Futures price refers to the price at which the buyer and the seller agree to implement delivery on a certain date after the transaction is established. Futures trading is a kind of forward delivery (three months, six months, one year, etc.). ) according to the time, place and quantity specified in the contract. Its biggest feature is that trading and delivery are not synchronized, and delivery is carried out after a certain period of trading.
The birth of futures trading was marked by the establishment of 1898 Chicago Cream and Egg Chamber of Commerce. At that time, the commodities traded in futures were basically agricultural products. Later, the Chamber of Commerce was renamed the Chicago Mercantile Exchange, and more and more commodities were traded in futures. Some financial products such as stocks, bonds and foreign exchange have also joined the ranks of futures trading. When the price tends to rise, the futures price is higher than the spot price; When the price falls, the futures price is lower than the spot price.
If the two do not tend to be consistent, there will be speculators arbitrage, and the final price will still tend to be consistent.
Extended data
The price formation mechanism of futures;
There are two main ways of public bidding in the futures market: one is computer automatic matching, and the other is public bidding. In the China Futures Exchange, all transactions are automatically matched by computers. In this way, the formation of futures prices must follow the principles of price priority and time priority.
1, the so-called price priority principle, refers to the best price after the trading order enters the exchange host, that is, the highest buying price and the lowest selling price are the first to be traded.
2, the principle of time priority, refers to the same price, the first to enter the trading system of trading orders. According to the above two principles, the exchange host automatically matches the instructions to enter the host, finds out the price acceptable to both buyers and sellers, and finally reaches a transaction and feeds it back to the members who have made the transaction.
Futures prices include opening price, closing price, highest price, lowest price and settlement price. In China Stock Exchange, the opening price refers to the first transaction price after the transaction starts; Closing price refers to the final transaction price at the end of the transaction; The highest price and lowest price refer to the highest and lowest transaction price in the day's transaction respectively; Settlement price refers to the weighted average price of all-day trading.
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