The basic virtual base interest rate of 2-year, 5-year and 10-year treasury bond stock futures contracts is 3%. Contract factors such as price mode, minimum change price, contract month, stock trading time, last trading day, last trading day, stock trading time and trading mode are basically the same. In addition to the contractual factors, the rules and regulations such as the position limit and position report of large aquaculture households are the same.

Variance 1: The range of receiving period is different.

The two-year period is 1.5-2.25 years, the five-year period is 4-5.25 years, and the 10 period is 6.5 years.

Difference 2: the margin ratio and the rising stopping power are different.

The ratio and stop loss of 2-year margin are 0.5%, that of 5-year margin are 1.0% and 1.2%, and that of 10-year margin is 2%. The margin ratio and stop loss power of different types of treasury bonds futures can best reflect the different price fluctuation forces caused by different long-term enterprise yield changes.

Difference 3: The proportion of compulsory liquidated damages is different.

In today's receiving link, if the empty party/parties fail to pay the ticket/money within the specified time limit, they can use the differential compensation method to terminate the contract without compulsory liquidation and make differential compensation, and must pay the compulsory contract liquidated damages to the trading center according to certain specifications. According to the new delivery implementation plan, the proportion of compulsory liquidated damages for 2-year treasury bonds futures is 0.5%, that for 5-year treasury bonds futures is 0.8%, and that for 10-year treasury bonds futures is 0.8%.

If both parties fail to pay the ticket/money in full within the specified time limit, the trading center will deduct the compulsory contract liquidated damages respectively. According to the requirements of the new acquiring plan, the proportion of compulsory liquidated damages for 2-year treasury bonds futures is 1.0%, that for 5-year treasury bonds futures is 1.6%, and that for 10-year treasury bonds futures is 2.

Difference 4: Risk management is different.

In terms of the total number of applications for compulsory liquidation, 2-year treasury bonds futures account for 0.5%, 5-year treasury bonds futures account for 1.2%, and 10-year treasury bonds futures account for 2.

On the general distribution level of compulsory liquidation, it is divided into three levels according to the size of profits, and different requirements are put forward for the definition level of different contract levels and the definition of profit sharing.

Two-year treasury bond futures are held by companies with first-class profit, and their net shareholding profit is greater than 0.5% of D2 stock contract price, while their second-class profit is lower than 0.5% of D2 stock contract price, which is the highest in the world.

Five-year treasury bond futures 1.2% or more, 1.2% or less but 0.6% or more, and 0.6% or less but 0 or more.

10-year treasury bond futures are above 2.0%, below 2.0%, above 1.0%, below 1.0% and above 0% respectively.