Gold T+D on the Shanghai Gold Exchange allows you to buy long or short, and the operation time is free. As a bank cooperative institution, we can provide professional market analysis, preferential transaction rates and related financial planning. ICBC, Minsheng, Investment Promotion, Industrial Bank, Shenzhen Development Bank, and Everbright all handle account opening. If you have any questions, you can ask me via QQ. The details are as follows: 1. What is T+D? What is the T+D market? The so-called T+D refers to a standardized contract formulated by the Shanghai Gold Exchange that stipulates the delivery of a certain amount of subject matter at a specific time and place in the future. This subject matter, also called the underlying asset, is the spot corresponding to the T+D contract. Its characteristics are: buying and selling in installments, traders can choose to deliver on the same day or postpone delivery indefinitely. T+D contract content includes: contract name, trading unit, quotation unit, minimum price change, maximum daily price fluctuation limit, trading time, delivery date, delivery grade, delivery location, minimum trading margin, transaction fee, delivery method, Transaction code, etc. The attachments to the T+D contract have the same legal effect as the T+D contract. The T+D market is a market for buying and selling T+D contracts. This kind of trading is participated by producers and operators who transfer the risk of price fluctuations and risk investors who bear price risks and make profits. It is conducted in accordance with fair competition within the exchange and is protected by a margin system. A distinctive feature of the margin system is to use less money to make larger transactions. The margin is generally 10% of the contract value. Compared with stock investment, investors invest much smaller funds in the T+D market than other investments. Commonly known as "taking small to win big". The purpose of T+D transactions is not to obtain physical goods, but to avoid price risks or arbitrage, and generally does not realize the transfer of commodity ownership. The basic function of the T+D market is to provide producers and operators with means to hedge and avoid price risks, and to form fair prices through fair and open competition. 2. What are the varieties of T+D? Trading variety AU(T+D) Ag(T+D) Trading margin 10% 10% Trading unit 1kg/lot 1kg/lot Minimum price change 0.01 yuan/gram 1 yuan/kg Quotation unit yuan/gram yuan/kg trading Method Free Quotation Matching Transaction Principles Price Priority Time Priority 3. How did T+D come about? Provide gold-producing and gold-consuming enterprises with means of hedging and avoiding price risks, as well as the formation of fair prices through fair and open competition. 4. What are the functions of the T+D market? (1) Risk avoidance function - producers and operators can avoid, transfer or disperse the risk of spot market price fluctuations through hedging in the T+D market. (2) The function of price discovery - producers and operators can form a T+D with authenticity, predictability, continuity and authoritativeness based on the open, fair, just, efficient and competitive T+D trading operating mechanism. Prices can be used to correctly judge market supply and demand conditions and make accurate production and operation decisions. (3) The function of venture capital - companies or individuals can use idle funds to participate in speculative transactions and obtain risky profits through correct judgment and prediction of T+D market price fluctuations. In addition, the T+D market can also tell us the current status of many things and predict its possible future trends. Understanding the current status of the T+D market is understanding the economy, and these are beneficial to our other investments. Learning how to conduct T+D trading can also help us improve our ability to invest in other areas. 5. What are the characteristics of T+D trading? The main characteristics of T+D trading are: (1) T+D contract is a contract formulated by the exchange and traded in the T+D exchange. (2) The T+D contract is a standardized contract. Various terms in the contract, such as commodity quantity, commodity quality, margin ratio, delivery location, delivery method and transaction method, are all standardized. Only the price in the contract is a free price formed through market bidding transactions. (3) The physical delivery rate is low. The settlement of a T+D contract does not necessarily require the fulfillment of actual delivery obligations. Those who buy and sell T+D contracts can offset the contracts held by each other through transactions of the same quantity and opposite direction at any time, without the need to perform actual delivery. obligations. Therefore, the proportion of physical delivery volume in T+D trading is very small, generally less than 5%. (4) T+D transactions implement a margin system. Traders do not need to pay the full payment equal to the contract amount, but only need to pay a 10% performance deposit. (5) The exchange provides settlement and delivery services and performance guarantees to both parties to the transaction, and implements a strict settlement and delivery system, so the risk of default is very small. 6. What are the differences between T+D and stocks? Compared with stocks, T+D has several very distinctive features, which are particularly important for stock investors: (1) In terms of time, T+D has 10 hours of trading time every day, and stocks have 4 hours a day. (2) T+D contract is a margin transaction and must be settled every day. T+D uses margin trading. Generally, you only need to pay about 10% of the face value of the contract to buy or sell a contract. On the one hand, this increases the profit potential, but on the other hand, it also brings risks, so the profit and loss must be settled daily. After buying a stock and before selling it, the book profits and losses are not settled. But T+D is different. After the transaction, the contracts in hand must be settled according to the settlement price every day. The book profits can be withdrawn, but the book losses must be made up before the market opens the next day (i.e., margin call).

And because it is margin trading, the loss may even exceed your investment principal, which is different from stock trading. (3) T+D can be short-sold. T+D can very conveniently sell short and then buy it back after the price falls back. Short selling can also be done in stock lending transactions, but it is relatively difficult. Of course, once the price rises instead of falling after short selling, investors will face losses. (4) The market has high liquidity. Studies have shown that the liquidity of the T+D market is significantly higher than the stock spot market. (5) T+D can apply to withdraw gold in any transaction. 7. Characteristics of T+D (1), 10 hours daily trading time (2), 10% margin trading (3), no expiry date contract. 8. What are the uses of T+D? (1) Gold-producing companies lock in prices (2) Gold-using companies lock in prices (3) Investment transactions. 9. What are the major gold exchanges in the world currently? (1), London Gold Market (2), Shanghai Gold Exchange (3), US Gold Market (4), Hong Kong Gold Market (6), Tokyo Gold Market (7), Singapore Gold Exchange (8), Zurich Gold Market . 10. How are T+D transactions conducted? T+D trading was historically conducted on the trading floor through traders' verbal bids. At present, most T+D transactions are completed through electronic transactions. During the transaction, investors enter buying and selling orders through the T+D computer system, and the transaction is matched by the exchange's matching system. When buying and selling a T+D contract, both parties need to pay a small amount of money to the clearing house as a performance guarantee. This amount is called a deposit. The first purchase of a contract is called a long position, and the first sale of a contract is called a short position. The contract in hand is then subject to daily settlement. After establishing a buying and selling position (the term is called opening a position), you do not need to hold it until expiration. You can make a reverse transaction at any time before the expiration of the T+D contract to offset the original position. This transaction is called closing the position. For example, you sell 10 T+D contracts on the first day and buy back 10 contracts on the second day. Then the first transaction is to open a short position of 10 lots of T+D, and the second transaction is to close a short position of 10 lots of T+D. The next day, I bought another 20 T+D contracts, which turned into a long position of 20 T+D contracts. Then sell 10 of them. At this time, it is called closing the 10 T+D long positions, leaving 10 T+D long positions. Contracts on hand that are not closed after the end of the day's trading are called open positions. In this example, the position after trading on the first day is 10 lots of T+D short, and the position after trading on the second day is 10 lots of T+D long. 11. What is the settlement of T+D? The settlement of T+D can be roughly divided into two levels: first, the settlement department of the exchange settles with members, and then, members settle with investors. No matter what level you are at, you need to do three things: (1) Transaction processing and position management, which is to register which transactions you have made and what your positions are after each transaction. (2) Financial management means that the profit and loss of the position must be settled every day, the profit part will be refunded to the margin, and the loss part will be called for margin. (3) Risk management: assess the risks of settlement objects and calculate margins. The profit and loss of a position contract is calculated by comparing its holding cost price with the settlement price. For closing contracts, profit and loss are calculated by comparing the closing price with the holding cost price. For contracts opened on the same day, the holding cost price is equal to the opening price. For historical contracts opened before that day, the holding cost price is equal to the settlement price of the previous day. Because the book profits and losses have been settled to investors every day, the cost price of the position contract after settlement on that day becomes the settlement price of that day. Therefore, different from the cost price calculation of stocks, the position cost price of stock index T+D is calculated every day. Everything is changing. With a clearing house, from a legal perspective, T+D is not conducted directly between buyers and sellers, but the clearing house becomes the central counterparty, that is, it becomes the only seller for all buyers and the only buyer for all sellers. The clearing house performs transactions guaranteed by its own assets. 12. How does T+D apply to lift the physical object? The customer clicks on the transaction delivery declaration in the trading system. After the declaration is successful, the transaction settlement price of the day will be used, and the payment will be paid. The party receiving the physical object will pay the amount according to the settlement price of the day. The party delivering the physical object will deliver the physical object according to the actual delivery volume, and the amount will be collected according to the settlement price of the day. The buyer can then fill in the delivery application form at the trading end, and can also choose to fill it in at a later date or conduct a selling transaction or delivery the next day as needed. The time to fill in the delivery application form at an optional time is during the exchange's working hours (it will be suspended within 30 minutes after the end of the exchange transaction) ), for designated warehouses with physical goods, the physical goods can be picked up on the day of application for pickup. For designated warehouses without physical goods on the day of application, the exchange will make unified dispatches, and the pickup time will be within 3 working days of the date of pickup application, and no more than 5 working days. If In the event of a delivery default, the exchange will deduct 5% of the defaulted contract's liquidated damages, and the liquidated damages will go to the exchange's risk fund, and the transaction will be terminated. 13. What is T+D’s gold trading agency business? Since the Shanghai Gold Exchange does not directly accept individual customers, it has established agency business. Agency business is an activity in which financial and comprehensive members accept entrustment from customers to conduct transactions on their behalf. The procedures are: (1) The customer entrusts the member unit to handle the account opening procedures. Both parties Sign an agency transaction agreement in accordance with the agency articles of association. (2) The exchange implements a customer code registration and filing system. When a customer opens an account, the member unit shall number it according to the exchange's unified coding rules. Each account has one code, and the code is exclusive. Mixed code transactions are not allowed. (3) For each transaction, the customer places trading instructions through the entrusted member. (4) After each transaction is completed, the member unit will promptly notify the customer of the results of the instruction execution. (5) Handle financial and delivery matters.

Members who are entrusted as agents can refer to the relevant regulations and ratios of the exchange to collect margins and agency fees from agency clients, of which the agency fee is one and a half thousandths. 14. What role does a gold trading agency play in the market? There will be many investors conducting T+D transactions, so it is naturally impossible to directly enter the Shanghai Gold Exchange for transactions. The vast majority of investors trade through gold trading agencies. Therefore, the gold trading agency is actually the intermediary agency for T+D trading. Of course, T+D Company will charge certain transaction fees from traders when entrusted by customers to trade on behalf of investors. As the gold trading agency of the exchange, the main functions of the gold trading agency are: (1) Buying and selling T+D contracts according to customer instructions, and handling settlement and delivery procedures; (2) Managing customer accounts and controlling customer transactions Risks; (3) Provide customers with T+D market information, conduct transaction consultation, and act as customers' transaction consultant, etc. The role of gold trading agency companies in the T+D market is mainly reflected in the following aspects: Gold trading agency companies accept entrustment from customers to engage in T+D transactions, which expands the scope of market participants, expands the scale of the market, and saves transaction costs. , improve transaction efficiency, enhance the sufficiency of T+D market competition, and help form authoritative and effective T+D prices; gold trading agency companies have personnel who specialize in information collection and market analysis to provide consulting services to customers, which helps In order to improve the decision-making efficiency and accuracy of customer transactions; gold trading agency companies have a strict risk control system, which can more effectively control customers' transaction risks and realize the decentralization of T+D transaction risks in all aspects. 15. What does it mean for some investors to serve as IB? Since many investors in T+D will come from existing stock investors, the original stock brokers or related investors will also play an important role in the T+D market. . Since stock brokers or related investors can participate as T+D trading introducers (IBs for short), they provide intermediary services for gold trading agency companies to accept entrustment from investors to engage in T+D transactions. Introducers can engage in some or all of the following intermediary service businesses: (1) Recruiting investors to engage in T+D transactions; (2) Assisting with relevant account opening procedures; (3) Facilitating investors’ order transactions; (4) Assisting gold The trading agency sends margin call notices and settlement statements to investors; as T+D introducers, stock brokers or related investors are not allowed to handle T+D margin business and are not responsible for the agency, settlement and risk control of T+D transactions. and other responsibilities. That is to say, as a stock broker or related investor of T+DIB, you introduce your clients to the gold trading agency, become clients of the gold trading agency, and receive referral commissions from them, but you cannot have access to the client's funds, which is not correct. Investors' T+D transactions are settled. 16. How does the People's Bank of China supervise the T+D market? The Shanghai Gold Exchange itself has its own regulatory agency. The Shanghai Gold Exchange is a legal person approved by the State Council, established by the People's Bank of China, and registered with the State Administration for Industry and Commerce. It is not for profit and implements self-discipline management. It is used for Supervise members' trading business, investigate and deal with members' violations of relevant regulations of the exchange; supervise the gold, silver, platinum and other precious metals business in designated warehouses. 17. What supervision does the Shanghai Gold Exchange have on T+D margin monitoring? The Shanghai Gold Exchange uses a closed fund management system and issued the "Member Agency Transaction Fund Management Measures". Please see the Shanghai Gold Exchange website for details. Among the clauses: Article 5: Members must open a special account for agency trading in the bank designated by the exchange to take care of the funds deposited by contract customers. This account shall be subject to special management; at the same time, members shall set up special accounts for the funds deposited by contracted customers and carry out detailed accounting for each customer, and implement special management. The so-called special management means that it must be in a separate account and account, and the funds must not be mixed with other funds, nor can they be misappropriated for other purposes, and must be used exclusively for special purposes. Article 7 Members shall not use the collected customer deposits for their own business activities or to offset their own debts; they shall not allow others to use customer deposits without authorization or use customer deposits to provide guarantee for other people's business activities without authorization.