Second-phase debt: code TS, the contract target is nominal short-term national debt with face value of 2 million yuan and coupon rate of 3%.
Five debts: code TF, the subject of the contract is the nominal medium-term national debt, with a face value of 6,543,800 yuan and coupon rate 3%.
Ten debts: code T.
First, futures trading is to earn the difference.
Futures trading is actually the trading of this kind of "contract symbol", which is the trading behavior of the majority of futures participants. They may have a huge price difference in the future, and then strive for profits according to their respective analysis. Judging from the purpose of most transactions, it is speculation to earn "price difference".
Let's make it clear first that the current price of a futures contract is the price change that everyone hopes this contract will have in the future (usually a few days or months), so it is not necessarily equal to today's spot price.
Second, the basic characteristics of futures trading: "small and wide"
The basic feature of futures trading is that it can be used for bulk trading with less funds.
For example, with a capital of 500,000 yuan, you can basically do a transaction of about 10 million yuan. That is to say, the trader uses 500,000 yuan as the guarantee (i.e. deposit) for the price change of goods worth 6,543,800 yuan, and the profit and loss generated is borne by the trader's 500,000 yuan, which almost enlarges the fund by 20 times. This is called "leverage effect" or "margin trading". This mechanism makes futures have the characteristics of "small and wide".
Third, futures trading can be understood as "short selling"
Futures trading is a "contract symbol", not buying and selling actual goods. Therefore, when buying and selling futures, traders do not need to consider whether they need or own the corresponding commodities, but only how to buy and sell to earn the difference. The result of buying and selling is only reflected in your own "account", and the price is a handling fee of several ten thousandths and a deposit of about 5%. This can be simply described as "short selling".
Fourth, you can buy and sell.
It is precisely because it can be understood as "short selling" that futures trading can enter two-way trading. That is, according to your own analysis of the future market ups and downs, you can buy first and then open a position, or you can sell first and then open a position. After the price difference comes out, you can sell the position in the opposite direction to offset your open position. In this way, only the difference between opening and closing positions is left on your own "bill", and the deposit occupied by opening positions is automatically returned, and a complete transaction is completed.
Of course, futures contracts can also be actually delivered. Open procurement contracts have never been closed. After the deadline (usually several months), the trader must pay the full price of the corresponding commodity and get the corresponding commodity. If it is a sales contract, you have to hand over the corresponding goods to get the full amount. As a speculator, you should close your position before the contract expires.
Verb (abbreviation of verb) an example of futures trading
Suppose a customer thinks that the soybean price is going to fall, so he sells a futures contract at 3000 yuan/ton (each soybean 10 ton, and the margin ratio is about 9%). Then, the price really fell to 2900 yuan/ton, and the customer bought a position and completed a transaction.
Gross profit: (3000-2900) ×10 =1000 (yuan)
The above transactions are all reflected in the bill, and the funds are about:
3000× 10×9% = 2700 yuan, and the transaction cost should be deducted about 10 yuan.