(1) How to calculate the position margin of TAS trading?
Answer: According to TAS trading rules, in intraday trading, the margin should be frozen or released according to the settlement price of the previous day of the contract, and included in the calculation of one-way large margin; At the end of the day, for the position formed by TAS instruction trading, the margin receivable shall be calculated according to the contract settlement price of the day, and included in the one-way large margin calculation.
for instance
A customer has no position in the SC230 1 contract. Today, he placed an order for 10 TAS to buy speculative positions and closed all positions. After the market closed that day, the contract settlement price of SC230 1 was 625 yuan/barrel, and the transaction price of this TAS order 10 was determined to be 625 yuan/barrel.
Assuming that the settlement price of SC230 1 contract was 620 yuan/barrel yesterday and the margin of crude oil futures exchange was 15%, the customer will freeze the exchange margin after issuing the 10 TAS order in today's session as follows:
Yesterday's settlement price *10 *1000 *15% = 620 *10 *15% = 930000.
At the end of the day, the customer collects the exchange deposit as follows:
Today's settlement price *10 *1000 *15% = 625 *10 *100 *15% = 937500.
(2) How to calculate the profit and loss of TAS transactions?
Example 1
A customer has no position on the SC230 1 contract. Today, he issues a 15 TAS order on the SC23065438+, and at this time, five lots will be sold. The customer's position on the SC230 1 contract is a speculative long position with five lots. If the remaining 10 lots are not sold after the end of the first quarter, they will all be cancelled by the system.
After the market closed that day, the contract settlement price of SC230 1 was 625 yuan/barrel, and the five-hand transaction price of this TAS order was determined to be 625 yuan/barrel.
The profit and loss of the day is: (settlement price of the day-opening price) * 5 *1000 = (625-625) * 5 *1000 = 0.
Example 2
Customer has no position in SC230 1 contract. Today, he issued a 10 TAS order to sell speculative open positions. After five trades, he held SC230 1 contract for 5 short positions. Since then, the customer has issued three limit orders to buy speculative short positions in the contract (the declared price is 650). After the liquidation of three orders, the customer's speculative short position in SC230 1 contract has been reduced to two orders.
After the market closed that day, the contract settlement price of SC230 1 was 625 yuan/barrel, and the five-hand transaction price of this TAS order was determined to be 625 yuan/barrel.
The profit and loss of the day is: (selling opening price-buying closing price) *3* 1000+ (selling opening price-settlement price of the day) * 2 *1000 = (625-650) * 3 *1000+(625-)
Example 3
Customer has no position in SC230 1 contract. Today's declaration 10 sells the limit order of speculative position. After selling 4 lots, the positions in SC230 1 contract are speculative short positions with 4 lots. Thereafter, the customer issued a 1 TAS order to buy speculative futures in the contract. After the transaction of 1 lot, the speculative short position of customers in SC230 1 contract has been reduced to 3 lots.
After the market closed on the same day, the settlement price of SC230 1 contract was 625 yuan/barrel, and the transaction price of this TAS instruction was determined to be 625 yuan/barrel.
The profit and loss of the day is: (selling opening price-buying closing price) * 1* 1000+ (selling opening price-settlement price of the day) * 3 *1000 = (625-625) *1*.
Example 4
A customer has a speculative long position of 65,438+05 on the SC230 1 contract. Yesterday's settlement price was 650 yuan/barrel. Today, 65,438+05 TAS orders were issued to sell speculative liquidation declarations. After five transactions, the customer's speculative long position on SC230 1 contract was reduced to 10.
After the market closed that day, the contract settlement price of SC230 1 was 625 yuan/barrel, and the five-hand transaction price of this TAS order was determined to be 625 yuan/barrel.
The profit and loss of the day is: (selling closing price-yesterday's settlement price) *5* 1000+ (today's settlement price-yesterday's settlement price) */kloc-0 *1000 = (625-650) * 5 *1000+.
Note: As can be seen from the above four examples, when trading with TAS instruction, the profit and loss of intraday trading will not be calculated, and the profit and loss can only be calculated after the contract settlement price on the day of TAS trading is determined, that is, the profit and loss of TAS trading can only be confirmed at the time of settlement.