Need. Different types of futures also have regulations on the qualifications of investors participating in delivery. At present, China's commodity futures and treasury bonds futures are delivered in kind, while stock index futures are delivered in cash. In commodity futures, individual investors cannot enter the delivery period, and their positions will be closed by the exchange on the last trading day. Only institutional investors with delivery qualifications can make delivery. Generally speaking, investors who need physical delivery are all enterprises involved in spot operation; For stock index futures, individual investors are allowed to hold positions and enter the delivery date.