1, liquidation is a kind of hedging, that is, "sell more than one order in hand, buy empty orders in hand, and there is no position in hand", and if a contract is re-sold, it is "lock position", that is, long and short positions.

Delivery also belongs to hedging, which is all about the understanding of the contract, but the form is different and the essence is similar.

2. If it is bound by the exchange at maturity, the contract will be transferred to others. Because the exchange is strong and flat, only the console in the venue trades for you, which is no different from your own billing and is unified. If your liquidation order (liquidation) meets someone else's warehouse receipt, it becomes someone else's position. If your closing order meets someone else's closing order (for example, your multiple orders meet someone else's empty order), it's gone.