Centralized delivery mode: Take Zhengzhou Commodity Exchange and Shanghai Futures Exchange as examples.
1. Zhengzhou Commodity Exchange 1 cotton delivery procedures:
(1) After the market closes on the last trading day (the 10 trading day in the delivery month), the Exchange will deliver and pair the position contracts in the delivery month by computer according to the principle of "rounding to the nearest number". Once the delivery relationship is confirmed, the buyer and the seller shall not adjust or change it without authorization.
(2) On the first trading day after the last trading day (i.e. the notification day), the buyer and the seller confirm the delivery notice through the member service system. Members who have not received the delivery notice or have objections to the delivery notice shall notify the Exchange in writing before the notification date 17. If no objection is raised within the specified time, it shall be deemed as agreement to serve the notice.
(3) Before 9: 00 a.m. on the second trading day after the last trading day (i.e. the delivery date), the buyer member will transfer the outstanding payment to the account of the exchange, and the seller member will submit the certificate of standard warehouse receipt to the settlement department of the exchange. The buyer and the seller shall go to the settlement department of the exchange for specific delivery and settlement procedures within the specified time, and the buyer member shall provide the investor's name and tax registration certificate number to the seller member.
(4) On the delivery date, the Exchange collects the full amount from the buyer member, transfers 80% of the full amount to the seller member on the same day, and delivers the warehouse receipt of the seller member to the buyer member. When the buyer member confirms receipt of the special VAT invoice transferred by the seller member, the balance shall be settled. The transmission of invoices and the settlement of the balance shall be confirmed by the members' seals and signatures.
2. Natural rubber delivery procedures of Shanghai Futures Exchange:
Physical delivery date: the physical delivery date is from 16 to 20 (postponed on holidays) in the month when the contract expires.
(1) Buyer declares intention. The buyer shall submit the letter of intent for the required goods to the Exchange before 12: 00 on the next working day of the last trading day (15 of the contract delivery month). The contents include name, brand, quantity and the name of the designated delivery warehouse.
(2) The seller shall submit standard warehouse receipt and special VAT invoice. The seller shall submit the standard warehouse receipt and the special VAT invoice for paid storage fee to the exchange before 18+06: 00. If 18 is a legal holiday, it will be postponed to the first working day after the holiday. If it is the 20th, the seller must complete the delivery before 12: 00.
(3) The exchange allocates standard warehouse receipts. According to the existing resources, the exchange issues standard warehouse receipts to buyers. For the standard warehouse receipt that cannot be used for the delivery of the next futures contract, the exchange will distribute it to the buyer according to the proportion of the total delivery in the current month.
(4) Payment and receipt of the buyer. The buyer must deliver the payment to the exchange before the final delivery date 14:00, and obtain the standard warehouse receipt after payment.
(5) The seller collects the money. The exchange shall pay the payment to the seller before the final delivery date 16:00.
(2) Rolling delivery method
Rolling delivery: taking Zhengzhou Commodity Exchange as an example;
1. All seller members who hold standard warehouse receipts can go through the mortgage procedures of standard warehouse receipts in the Exchange during the trading period from the trading day before the delivery month to the last trading day of the delivery month, and release the corresponding trading margin in the form of positions. Seller members must cancel the standard warehouse receipt mortgage at the exchange before applying for delivery.
2. The Exchange adopts the "three-day delivery method".
The first day is matching day. All seller members holding standard warehouse receipts can apply for delivery through seats during the trading period from the first trading day to the last trading day of the delivery month. After applying for delivery without warehouse receipt pledge, release the corresponding trading deposit; Before the market closes on the same day, the seller's members can cancel the application for delivery through their seats, and after canceling the application for delivery, they will receive the corresponding deposit again. In the delivery month, the buyer member has no right to apply for delivery. According to the delivery application of the seller's member, the exchange will find out the buyer's member who holds the forward contract of the delivery month for the seller's member through computer direct matching after the market closes on the same day. Once the delivery relationship is confirmed, the buyer and the seller shall not adjust or change it without authorization.
The next day is the notification day. The buyer and the seller shall sign the delivery notice on the exchange before the market closes on the next trading day of the pairing date.
The third day is the delivery day. The delivery date is the next trading day when the delivery notice is signed by the buyer and the seller. The buyer's member must transfer the unpaid amount to the exchange account before 9: 00 am on the delivery date. The seller's member must submit the certificate of standard warehouse receipt to the exchange before 9: 00 am on the delivery date.