1. The essence of buying and selling stock index futures is to sign a contract with others and buy and sell futures at the agreed price and quantity within the agreed time.
1. This contract has an agreed final trading day (that is, the day when the contract is finally performed, usually the third Friday of the contract month, which will be postponed in case of national legal holidays), and this trading day is the delivery date of futures.
2. When the agreed final performance time comes, the buyer and the seller must close their positions (terminate the contract) or settle accounts (settle in cash).
Second, there are differences between different varieties. Some varieties have a delivery date of one day and some have a few days.
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Futures delivery date As far as futures contracts are concerned, delivery date refers to the date when goods must be delivered. In commodity futures trading, individual investors have no right to hold positions before the final delivery date. If they don't close their positions themselves, they will be forced to close their positions by the exchange. Only the spot enterprises that apply for hedging qualification from the exchange and get approval can hold their positions until the final delivery date and enter the delivery procedure.
definition
The next trading day after the delivery notice is signed by the buyer and seller of futures shall be the delivery date.
Delivery and delivery date
transmit
Spot transactions between sellers and buyers of futures contracts. All exchanges have stipulated the specific steps of spot commodity delivery. Some futures contracts, such as stock index contracts, are delivered in cash.
account/settlement day
According to the regulations of the Chicago Board of Trade, the delivery date is the third day in the delivery process. The settlement company of the contract buyer must deliver the delivery notice together with the fully confirmed cheque to the settlement company office of the contract seller on the delivery date.
Five delivery days
First delivery date
1. The buyer declares its intention. Within the first delivery date, the buyer submits a letter of intent for the required goods to the exchange. The contents include variety, brand, quantity and the name of the designated delivery warehouse.
2. The seller shall submit the standard warehouse receipt. The seller shall submit to the exchange a valid standard warehouse receipt that has paid the storage fee within the first delivery day.
Second delivery date
Exchange allocates standard warehouse receipts. On the second delivery day, the exchange will issue the standard warehouse receipt to the buyer according to the existing resources and the principle of "time first, quantity rounding, nearest matching and overall arrangement".
For the standard warehouse receipt that cannot be used for the delivery of the next futures contract, the exchange will distribute it to the buyer according to the proportion of the total delivery in the current month.
Third delivery date
1, the buyer pays and takes the bill. The buyer must deliver the payment to the exchange and obtain the standard warehouse receipt before the third delivery date 14:00.
2. The seller collects money. The exchange shall pay the payment to the seller before the third delivery date 16:00.
Fourth and fifth delivery days
The seller pays the special invoice for VAT.
end delivery date
If the last trading day falls on a legal holiday or the delivery date falls on a legal holiday, the delivery date will be postponed accordingly and five delivery days will be guaranteed. These five delivery days are called the first, second, third, fourth and fifth delivery days respectively, and the fifth delivery day is the final delivery day.