But the minimum human position is 1 ounce (3 1 gram);
It completely meets your requirements. Let's take a look at the introduction: /docc/news.asp? pid= 189。 subid= 190
Brief introduction of personal "two-way foreign exchange treasure, two-way Huang Jinbao" business
I. Product introduction
The personal "two-way foreign exchange treasure and two-way Huang Jinbao" business of Fujian Branch of Bank of China Co., Ltd. refers to the foreign exchange and dollar paper gold trading tools that customers can choose between long and short after depositing a trading margin exceeding the face value of the account opening currency in advance through the quotation and trading platform provided by the bank.
When a customer opens a position, the bank freezes the corresponding amount of margin according to the ratio of trading margin to nominal opening amount 1 15: 100. Suppose a customer deposits $65,438+065,438+050 in his "two-way treasure" trading account for the first time, then the BOC trading system will automatically regard this $65,438+065,438+050 as a trading margin and provide the customer with a nominal amount of $65,438+0000 for contract foreign exchange and dollar paper gold trading.
Second, the product features
1, flexible direction: you can freely choose how long to short, and you have the opportunity to make a profit regardless of market ups and downs.
2. Time continuity: in line with the international foreign exchange gold market, the 24-hour T+0 trading mode can fill the investment gap after the stock market closes.
3. Complete varieties: 1 1 three mainstream currency pairs including gold for you to choose from.
4. Ultra-low spread: far below the spread level of foreign exchange treasure and dollar gold.
5. Full-featured: Real-time trading and various entrustment functions are complete, supporting two-way warehouse opening.
Third, trading rules.
1, trading channel
"Two-way treasure" trading is limited to trading software client operation. Customers can download and install "Bidongbao" trading software through the website of Fujian Branch of Bank of China, and log in to the client with "user name" and "password", which can easily realize the operation functions such as inquiry, instant trading and entrusted trading.
2. Trading method
Customers can choose instant trading and entrusted trading to realize trading operations.
Real-time trading refers to the customer's independent choice of currency pair, trading direction and nominal amount, and then trading immediately according to the bank quotation at the time of trading.
Entrusted transaction refers to the entrusted pending order in which customers set their own prices in the customer system.
During the validity period, if the market price touches the price entrusted by the customer, the system will automatically confirm the transaction, otherwise the entrustment will be invalid. Entrusted transactions are divided into profit-making (callback opening) entrustment, stop-loss (breakthrough opening) entrustment, substitution entrustment, additional entrustment and chasing up entrustment to meet the needs of different customers.
3. Currency and trading unit
(1) The direct transaction currency pairs of the "two-way treasure" business are Euro/USD, GBP/USD, USD/JPY, USD/CHF, AUD/USD, USD/CAD, USD/USD, and the cross transaction currency pairs are Euro/JPY, Euro/GBP, GBP/JPY and AUD/JPY. The former is the base currency and the latter is the quotation currency. For example, the base currency of Euro/USD is Euro and the quoted currency is USD. The contract size is based on the base currency.
(2) The "two-way treasure" business takes the contract as the basic transaction unit, and the transaction contract must be an integer. The contract size is based on the base currency. The contract of "two-way foreign exchange treasure" is 1 1,000 unit base currency, and the initial number of contracts when it is opened is 1 contract, which is increased by an integral multiple of 1 contract, and the maximum number of hands in a single transaction is 1 1,000 contract. The "two-way Huang Jinbao" contract is 0. 1 ounce of gold per lot, which is progressive according to the integral multiple of 1 lot. When opening a position, the initial contract quantity is 10 lots (i.e. 1 ounce of gold), and the maximum quantity of a single transaction is 10000 lots. If the number of contracts at the time of liquidation is less than 65438+, the corresponding amount of each contract and the specific transaction currency requirements of start-up funds are shown in the following table:
Currency pair
Size of each batch of contracts
Starting point contract scale
Starting capital requirement
(USD equivalent)
Euro/USD
1 0,000 euros
1 0,000 euros
1 150 euro
GBP/USD
1,000.
1,000.
1 150
USD/JPY
1 000 USD
1 000 USD
1 150 USD
USD/CHF
1 000 USD
1 000 USD
1 150 USD
Dollar/Canadian dollar
1 000 USD
1 000 USD
1 150 USD
AUD/USD
1 000 Australian dollars
1 000 Australian dollars
1 150 Australian dollars
Euro/GBP
1 0,000 euros
1 0,000 euros
1 150 euro
GBP/JPY
1,000.
1,000.
1 150
AUD/JPY
1 000 Australian dollars
1 000 Australian dollars
1 150 Australian dollars
Euro/yen
1 0,000 euros
1 0,000 euros
1 150 euro
Dollar gold/dollar
0. 1 oz
1 oz
1. 15 oz
4. Quotation method
According to the middle price quoted in the international foreign exchange market, the bank adds or subtracts a certain spread to get the spot exchange rate quotation (customer buying price and customer selling price). At present, the price difference between straight currency and unilateral quotation is 5-8 points, the price difference between cross currency and unilateral quotation is almost 6- 10 points, and the price difference between dollar paper and gold is 2.4 dollars.
5. Trading hours
The two-way service of Waihuibao starts at 8: 00 am every Monday, ends at 8: 30 am in Huang Jinbao and ends at 4: 00 am on Saturday. From Tuesday to Saturday at 4 am, the banking system will carry out cross-day batch processing and overnight deferred profit and loss settlement, and there will be a short transaction interruption. During this period, the bank will not provide all trading functions to customers until the system is restored.
Four. Interpretation of related terms
(1) Opening position: Also known as opening position and opening price, it refers to the behavior of customers buying or selling tradable currency pairs designated by the banking system. When opening a position, the banking system automatically calculates the funds required for the opening contract according to the current "two-way treasure" transaction price, and compares whether the available funds in the customer's trading account are sufficient. If the customer's available funds are less than the funds needed to open the position, the transaction is unsuccessful.
(2) Transfer to open a position: refers to the behavior of the customer to automatically transfer a certain amount of tradable currency directly from the contracted account on the "two-way treasure" trading client to establish a new position with the corresponding amount. The transfer opening function is limited by the counter transfer time, and the transfer opening function is invalid during non-counter transfer time. You can't entrust transactions through transfer and opening positions.
(3) Two-way opening: also known as two-way opening and two-way opening. It refers to the function of buying or selling the specified tradable currency pair or gold when the customer chooses to open a position in two directions, which is the same as the currency pair or gold already held in the contract, and the buying and selling directions are opposite, which is regarded as a new position, and the original contract remains open.
(4) Closing positions: also known as closing positions, refers to the behavior of customers trading foreign exchange and gold in the same currency pair and in the opposite trading direction for all or part of the contracts that have been opened. After the liquidation, the original opening contract will be deducted, and the funds in the special trading account will no longer be occupied.
(5) Forced liquidation: It means that banks have the right to voluntarily liquidate positions on behalf of customers when they find that the capital adequacy ratio of their trading accounts is lower than the proportion stipulated in the articles of association due to floating losses of customers' open contracts.
(6) Tolerance of price difference: refers to the time delay in the transmission of transaction information due to communication lines and other reasons, which leads to the difference between the price submitted by customers at the transaction client and the transaction price finally confirmed by the bank. When customers conduct instant transactions, they must choose to tolerate the spread within the scope stipulated by the bank. When the bank confirms the transaction, the system will compare whether the price difference exceeds the tolerance set by the customer. If the difference is within the tolerance, the transaction will be concluded at the price confirmed by the bank. If the tolerance is exceeded, the transaction will not be closed.
(7) Entrusted spread: refers to the difference in points between the entrusted price and the real-time price provided by the trading customer when the customer conducts the entrusted transaction. According to the trading practice in the international foreign exchange market, the entrusted price should not be too close to or far from the real-time price provided by trading customers.
(8) Call-back opening (profit entrustment): refers to the transaction in which the customer specifies the price better than the bank quotation, and at the same time specifies the amount and the buying and selling direction, waiting for the transaction to be concluded.
(9) Breakthrough positions (stop-loss entrustment): refers to the transaction in which the customer specifies the price lower than the bank quotation, and at the same time specifies the amount and the buying and selling direction, waiting for the transaction to be concluded.
(10) Two-in-one entrustment: It means that customers can set callback (profit) entrustment and breakthrough (stop loss) entrustment at the same time. If either entrustment reaches the price, the other entrustment will be cancelled automatically.
(1 1) Additional entrustment: refers to that the customer sets two entrustment at the same time, and the second entrustment will take effect only when the first entrustment reaches the price, until the price reaches the price or the entrustment becomes invalid. When the first entrustment is completed and the second entrustment becomes effective, the entrustment pending order can also be cancelled manually.
(12) Follow-up entrustment: refers to the closing transaction where the customer sets a profit point and waits for the transaction to be completed. This entrustment type is only applicable to liquidation entrustment of existing positions, and orders need to be initiated through entrustment in contract management. The essence of this kind of entrustment is stop-loss entrustment. Customers only need to fill in a consignment spread, and the consignment price will get better with the exchange rate getting better: that is, after the consignment takes effect, when the exchange rate gets better, the consignment price = current exchange rate+/-the consignment spread will be maintained all the time, and when the exchange rate gets worse, the consignment price will remain the same as the optimal consignment price until the transaction is completed at this price.
(13) Overnight deferred profit and loss: refers to the interest margin generated by the customer holding the opening contract until the next trading day. The customer's "two-way treasure" transaction is equivalent to the customer borrowing one currency from the bank to buy another currency, so there will inevitably be loan interest in one currency and deposit interest in another currency. The difference between the deposit interest of buying currency and the loan interest of selling currency is converted into the settlement currency, which can be positive or negative, and is included in the fund balance of the special account for two-way treasure trading on a daily basis. Since the contract delivery date is T+2, if the customer holds the opening contract from Wednesday to Thursday, the contract delivery date will be postponed from Friday to next Monday, so the bank will calculate the accumulated overnight extension gains and losses for three days and include them in the fund balance of the special account for bidirectional treasure trading.
(14) margin currency: refers to the currency that the customer transfers from the contract account to the special trading account, and the customer can transfer USD into the special foreign exchange and USD margin account as the margin.
(15) Margin balance: refers to the fund balance in the customer's special trading account. When there is no opening contract, the margin balance is equal to the net margin.
(16) Occupancy quota: refers to the margin occupied by customers in proportion to the opening contract.
(17) Available line = margin balance-occupied line+floating profit and loss.
(18) net margin = margin balance+floating profit and loss
(19) Margin adequacy ratio = net margin/initial contract amount
(20) Opening contract amount: also known as nominal opening amount, refers to the amount of the base currency in the contract converted into US dollars. If the functional currency is USD, the amount is the opening contract amount; If the functional currency is non-US dollar currency, it will be converted into US dollar amount according to the corresponding quotation.
Examples of verbs (short for verb)
After the customer Lin opened the "two-way treasure" business, he immediately opened the warehouse and sold 20 lots of gold paper contracts (2 ounces of gold paper). The exchange rate is 11USD 20/oz, so the customer's frozen deposit for this contract is $2,576 (that is, 2× 1 120). Assuming that the customer makes a profit when the gold falls back to1USD 1,000/oz, the customer's liquidation income is 200.
Risk disclosure of intransitive verbs
1, the risk of market stop-loss entrustment
According to international practice, even if the customer makes a stop-loss consignment transaction, the drastic change of market conditions may make the consignment be executed not according to the exchange rate set by the customer, but according to the real-time market price exchange rate, so that the loss can not be controlled within the scope drawn up by the customer.
2. Additional margin and risk of forced liquidation
When the market fluctuates to a certain extent, customers may receive a goodwill (non-obligation) notice from the bank that they need to add margin if they meet the conditions stipulated by the bank. At this time, the customer should carefully decide whether to close the position in time or add margin. Increasing the margin may increase the loss. If the customer fails to add enough margin within the specified time, when the market fluctuation continues to be unfavorable to the customer, the opening contract may be forcibly closed by the bank. That is, when the account adequacy ratio is lower than the level stipulated by the bank, the bank will forcibly close the contract positions held by customers in a certain order, and the floating losses of customers actually occur.
3. Transaction cost risk
Customers should pay attention to the overnight deferred gains and losses in the two-way treasure transaction. When the customer holds the opening contract until the next trading day, the bank will include the interest offset as the overnight deferred profit and loss in the margin balance. When a customer conducts a two-way treasure transaction, even if the transaction currency price is profitable, there may be actual losses due to the overnight delay in the accumulation of profits and losses.
4. System risk
During the transaction, the bank independently quotes the bilateral exchange rate of tradable currency pairs with reference to the exchange rate of the international foreign exchange market, and the quotation will not deviate greatly from the exchange rate of the international market at that time. Because the exchange rate transmission in the international market depends on the computer system and electronic communication technology based on the Internet, the reliability of signals between the Internet, their reception or lines, equipment configuration or their connection systems are beyond the control of banks. During the system failure, the bank may suspend the quotation or make a wrong quotation. When the quotation is suspended, the customer will not be able to trade.
The bank will have the right to cancel the transaction concluded by the customer based on the bank's wrong quotation, and any dispute arising from the above quotation error will be settled according to the fair market price at the time of the error, and the bank has the right to directly make necessary corrections or adjustments to the relevant trading accounts. If the customer's trading account is short of funds, the bank will seek recourse from the customer.
5. Communication risks
Two-way treasure trading can only be done through online clients, and there are inherent risks in online trading. Communication between customers and banks may be interrupted or delayed due to non-bank reasons such as poor network, system failure, hacker attacks and viruses.
6. Transfer limit risk
Although the global foreign exchange market basically operates 24 hours a day, transactions such as fund transfer in bank accounts must be limited by the daily business hours of banks. Customers must know the above trading hours of the bank before trading, so as to effectively control the appropriateness and sufficiency of funds in the trading account and ensure the security of the transaction.
7. Policy risks
Two-way treasure trading has always been restricted by the policies of various financial regulatory agencies and government functional departments with the right to formulate relevant policies. In case of business suspension or major changes in business rules due to policy changes, the bank will inform the customer in time and will not bear any losses arising therefrom.
8. Risk of malicious transactions
The two-way treasure transaction is conducted with the transaction user name and password set by the customer. If the customer's transaction password is carelessly kept and stolen by criminals, it may lead to vicious transactions and may cause losses. The bank regards all transactions after logging in through customers as valid transactions, and does not bear any customer losses arising therefrom.
9. Valuation risk
Due to the non-real-time valuation, but not limited to the following situations: (1) The bank cannot ensure the deviation between the customer margin adequacy ratio at the time of compulsory liquidation and the minimum margin adequacy ratio agreed in the agreement, and the bank cannot determine the actual loss caused by compulsory liquidation; (2) When the margin adequacy ratio drops to the early warning level and direct forced liquidation occurs, the bank fails to send a prompt signal.