2. How to place an order for futures trading?

After the customer pays the deposit for opening an account in full according to the regulations, the transaction can be started and the order can be entrusted. The so-called order is that the customer sends a trading instruction to the business personnel of the futures brokerage company before each transaction.

(1) The customer fills in the trading instruction, and indicates the customer's name, trading account number, trading commodity name, contract expiration month, quantity bought or sold, trading price, execution method, order placing date and customer's signature in writing on the entrustment instruction.

(2) After you give instructions to the brokerage company, the brokerage company will call the on-site and off-site representatives of the futures exchange to inform them of the entrustment.

(3) On-site and off-site representatives of brokerage companies stationed in the exchange immediately input entrustment instructions into the exchange trading system to participate in centralized bidding transactions of the exchange. ?

(4) After the execution of the entrustment, the trading results will be immediately displayed on the floor trading terminal, and the market representative will call the applicant, who will inform you again. ?

Customers can send trading instructions to futures brokerage companies in writing, by telephone or in other ways as stipulated by the China Securities Regulatory Commission. Common ordering methods are as follows:

1、? Place an order in writing

The customer fills in the transaction form in person, signs it and submits it to the trading department of the futures brokerage company. Then the trading department of the futures brokerage company calls the company's market representative in the futures exchange, inputs instructions, and enters the exchange mainframe for trading.

2、? Telephone order

The customer directly sends the order to the trading department of the futures brokerage company by telephone, and then the trading department informs the market representative to place the order. The futures brokerage company shall record the customer's instructions for future reference. After the activity, the customer should sign the transaction form.

After accepting the customer's instructions, the futures brokerage company shall promptly notify the market representative. The market representative shall timely input the customer's instructions into the computer terminal of the trading seat for bidding trading.

3、? Online electronic transaction

Customers use the computer and trading software provided by the futures brokerage company to transmit direct trading orders to the trading system of the brokerage company through the network, and the system automatically transmits the trading orders of customers to the trading host of the exchange for trading. This is one of the most convenient trading methods at present.

3. Limit orders and cancellation orders?

A limit order is a trading order to buy and sell at a specific price. If you fill in an order, "sell 10 the May 2006 soybean contract with a price limit of 2 188 yuan/ton", then when the market transaction price is higher than 2 188 yuan/ton, your order will be closed, and the purchase price must be equal to or higher than 2 188 yuan/ton. Limit orders has clear requirements on the transaction price, but whether it can be implemented depends on the price changes within the validity period of the instruction. If the price limit level is not reached, there is no chance for the order to be executed. ?

After the limit order is issued, there are no transactions or only some transactions. At this point, you have the right to issue a cancellation order to make the original limit orders invalid or partially invalid. If you issue a "sell 10 May 2006 soybean contract" with a price limit of 2 188 yuan/ton and only sell 5 lots, you can issue a cancellation order. After cancellation, your original limit order will be partially invalid, and the other five hands will not be closed.

Fourth, the bidding principles of "price priority" and "time priority"

Price priority

The principle of price priority is as follows: the higher-priced buying declaration takes precedence over the lower-priced buying declaration and the lower-priced selling declaration takes precedence over the higher-priced selling declaration.

Time priority

The principle of time priority is as follows: declaration of the same value, the priority order is determined according to the time order of declaration, that is, if the buying and selling direction and price are the same, the first declaration takes precedence over the second declaration. Determine the order according to the time when the exchange host accepts the declaration.

Verb (abbreviation of verb) bidding method

Computer blind date is a deal. Computer matchmaking transaction is an automatic transaction method designed according to the principle of open bidding, which has the advantages of accuracy, continuity, high speed and large capacity. ?

In the early days of futures trading, because there was no computer, public bidding was adopted in trading. There are usually two forms of public bidding: one is continuous bidding system (moving disk), that is, floor traders openly bid face to face in the trading pool of the exchange to express their requirements for buying or selling contracts. This bidding method is the mainstream of futures trading, which is adopted by European and American futures markets. The advantage of this method is that the atmosphere of the venue is active, but the disadvantage is that the scale of personnel is limited by the venue. Many traders are crowded in the trading pool, so noisy that traders have to use gestures to help convey trading information. Another disadvantage of this method is that floor traders have more information and time advantages than OTC traders. Hat-grabbing transactions often become the patent of floor traders.

Another form of public bidding is the one-price system in Japan. The one-price system divides each trading day into several intervals, and each interval has only one price for a contract. First of all, the host bids for each transaction, and the floor traders declare the buying and selling quantity according to their own bidding. If you buy more than you sell, the owner will quote a higher price. On the other hand, quote a lower price until the number of transactions between buyers and sellers is equal at a certain price. After the popularization of computer technology, exchanges all over the world use computers to replace the original open bidding method.

VI. Determination of Transaction Price

The operation of computer trading system of domestic futures exchanges generally sorts the trading declarations according to the principle of price priority and time priority. When the buying price is greater than or equal to the selling price, the matching transaction price is equal to the middle value of the buying price (bp), the selling price (sp) and the previous transaction price (cp).

7. Opening price.

The opening price was generated by call auction. Call auction's method is: within 5 minutes before the opening of each trading day, the first 4 minutes are the declaration time of the purchase price and sale price orders of futures contracts, and the last 1 minute is the call auction matching time, and the resulting opening price is immediately displayed in the quotation column.

Call auction adopts the principle of maximum turnover, that is, the maximum turnover can be obtained at this price. First of all, the trading system arranges all valid buyer declarations from high to low, and the declarations with the same price are arranged according to the time of entering the system; All valid selling declarations are arranged according to the order of the declared price from low to high, and those with the same declared price are arranged according to the time of entering the system. Next, the trading system will gradually match the top buyer's declaration with the sale declaration until the transaction cannot be completed. If the last transaction is concluded, the arithmetic average price of the declared price of the buyer and the declared price of the seller in the last transaction shall be the price generated in call auction, and the price shall be rounded off according to the minimum change price of each futures contract; If the last transaction is a partial transaction, the declared price of some transactions is the price generated in call auction (please note that this price is the opening price, and all quotations for this transaction have taken this price as the transaction price instead of the quotation).