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On the term of warehouse futures and its explanation
financial market

It is a market agreement, that is, the number of futures contracts bought or sold without hedging. For buyers, it is said to be bulls; For the seller, it is called an empty position.

underrate

Lowering the price and selling the futures contract is called short selling.

Futures discount and futures premium

In a specific place and within a specific time, the futures price of a specific commodity is higher than the spot price, which is called futures premium; The futures price is lower than the spot price, which is called futures discount.

forward market

Under normal circumstances, the futures price is higher than the spot price.

Reverse market

Under special circumstances, the futures price is lower than the spot price.

location

A contract held by a trader is called a position.

Sell all securities at a price lower than when they were bought.

In the transaction, the position is opposite to the price trend, and the liquidation measures are taken to prevent excessive losses.

brisk market

A market with rising prices.

bear market

A market with falling prices.

Open position

Refers to the behavior of futures traders to buy or sell futures contracts.

Clearance/liquidation

It refers to the behavior of futures traders to buy or sell futures contracts with the same variety, quantity and delivery month but opposite trading direction, and conclude futures trading.

Outstanding rights and interests

Refers to the number of open contracts held by futures traders.

Volume limit

Refers to the maximum position held by a futures exchange for futures traders.

make/strike a deal

It refers to the process that the computer trading system of the futures exchange pairs the trading orders of both parties.

Minimum variable price

Refers to the minimum unit price fluctuation of futures contracts.

Maximum daily price fluctuation limit

It means that the trading price of a futures contract in a trading day shall not be higher or lower than the specified fluctuation range, and the quotation exceeding this fluctuation range will be regarded as invalid and cannot be traded.

Delivery month of futures contract

Refers to the month when the physical delivery is stipulated in the futures contract.

last trading day

Refers to the futures contract in the last trading day of the contract delivery month.

The transaction price of futures contracts

Refers to the value-added tax price of the futures contract delivery standard delivered in the benchmark delivery warehouse.

opening prices

Refers to the transaction price generated in call auction within five minutes before the opening of futures contracts. If there is no transaction price in call auction, the opening price is the first transaction price after call auction.

Closing price

Refers to the final transaction price of the futures contract on that day.

Today's settlement price

Refers to the weighted average price of the transaction price of the futures contract on the same day according to the volume. If there is no transaction price on that day, the settlement price of the previous trading day shall be the settlement price of that day.

Upper or lower limit

A futures contract has a buy (sell) declaration with a stop-loss price, a sell (buy) declaration without a stop-loss price, or a deal is made as soon as a sell (buy) declaration is made, but the stop-loss price is not offered within 5 minutes before the closing of the trading day.

bargain price

The computer automatic matching system of the exchange sorts the transaction declarations according to the principle of price priority and time priority, and automatically matches the transaction when the buying price is greater than or equal to the selling price. The matching transaction price is equal to the middle value of the buying price (bp), selling price (sp) and the previous transaction price (cp). Namely:

When bp≥sp≥cp, the latest transaction price =sp.

Bp≥cp≥sp, the latest transaction price =cp.

Cp≥bp≥sp, the latest transaction price =bp.

peak price

The highest price refers to the highest transaction price of a futures contract in a certain period of time.

rock-bottom price

The lowest price refers to the lowest transaction price of futures contracts in a certain period of time.

recent quotation

The latest price refers to the real-time transaction price of futures contracts on a certain trading day.

High tide and low tide

Fluctuation refers to the difference between the latest price of futures contracts in a trading day and the settlement price of the previous trading day.

Maximum purchase price

The highest purchase price refers to the immediate highest price applied by the buyer on the day of the futures contract.

minimum selling price

The lowest selling price refers to the immediate lowest price that the seller applies for selling on the day of the futures contract.

Purchase quantity application

The subscription quantity refers to the highest order quantity that has not been sold in the exchange trading system on the day of the futures contract.

Application for sale

The declared selling quantity refers to the lowest order quantity that has not been traded in the exchange trading system on the day of the futures contract.

turnover

Volume refers to the bilateral quantity of all contracts concluded by a contract in the trading period of the same day.

Outstanding rights and interests

Open position refers to the bilateral number of open positions held by futures traders.

limit order

An instruction that must be executed at a limited price or better.

Cancel instruction

An order from an investor to cancel a specific order.