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First, the main characteristics of futures
1. The terms and conditions of a futures contract, such as commodity variety, trading unit, contract month, margin, quantity, quality, grade, delivery time and delivery place, are established and standardized, and the only variable is price. The standards of futures contracts are usually designed by futures exchanges and listed by national regulatory agencies.
2. The futures contract is concluded under the organization of the futures exchange and has legal effect, and the price is generated by public bidding in the trading hall of the exchange; Most foreign countries adopt public bidding, while our country adopts computer trading.
3. The performance of futures contracts is guaranteed by the exchange, and private transactions are not allowed.
4. Futures contracts can fulfill or terminate their contractual obligations through the settlement of spot or hedging transactions.
Two. Contents of futures clauses
1. Minimum fluctuation price: refers to the minimum fluctuation range of the unit price of futures contracts.
2. Maximum fluctuation limit of daily price: (also known as price limit) means that the trading price of futures contracts in a trading day shall not be higher or lower than the prescribed price limit, and the quotation exceeding this price limit will be regarded as invalid and cannot be traded.
3. Delivery month of futures contract: refers to the delivery month stipulated in the contract.
4. Last trading day: refers to the last trading day of the futures contract in the contract delivery month.
5. Futures contract trading unit "hand": Futures trading must be conducted in an integer multiple of "hand", and the number of commodities in each contract of different trading varieties should be specified in the futures contract of that variety.
6. Transaction price of futures contracts: it is the value-added tax price of benchmark delivery commodities of futures contracts delivered in the benchmark delivery warehouse. Contract transaction prices include opening price, closing price and settlement price.
7. The buyer of a futures contract is obliged to purchase the subject matter corresponding to the futures contract, if the contract is held until the expiration date; If the seller of a futures contract holds the contract until it expires, he is obliged to sell the subject matter corresponding to the futures contract (some futures contracts do not make physical delivery when they expire, but settle the difference, for example, the expiration of stock index futures means that the open futures contracts are finally settled according to a certain average value of the spot index. Of course, traders of futures contracts can also choose to reverse the transaction before the contract expires to offset this obligation.