PTA is the abbreviation of purified terephthalic acid, and it is one of the important bulk organic raw materials. Its main purpose is to produce polyester fiber, polyester bottle and polyester film, which are widely used in chemical fiber, light industry, electronics, construction and other aspects of the national economy, and are closely related to people's living standards. PTA futures, that is, the dominant trading variety with phthalic acid as the subject matter, is a futures variety listed on Zhengzhou Commodity Futures Exchange. 2020 1 1 PTA futures opening fee 3 yuan, closing fee 0 yuan.
The margin ratio of PTA futures is 6%, and the margin is 1 140 yuan.
Calculation method: 1 deposit =PTA main contract value× deposit ratio =PTA main contract price×1tonnage× deposit ratio = 3800× 5× 6% =1/40 yuan.
The clearing institution or clearing company of an exchange shall calculate the trading profits and losses of its members and customers, and the calculation results shall be used as the basis for collecting trading margin or additional margin. Therefore, settlement refers to the settlement of all links in the futures trading market, including both the settlement of members by the exchange and the calculation of trading profits and losses by member brokerage companies on their behalf, and the calculation results will be recorded in the customer's margin account.
PTA is a low-end product of petroleum. After a certain process, petroleum produces light gasoline (alias naphtha), from which MX (mixed xylene) is extracted, and then PX (p-xylene) is extracted. PTA uses PX (65%-67%) as raw material, acetic acid as solvent, and air oxidation (35%-33% oxygen) under the action of catalyst to produce crude terephthalic acid. Then the crude terephthalic acid is hydrofined to remove impurities, and then the refined terephthalic acid product, namely PTA finished product, is obtained through crystallization, separation and drying.
Because the margin trading in futures trading has the characteristics of small and wide. In a sense, futures settlement is one of the most important means of futures risk control. The exchange shall open a unified settlement fund account in the bank, and the members shall open a settlement account in the settlement institution of the exchange, and the transactions of the members in the exchange shall be uniformly settled by the settlement institution of the exchange.