The exchange is based on the fact that all countries can't deliver so many cash bonds, that is, the subject matter, which is invalid for 327 treasury bonds futures.

At that time, every bite of treasury bonds futures was calculated at a face value of 20,000 yuan, while the subject matter of 327 treasury bonds futures was issued at a face value of 24 billion yuan, that is, 65.438+0.2 million.

Treasury bond futures are delivered in kind at maturity, and all countries are short. Futures contracts should be delivered in cash at maturity. However, the single short position of each country is much higher than the cash coupon, so it can be judged that there is a substantial breach of contract, so it is invalid.