of the three domestic exchanges are about two-tenths or three-tenths, and with the extra handling fee, the unilateral handling fee is also one-thousandth less.
[Low cost is the guarantee of success]
3, the leverage of futures trading:
The charm of futures investment leverage. In the futures market, you don't have to pay all the funds, and domestic futures only need to pay 5% margin to get the right to futures trading.
Due to the use of the deposit, more than ten times the original price was enlarged. Let's assume that one day, copper prices closed at the daily limit (only applicable to futures trading at the daily limit of 3%), and the stock market closed at the margin of 60% of our funds (3% ÷ 5%) six times.
[Have the opportunity to make money]
4. Double the trading opportunities of "T +0": Futures is a "T+0" trading, which makes your money use to the extreme. After grasping the trend, you can trade and open positions at any time.
[Convenient access can improve investment security]
5. Futures market, but greater than zero, negative market: Futures is a zero-sum market, and the futures market itself does not earn profits. In a certain period of time, regardless of transaction costs, capital is extracted. The total amount of the capital futures market remains unchanged, and market participants profit from another trader and suffer losses.
When the stock market has entered a bear market, the market price has shrunk dramatically, coupled with the meager dividends, state-owned enterprises have absorbed funds, and there is no short-circuit mechanism. The funds in the stock market will have a negative profit growth for a period of time, and the total amount will be lower than the total loss.
Always greater than zero [negative]
The comprehensive national policy, the needs of economic development and futures itself determine the characteristics of huge space for futures development.
The difference between futures and stocks: the return on investment is different: futures can make full use of profit margins to amplify returns. Futures contracts only need to pay the total cost below 10%; The stock must be invested 100%, and you need to pay the interest on the financing cost;
Trading is different: domestic stocks can only be long, futures can be long, or short; Speculative mode
The futures market and the stock market are very similar, but there are also obvious differences.
1. Small bet and big bet: all stocks are traded, that is, how much money can buy many stocks, bonds and futures, that is, you only need to pay 5- 10% of the turnover, and you can carry 100% of the turnover. For example, investors have 10000 yuan to buy 1000 yuan shares and 1000 shares, while buying and selling futures can trade 100000 dollars, which is a small-risk commodity futures contract.
Two-way trading: stocks are one-way trading, and only stocks can be bought and sold; Futures can be bought and sold, which is a two-way transaction.
Third, time limit: there is no time limit for stock trading. If it is applied to long positions, it must be delivered by futures due, otherwise the exchange will force liquidation or physical delivery.
Actual profit and loss: the return on stock investment has two parts, the market price and the other part is dividends. Investment profit and loss is the actual profit and loss of futures trading market.
Fifth, the risk is huge: futures margin system, additional margin, due to the restrictions of compulsory liquidation, makes it more high-yield and high-risk. In a sense, futures can make you rich overnight, or you can be penniless in an instant, so investors should invest carefully.
1, the concept of futures: generally, the so-called futures and futures contracts refer to standardized contracts made by futures exchanges to unify a certain number of future subject matter and require delivery at a specific time and place. The subject matter, also known as the underlying asset, is the corresponding point of the futures contract. This point may be a commodity, such as copper or oil, a financial instrument, such as foreign exchange and bonds, or a financial indicator, such as the three-month interbank offered rate or the stock index.
The broad concept also includes futures option contracts traded on exchanges. Most futures exchanges also list futures and options.
Futures contracts include: contract name, trading unit, quotation unit and minimum.
Price change, daily maximum price fluctuation limit, delivery month, trading time, last trading day, delivery date, delivery level, delivery place, minimum trading margin, transaction cost, settlement and trading code. Attachments to futures contracts have the same legal effect as futures contracts.
Standard contract style: Dalian Commodity Exchange soybean futures contract 1.
Trading variety-trading unit soybean
-10 ton/hand
Price Unit-Minimum Change RMB
-1 yuan/ton
Price limit -3%
Settlement price 1, 3, 5, 7, 9, 1 1 on the day before the contract delivery month.
Trading hours-Monday to Friday 9: 00 am-165438+0: 00 pm13: 00 pm-15: 00 pm.
Last trading day-the last day of the contract month
Closing on the 10th trading day-the last trading day after the 7th trading day (postponed in case of legal holidays).
Closing level-see annex
Specific delivery place-delivery warehouse designated by Dalian Commodity Exchange
Trading margin-5% of the contract value
Transaction fee -4 yuan/hand
Delivery method-focus on delivery
Transaction code -A
Listed Exchange-Dalian Commodity Exchange
Delivery level-the lowest index of pure grain rate%
Seed coat, impurity% moisture%, color and smell
Premium-(yuan/ton)
Premium-(yuan/ton)
characteristic .....
(2) Futures contracts: the product variety, quantity, quality, grade, delivery time and terms to be delivered by futures contracts.
Local establishment and standardization, the only variable is price. The first is that the Chicago Board of Trade launched a standardized futures contract at 1865.
Futures contract transactions organized in futures exchanges have legal effect.
At the same time, the price generated by the exchange through public bidding in the trading hall; Most foreign public opinion is in uproar, and China adopts computerized trading.
When executing futures contracts guaranteed by exchanges, private transactions are not allowed.
The seller's buyer, the buyer's seller.
A futures contract that hedges a position and assumes delivery responsibility. Content (3) Futures contract terms
: lowest price trend: refers to the minimum value of unit price fluctuation of futures contracts.
Maximum daily price fluctuation limit: (also known as price limit) The trading price of futures contracts shall not be higher or lower than the fluctuation range in the transaction, and the pessimistic quotation will be regarded as invalid and cannot be traded.
Futures contract delivery month: refers to the provisions of the May contract.
Last trading day: refers to the futures contract traded on the last trading day of the delivery month contract.
Trading unit "hand" of futures contracts: Futures trading must be a multiple of the integer "hand" of different trading types of commodity contracts and recorded in variety futures contracts.
Price of buying and selling futures contracts: the goods are delivered in the benchmark futures contract for warehouse delivery at the benchmark price of delivery VAT. Contract, including opening price, closing price, settlement price, etc.
The buyer's futures contract, if the contract is held to maturity, then he is obliged to buy the futures contract of the corresponding subject matter; The seller of a futures contract is obliged to sell the subject matter of the futures contract if he holds the contract until it expires (the expiration date of some futures contracts is not the difference between the settlement prices of physical delivery, such as stock index futures, and the expiration date of the stock index is subject to the final settlement of an average open futures contract. In the process of futures contract trading, you can also choose to reverse the related liabilities when the contract expires.