What does it mean that the standard warehouse receipt covers the deposit?
The standard warehouse receipt is used to offset the margin, which means that the customer applies through the futures company and is approved by the exchange, and gives the standard warehouse receipt to the exchange for possession as a guarantee for fulfilling the margin debt. Simply put, customers can offset part of the futures trading margin through the standard warehouse receipt in their hands, thus improving the efficiency of capital utilization. Standard warehouse receipts are limited to trading margin, and losses, expenses, taxes, options and other funds must be settled in monetary funds.
What are the precautions for the standard warehouse receipt to cover the deposit?
1. If the standard warehouse receipt is used to cover the deposit, the benchmark price for market value verification shall be the settlement price of the futures contract in the latest delivery month of this product.
Before the closing of the day of offset, the market value of the standard warehouse receipt shall be calculated according to the settlement price of the futures contract in the latest delivery month of the variety on the trading day before offset.
2. The discounted amount of standard warehouse receipt shall not be higher than 80% of its market value.
3. The maximum amount of the standard warehouse receipt covering the deposit is 4 times of the actual monetary fund.
MIN(80%* pledged quantity * monthly contract settlement price of pledged varieties, 4* actual monetary funds in futures account)
4. Standard warehouse receipts shall not exceed the validity period of warehouse receipts.
5. The standard warehouse receipt will charge a certain pledge fee according to the daily pledge amount, and the calculation formula of pledge fee is: sum of daily pledge amount × pledge rate ÷360.
At present, in order to reduce the cost burden of enterprises during the epidemic, Dashang Institute, Zhengshang Institute and Shang Qi Energy have been exempted from pledge fees. The pledge rate in the previous period was 0. 1% per year.
Can the standard warehouse receipt used to cover the deposit be used in other businesses?
If the standard warehouse receipt is in the margin offset state, other businesses cannot be conducted, such as warehouse receipt transfer, cash conversion, delivery and sales.
For example, a standard warehouse receipt is used to pay a deposit.
Customer A has 500,000 funds in his account. On July 2nd, the deposit was offset against 65,438+000 tons of ZN standard warehouse receipt, and the pledge was released on July 4th. The management fee is 0. 1% annualized. For the convenience of calculation, suppose that customer A did not do futures trading during the pledge period. According to the funds in the customer's account, it can be calculated that the maximum amount of the deposit covered by the warehouse receipt is 50 * 4 = 2 million. The following is the change of customer's equity:
On July 2:
Deposit for pallet pledge:16760 (settlement price in July1) *100 * 0.8 =1340800 yuan, and total account equity is1340800+500000 =/kloc.
After-hours settlement deposit:16690 (settlement price on July 2) * 100*0.8= 1335200 yuan, and the total equity of the account is1335200+500000 =183000.
On July 3:
Intra-transaction margin:16690 (settlement price on July 2) *100 * 0.8 =1338,000 yuan, and the total equity of the account is1338,000+500,000 =1838,000 yuan.
After-hours settlement deposit:16720 (settlement price on July 3) *100 * 0.8 =1337,600 yuan, and the total account equity is1337,600 yuan+500,000 yuan =183.
On July 4th, the pledge was released in the session:
Management fee calculation: (1335200+1337600) × 0.1%÷ 360 = 7.42 yuan.