Legally speaking, every trader's "counterparty" is a futures exchange. That is to say: for the buyer, the exchange is the seller; For sellers, the exchange is the buyer. So at the time of final delivery, there is no question of your "opponent" defaulting.

When an empty (or multiple) trader fails to perform the delivery procedures due to undeliverable goods (or insufficient funds) after entering the delivery, the exchange will impose a fine on him, and the penalty ratio is generally 65,438+05-30% of the total value of the delivered goods. After the fine is collected by the exchange, it will be included in the risk capital account of the exchange and will not be paid to the broker.

In addition, if the seller breaches the contract, the exchange will purchase the goods that meet the delivery standards at the market price and pay them to the buyer, and the difference and related expenses will be borne by the defaulting seller.

If the buyer defaults, the exchange will auction the seller's goods at the market price and pay the money to the seller. If the total value does not reach the total delivery value, the difference and related expenses shall be borne by the defaulting buyer.