Let me talk about it.
The settlement price is unique to futures. There is no such thing as stocks. (Alas, stocks are much simpler. When I first started doing futures, I was stupid. What's wrong with shorting? It took me more than half a year to get a half-baked photo. Don't laugh! )
Why does futures have such a thing as a settlement price more than stocks? Let's talk about the trading methods of futures and stocks first. There is only one direction for stocks, and everyone can only make money if they buy up. No short selling. If you want to make money from your stock, you can only buy it in three pieces. If someone pays more than three yuan for your stock, you can make money. Even if the latest price is 3.5 yuan, you may not be able to make money, because if you have a lot of stocks, but now the market is inactive and there is little market capital, you can't sell them, because once you sell them, the price will drop. So when you don't sell them, if you close in 3.5 yuan, then the closing price of 3.5 is the settlement price, which is the settlement price. Calculate your book profit as 50 cents.
But as for futures, some people buy up, others buy down. They open positions with each other. They gamble, and even if they bet, he still pays only 5%. Predicate is called two-way transaction and margin system, so there is a settlement problem. The daily debt-free settlement system is implemented at the close. What does this daily irresponsibility mean, that is, the money you take has gone up? Therefore, after the futures close every day, you should transfer the money of the people who make money to the account and transfer the money of the people who lose money. Only in this way can you ensure that the money you lose does not exceed the 5% deposit you paid. Only in this way can you be safe.
Then there is another problem. What is the price to settle after the close, so as to determine how much the people you bought up earned and how much the people you bought down lost? You have to have a price, so you will ask, just like stocks, to settle at the closing price. Yes, it is much easier. But let me ask you something. In one day, hundreds of thousands of hands were traded. At the moment of closing, if a person who is not afraid of death desperately buys 1000 lots, it will push up the price by dozens of points. If this price is fixed, will the bull stop laughing? Bears don't cry to death? Because the futures company will urge him to make up the money, otherwise it will be difficult tomorrow.
Let's start from here. There is a lot of money on the stock books. If you want to make a lot of money, you must have a fool to buy your stock at a certain price. Futures are bets made by both parties. As long as the price fluctuates, your money keeps changing. The exchange came up with a trick. It is best to use the average transaction price of the whole day as the settlement after the close. Therefore, both buyers and sellers will not suffer. So the settlement price of futures is
In addition, the settlement price has another purpose, which is to calculate the price limit of the next day according to the settlement price. As for the stock, if it closes in 3.5 yuan, the next day's daily limit is 10%, 3. 15 yuan, and 3.85 yuan is the daily limit price.
Futures are based on the average transaction price of the previous day (that is, the settlement price of futures).
You got it? good luck