Futures refers to the standardized contract made by the futures exchange, which stipulates to deliver a certain number of subject matter at a specific time and place in the future. Gold futures is a futures contract of spot gold.
Gold futures, like other futures trading, are contracts for delivery at a certain transaction price at a specified time, and the contracts have certain standards. One of the characteristics of futures is that investors buy a certain amount of gold in deposits received, a futures brokerage institution. Generally speaking, buyers and sellers of gold futures close their positions by selling and repurchasing the same number of contracts as before before the contract expiration date, without actually delivering real money and silver. The profit and loss of each transaction is equal to the difference between two contracts in opposite directions, which is commonly known as "speculation".
Gold futures contract trading only needs a small amount of margin as the investment cost, which is highly leveraged, that is, a small amount of funds promotes large transactions, so gold futures trading is also called "margin trading".
Advantages of gold futures:
1, two-way trading, you can buy up or down.
2, the implementation of the T+0 system, in the trading hours, you can buy and sell at any time.
3. You can buy and sell all gold with a small amount of money.
4, the price is open and fair, 24 hours in line with international standards, and it is not easy to be manipulated.
Advantages of investing in gold futures:
(1) is very liquid, and the contract can be realized on any trading day, which is a T+0 transaction.
(2) Greater flexibility allows investors to enter the market at a satisfactory price at any time.
(3) the diversity of entrustment orders, such as real-time market trading, price limit trading, etc. Quality assurance, investors don't have to worry about the quality of the tender in their contracts, and they don't have to bear the appraisal fee.
(4) Safe and convenient, investors don't have to spend energy and expenses, saving real money.
(5) leverage, that is, trading with a small amount of margin. Price advantage, gold futures target is wholesale price, which is superior to retail and decoration gold prices.
(6) The market is centralized and fair. Under the open conditions, the futures trading prices of a region, a country and major financial and trade centers and regions in the world are basically the same.
(7) Hedging, that is, buying and selling futures contracts with the same quantity and price to offset the losses caused by gold price fluctuations, is also called "hedging".
Attachment: Shanghai Futures Exchange Gold Futures Standard Contract
Trading variety gold
Trading unit1000g/hand
Quotation digits (RMB)/gram
The lowest change price is 0.0 1 yuan/gram.
The maximum fluctuation range of daily price shall not exceed 5% of the settlement price of the previous trading day.
The delivery month of the contract is1~ 65438+February.
Trading hours are from 9: 00 am to 165438+ 0: 30 pm to1:30 pm to 3:00 pm.
15 on the last trading day of the contract delivery month (postponed in case of legal holidays)
Delivery date: five consecutive working days after the last trading day.
The delivery grade meets the national standard GB/T 4 134-2003, and the gold content is not less than 99.95%.
Delivery place: delivery warehouse designated by the exchange.
7% of the minimum trading margin contract value
The transaction fee shall not be higher than two ten thousandths of the transaction amount (including risk reserve).
Delivery method physical delivery
Transaction code AU
Listed Exchange Shanghai Futures Exchange
Generally speaking, buyers and sellers of gold futures sell and buy back contracts with the same number as the previous contracts before the contract expires, that is, close positions, and do not really deliver real money and silver. The difference between the profit or loss of each transaction and the contract sales. This way of buying and selling is what people usually call "speculating in gold". Gold futures contract trading only needs a margin of about 10% of the transaction amount as the investment cost, with high leverage and a small amount of funds to promote large transactions. Therefore, gold futures trading is also called "margin trading". Gold, futures accounts and other futures products are basically the same.
On September 1 1, the website of the CSRC announced that with the consent of the State Council, the China Securities Regulatory Commission recently approved the listing of gold futures on the Shanghai Futures Exchange. Prior to this, the listing of gold futures was once faced with dystocia because of multi-party wrestling. In June, the Shanghai Gold Exchange said that its plan to launch China's first gold futures contract had been initially approved by the central bank, and the next step would be to apply to the CSRC for approval. Shanghai Futures Exchange also said on different occasions that Shanghai Futures Exchange is studying the feasibility of launching gold and silver futures contracts and is ready to launch gold futures contracts when conditions are ripe. Now, a piece of approval from China Securities Regulatory Commission has been settled, and Shanghai will drop a heavy weight on the balance of competing for an international financial center.
Shanghai Futures Exchange revised risk control management measures.
On February 7th, 65438, Shanghai Futures Exchange published the revised Measures for Risk Control and Management of Shanghai Futures Exchange (hereinafter referred to as the Measures), which adjusted the relevant clauses of the price limit and margin ratio of unilateral market.
The revised Measures stipulate that when a unilateral market with the same price appears in the market, the second price limit will be increased by 3 percentage points on the basis of the first price limit (daily price limit), and the third price limit will be increased by 5 percentage points on the basis of the first price limit.
As for the standard of margin collection, the revised "Measures" stipulates that when there is a unilateral market with the same price in the market, the margin ratio will be increased by 2 percentage points on the basis of the price limit of each variety at the close of the next trading day. If the adjusted margin ratio is lower than the original margin ratio (daily margin ratio), it will be charged according to the original margin ratio. If there is a unilateral market with the same price for three consecutive days, the margin ratio at the closing and settlement on the third day will still be charged according to the margin ratio at the settlement on the second day. According to reports, the occurrence of three consecutive suspensions of futures contracts in the same direction is a basic price indicator to judge the risk degree of the futures market, and it also has an important reference role in revealing the systemic risk of the financial market. Affected by the spread of the European debt crisis, the global economic downturn and other factors, the volatility of the international financial market has intensified and risks have gathered. To this end, the previous issue started the revision of risk control management measures in time, deepened the understanding of market risks, and made appropriate adjustments to the price limit and margin ratio of unilateral market decline on the basis of extensively soliciting the opinions of member companies and market investors and fully considering the market affordability.
This adjustment is to change the three suspension systems from static to dynamic under the guidance of the regulatory idea of keeping the bottom line of no industry risks and systemic risks, so as to reduce the frequency of industry risks and systemic risks in the system. It is an exploration and attempt made in the rules and regulations. On the basis of fully considering daytime fluctuation and liquidity, the adjustment plan will give full play to the risk release function of two stops and three stops, give full play to the advantages of the two-level risk prevention system of exchanges and member companies, and ensure the effective play of risk management and price discovery functions in the futures market. This move is of positive significance to maintaining market order, resolving market risks and protecting the legitimate rights and interests of investors.
In the next step, the previous issue will work with all parties in the market to further strengthen the pre-research and pre-judgment of market risks, pay more attention to the pertinence, flexibility and predictability of risk control measures, and take "keeping the risk bottom line" as the top priority of risk control work, which runs through every detail of rule revision and front-line supervision, so as to promote the continuous improvement of the operation quality of the futures market and better serve the development of the national economy. The revised Measures have been adopted by the last board of directors.
The reporter learned that according to the current domestic and international economic situation and the operation of financial markets, the last issue recently implemented a series of risk control measures to strengthen the market trend during holidays.