1. Take the copper futures 1 hand invested by investors as an example (assuming that the copper price is 60,000 yuan per ton at this time), then the funds will be divided into two parts: one part is the settlement reserve of 70,000 yuan, which is used to bear the profits and losses, and will be settled after the daily closing and transferred according to the profits and losses; One is a trading margin of 30,000 yuan, which is essentially like a deposit. The settlement reserve will not be used until it is used up.

2. Futures settlement shall be conducted by daily debt-free system, and settlement shall be completed in about 15 minutes after daily closing.

3. Futures exchange is the counterparty of all buyers and sellers, and there is no direct trading relationship between buyers and sellers.

4. The futures exchange shall be responsible for the credit status of the member futures companies. When a member company fails to pay the loss in time for some reason, the futures exchange must pay for it and form the right of recourse against the futures company. The same is true for futures companies to their customers.

I. Settlement Methods of Futures Trading In the futures market, there are three ways for a futures transaction: hedging liquidation, physical delivery and cash delivery. Accordingly, there are three settlement methods. 1, hedge liquidation. Refers to buying positions, selling positions (buying up), or selling positions and buying positions. Most contracts in futures trading are settled in this way.

Settlement result:

Profit and loss = (selling price-buying price) * contract quantity * contract unit-handling fee

Or = (buying price-selling price) * contract quantity * contract unit-handling fee.

2. physical delivery. It accounts for 1-3% of the total number of contracts, which ensures that the futures price truly reflects the actual spot price of the traded goods and provides the possibility for hedgers to participate in futures trading. Therefore, physical delivery is very important. Settlement result: the seller will hand over the bill of lading and sales invoice to the buyer through the settlement department or settlement company of the exchange, and collect all the payment at the same time.

3. Cash settlement. Stock index futures contracts shall be settled in cash when they expire.

Two. Transaction settlement business 1. The daily debt-free settlement system-also known as day-to-day mark-to-market-refers to the exchange's settlement of all contracts' gains and losses, trading deposits, handling fees and taxes at the settlement price of the day after the end of daily trading, and the implementation of net transfer of receivables and payables, and the corresponding increase or decrease of members' settlement reserves.

2. Settlement price-refers to the price of a futures contract on the same day weighted by the volume. If there is no transaction price on that day, the settlement price of the previous trading day shall be the settlement price of that day.

3. Calculation formula of profit and loss

● Today's profit and loss = liquidation profit and loss+position profit and loss

● Final profit and loss = average historical warehouse profit and loss+average current warehouse profit and loss

Average historical warehouse profit and loss = ∑ [(selling closing price-settlement price on the last trading day) × selling liquidation amount]+∑ [(settlement price on the last trading day-buying liquidation amount) × buying liquidation amount]

Average profit and loss of the day = ∑ [(selling opening price of the day-buying opening price of the day) × selling opening price]+∑ [(selling opening price of the day-buying opening price of the day )× buying opening price]

● Position profit and loss = historical position profit and loss+opening profit and loss on the same day.

Historical position profit and loss = ∑ [(settlement price of the previous day-settlement price of the current day) × historical selling position]+∑ [(settlement price of the current day-settlement price of the previous day) × historical buying position]

Opening profit and loss of the day = ∑ [(selling opening price-settlement price of the day) × selling opening amount]+∑ [(settlement price of the day-buying opening price) × buying opening amount]

4. Calculation formula of trading margin

Margin for buying position (yuan) = buying position (hand) × buying margin rate × settlement price of the day (yuan/ton) × contract unit (ton/hand)

Margin for selling position (yuan) = [selling position (hand)-warehouse receipt offset (hand) ]× selling margin rate× settlement price of the day (yuan/ton )× contract unit (ton/hand)

5. Calculation formula of settlement reserve:

Balance of provision for settlement on the current day = balance of provision for settlement on the previous trading day+trading margin on the previous trading day-trading margin on the current day+actual available pledge amount on the current day+profit and loss on the current day+trading margin-transaction fee+other funds, etc.

6. Calculation formula of transaction cost:

Transaction cost = ∑ [volume (lot) × contract transaction cost (yuan/lot)]

? For example, customer A buys 200 contracts A050 1 and the transaction price is 27 10 yuan/ton. On the same day, customer A sold 0 lots of contract A 050 1 100, and the transaction price was 2750 yuan/ton. On that day, the settlement price of A050 1 contract was 2734 yuan/ton. The trading margin ratio is 8%, and half of the Kaiping warehouse fee will be charged on the same day. What is the settlement reserve of securities firms after settlement on the same day?

Trading margin = (200- 100) hand×10t/hand× 2,734 yuan/ton× 7% =191380 yuan.

Profit and loss of liquidation = 100 lot × 10 ton/lot × (2750-27 10) yuan/ton = 40,000 yuan.

Profit and loss of positions = 100 lot × 10 ton/lot × (2734-27 10) yuan/ton = 24,000 yuan.

Today's profit and loss = liquidation profit and loss+position profit and loss = 40000+24000 = 64000 (yuan)

Transaction fee = (200+ 100) hand× 4 yuan/hand-100× 2 hand× 2 yuan/hand = 800 yuan.