1. A brief introduction to futures in the futures base video

2. Introduction to futures - (1) Basic knowledge of futures trading

3. Introduction to futures - ( 2) Introduction to the development of futures market

4. Introduction to futures - (3) Process and rules of futures trading - 1. Basic process of futures trading

5. Introduction to futures - ( 3) The process and rules of futures trading - 2. How to open an account

6. Getting started with futures - (3) The process and rules of futures trading - 3. How to place an order

7. Introduction to futures - (3) Process and rules of futures trading - 4. Settlement and management accounts

8. Introduction to futures - (3) Process and rules of futures trading - 5. Physical objects Delivery

9. Introduction to futures - (4) Futures commodities and trading methods - 1. Domestic futures exchanges and futures contracts

10. Introduction to futures - (4) Futures Commodities and trading methods - 2. Introduction to representative commodities of Shanghai Futures Exchange (SHFE)

11. Introduction to futures - (4) Futures commodities and trading methods - 3. Zhengzhou Futures Exchange (CZCE) Introduction to representative commodities

12. Introduction to futures - (4) Futures commodities and trading methods - 4. Main trading methods

13. Introduction to futures - (4) Futures commodities and Trading methods - 5. Hedging

14. Introduction to futures - (4) Futures commodities and trading methods - 6. Speculative trading

15. Introduction to futures - ( 4) Futures commodities and trading methods - 7. Arbitrage trading

16. Introduction to futures - (5) Futures trading strategies and risk prevention - 1. Futures investment concepts and strategies

17. Introduction to futures - (5) Futures trading strategies and risk prevention - 2. Key points of technical analysis

Steel futures risk control characteristics

Contract design and rule formulation in the last issue Always put risk management first in the process. According to the characteristics of the steel market, our company has made relatively strict regulations in the design of risk control measures for steel futures. The main ones are:

1. Higher margin collection standards.

The minimum trading margin ratio for wire rod and rebar futures contracts is 7% of the contract value, and the minimum margin ratio for listed transactions is tentatively set at 8% of the contract value.

At the same time, different proportions of trading margin are charged according to the size of the contract position. Depending on the total position, the maximum margin is increased to 12.

When the wire rod and rebar futures contracts have a unilateral market in the same direction on a certain trading day, the margin ratios for three consecutive trading days from this trading day will be adjusted to 10, 12 and 12 respectively.

In terms of gradient increase in margin approaching the delivery month, the margin gradient for wire rod and rebar futures contracts is set at six levels, that is, from the tenth trading day of the second month before the delivery month to the two trading days before the last trading day Starting from the trading day, the maximum margin will be increased to 30.

2. Stricter position limit ratios and position limit regulations.

From the time the contract is listed to the last trading day of the second month before the delivery month, proportional position limits are implemented for wire rod and rebar futures contracts. During this period, when the open interest of a certain wire rod futures contract is ≥ 450,000 lots and the open interest of a certain rebar futures contract is ≥ 750,000 lots, the position limit ratios of futures company members, non-futures company members, and customers are 15, 10, and 10 respectively. 5.

Starting from the first month before the delivery month, absolute position limits will be implemented for wire rod and rebar futures contracts, that is, the position limits for a certain wire rod futures contract for futures company members, non-futures company members, and customers are respectively 18,000, 6,000, 1,800 lots, and the position limit of a certain rebar futures contract is 30,000, 9,000, and 3,000 lots.

After entering the delivery month, absolute position limits are also implemented for wire rod and rebar futures contracts, that is, the position limits for a certain wire rod futures contract for futures company members, non-futures company members, and customers are 3,600 and 1,200 respectively. , 360 lots, and the position limit for a certain rebar futures contract is 6000, 1800, 600 lots.

At the same time, the SHFE has a complete risk control system, a strict risk monitoring system and an experienced risk management team, which can promptly detect and handle abnormal situations during the transaction process to ensure the smooth and healthy operation of steel futures.

Comparison of steel futures and forward electronic transactions

1. Trading varieties

Futures trading: rebar, wire rod.

Electronic trading: Each electronic market has two or three key varieties, including: rebar, high-speed wire rod, plain wire, equilateral angle steel, hot-rolled coil, I-beam, channel steel, etc.

2. Minimum trading unit Futures trading fixed unit: 10 tons/lot Electronic trading: Different electronic markets have different delivery units. Shanghai Steele Electronic Trading Market rebar 5 tons/hand hot-rolled coil 10 tons/hand Shanghai Bulk Steel Electronic Trading Center rebar, high-speed wire rod 5 tons/hand hot-rolled coil 10 tons/hand Shanghai Zhonglian Steel Electronic Trading The market's secondary rebar, 6.5mm plain wire, and 5.5mm hot-rolled coil are all 5 tons/hand. Bohai Steel Trading Network rebar, high-speed wire rod 5 tons/hand hot-rolled coil 10 tons/hand South China International Logistics Steel Trading Center rebar, high-speed wire rod, and hot-rolled coil are all 5 tons/lot, and the quotation unit is Yuan (RMB)/ton.

4. The minimum change unit is 1 yuan/ton.

5. The contract months are January to December.

6. Price limit

7. Trading hours

Futures trading: 9:00-11:30 1:30-3:00.

Electronic trading: 9:30-11:30, 1:30-3:00

8. Electronic trading of delivery grade futures rebar standard products: in line with the national standard GB1499. 2-2007 "Steel for Reinforced Concrete Part 2: Hot-rolled Ribbed Steel Bars" HRB400 or HRBF400 grade φ16mm, φ18mm, φ20mm, φ22mm, φ25mm rebar.

Substitutes: φ16mm, φ18mm, φ20mm, φ22mm, φ25mm rebar of HRB335 or HRBF335 grades that comply with the national standard GB1499.2-2007 "Steel for Reinforced Concrete Part 2: Hot-rolled Ribbed Steel Bars". Secondary rebar that complies with GB1499-1998 "Hot-rolled Ribbed Steel Bars for Reinforced Concrete" (Level 3 can be substituted for delivery.) Specifications: φ12mm-φ25mm; 9-meter fixed length, steel number HRB335 or HRB400. Wire standard products: φ8mm wire rod of HPB235 grade in compliance with the national standard GB1499.1-2008 "Steel for reinforced concrete Part 1: Hot-rolled plain steel bars";

Substitutes: in compliance with the national standard GB1499.1-2008 " Steel for reinforced concrete Part 1: Hot-rolled plain round steel bars》HPB235 grade φ6.5mm wire rod. High-speed wire rod that complies with the requirements of GB/T701-1997 "Ordinary Low Carbon Steel Hot-rolled Disc Rods". Steel number Q235, specification: φ6.5mm. 9. Minimum margin for futures trading: 10% of the contract value. Electronic trading: Different electronic markets have different regulations. The rebar buyer in the Shanghai Steel Electronic Trading Market pays 200 yuan per ton, and the seller provides a registered warehouse receipt or 20 yuan per ton in Shanghai Bulk Steel Electronic Trading Center. The Shanghai Zhonglian Steel Electronic Trading Market is set by the trader who initiates the transaction. During the transaction process, you can choose the margin method and specific value of the transaction by yourself, and the contract amount of Rim Bohai Steel Trading Network rebar, hot-rolled coil plate is not less than 25, and the high-speed wire rod is not less than 30; among them, T1 charges the buyer the full amount Margin, the seller delivers the registered warehouse receipt South China International Logistics and Steel Trading Center 20 10. Transaction fee

Futures: approximately three ten thousandths of the transaction amount (including risk reserve).

According to the current market price, the price per lot is about 7-10 yuan (10 tons per lot).

Electronic trading: Most are 1 yuan/ton.

11. Delivery fee

Futures: 1 yuan/ton.

Electronic trading: mostly 5 yuan/ton.

12. Minimum delivery unit

Futures: 300 tons.

Electronic trading: mostly 10 tons, 20 tons.

13. Delivery location

Futures: Delivery warehouse designated by the exchange, and factory delivery is also possible.

Electronic trading: designated by each electronic market and relatively scattered.

14. Delivery brand

Futures trading: Delivery brand registration Enterprise registered trademark Origin Rebar grade Shougang brand Shougang Corporation Shougang Beijing Shagang brand Jiangsu Shagang Group Co., Ltd. Shagang Jiangsu Zhangjiagang Ma Steel brand Ma'anshan Iron and Steel Co., Ltd. Maanshan Iron and Steel Co., Ltd. Anhui Ma'anshan, Anhui Hefei Xinxing brand Xinxing Cast Pipe Co., Ltd. Company Huaqi Shandong Rizhao Haixin Brand Haixin Steel Group Co., Ltd. Haixin Shanxi Wenxi Bosheng Brand Pingxiang Iron and Steel Co., Ltd. Bosheng Jiangxi Pingxiang Lianfeng Brand Jiangsu Yonggang Group Co., Ltd. Lianfeng Jiangsu Zhangjiagang Wire Rod Brand Shougang Brand Shougang Corporation Shougang Beijing Shagang Brand Jiangsu Shagang Group Co., Ltd. Shagang Jiangsu Zhangjiagang Maanshan Iron and Steel Co., Ltd. Maanshan Iron and Steel Anhui Maanshan, Anhui Hefei Xianggang Brand Hunan Valin Iron and Steel Co., Ltd. Xiangtang Hunan Xiangtan Huaqi Brand Rizhao Steel Rolling Co., Ltd. Qishan Dong Rizhao Haixin Brand Haixin Steel Group Co., Ltd. Haixin Shanxi Wenxi Cathay Brand Henan Jiyuan Steel (Group) Co., Ltd. Cathay Henan Jiyuan, Henan Luoyang Bosheng Brand Pingxiang Steel Co., Ltd. Bosheng Jiangxi Pingxiang Lianfeng Brand Jiangsu Yong Steel Group Co., Ltd. Lianfeng Jiangsu Zhangjiagang Electronic Trading: The following two trading markets mainly trade rebar and wire rods. Shanghai Bulk Steel Electronic Trading Center

Rebar and wire rod manufacturer trademarks Shanghai Baosteel Rebar Group Company Baoguang Shougang Corporation Shougang Tangshan Iron and Steel Group Co., Ltd. Tangshan Iron and Steel Group Co., Ltd. Anshan Iron and Steel Group Co., Ltd. Ansteel Handan Iron and Steel Group Co., Ltd. Company Huanguang Maanshan Iron and Steel Co., Ltd. Maanshan Iron and Steel Group Co., Ltd. Jiangsu Shagang Group Co., Ltd. Shagang Shanghai Zhonglian Steel Electronic Trading Market

6.5mm general wire and prescribed substitutes Tonghua Iron and Steel Group Co., Ltd. Shougang Corporation Tangshan Iron and Steel Group Co., Ltd. Company Changzhou Zhongtian Iron and Steel Co., Ltd. Hefei Iron and Steel Group Co., Ltd. Shaogang Songshan Co., Ltd. Qingdao Iron and Steel Holding Group Co., Ltd. Handan Iron and Steel Group Co., Ltd. Wuhan Iron and Steel Group Hankou Rolling Mill Weifang Iron and Steel Group Co., Ltd. 15. Price Analysis

Due to its own advantages, forward electronic market transactions produce relatively objective and fair prices, which can be used as a reference for enterprises to conduct steel spot transactions. At present, the price of my country's steel forward trading market is relatively stable, and the parallelism with the spot market price trend is maintained relatively well. There is an obvious linear relationship between the two, the basis fluctuation is moderate, and the price discovery function of the forward market is better reflected. good. However, by observing the prices of several major electronic trading markets, it can be clearly found that due to different rules in each market, there are even large differences. In addition, due to different participants, the price differences are large.

On the whole, the current situation of my country's steel forward electronic trading is that the concentration of steel transactions in a few individual regions coexists with the decentralization of steel transactions nationwide. Therefore, although my country's steel electronic trading market is relatively mature, it does not yet have an all-inclusive integrity.

At the same time, the forward electronic trading market has a small capacity, limited participants, and nationwide steel transactions are scattered, so forward transactions are far from affecting the spot market.

The advantages of steel futures are: high fulfillment rate, guaranteed quality, and the ability to generate unified and authoritative prices that have influence on the spot market, which are not available in ordinary forward electronic trading markets. In the recent financial crisis and the changing market situation, steel production companies, intermediary traders and downstream industry users all need a trading plan that can effectively control price risks. Steel futures trading provides hedging for the entire steel industry chain. The function helps enterprises avoid price risks. At the same time, compared with the steel electronic trading market, which has dispersed locations, limited capacity, and inconsistent standards, both speculators and corporate hedging customers can achieve more stable transactions in the futures market, with more guaranteed and regular returns.

16. Analysis of arbitrage opportunities in the futures market and the forward electronic market

The delivery standards of rebar in the futures market and the forward electronic market and the registered brands that allow delivery are extremely high. Due to the degree of overlap, although there is linkage between the price movements of the two markets, due to the large differences in the participating groups and the different capital capacities of the markets, Bailey's situation may still occur, which provides cross-market arbitrage for institutional investors. opportunity. Let's take buying transactions in the forward electronic market and selling transactions in the futures market as an example to analyze the arbitrage opportunities between the two markets.

Theoretically, if the price difference between the two markets is greater than the sum of capital costs, transaction costs, delivery costs and other expenses required to operate between the two markets, cross-market arbitrage can be profitable. The specific calculation is as follows: (The benchmark price is the closing price of rebar in the bulk electronic trading market on March 24. The futures contract involved in the calculation is the 0909 contract). Project forward electronic market Shanghai Futures Exchange transaction fee 1 yuan/ton × 2 = 2 yuan/ton 0.95 yuan/ton × 2 = 1.9 yuan/ton delivery fee 5 yuan/ton 1 yuan/ton entry and exit fee 18 yuan / ton storage fee 0.15 yuan / ton / day × 30 = 4.5 yuan / ton capital cost 3330 × 5.31 × 173/365 = 83.8 yuan / ton 3330 × 10 × 5.31 × 203/365 = 9.8 yuan / ton total 126 yuan / ton Notes: 1. Transaction costs: Both markets require one opening and one closing operation, so the transaction costs are calculated by × 2.

2. Warehouse entry and exit costs: warehouse entry for futures delivery The cost is borne by the seller.

3. Warehousing fees: Since there is a time for warehouse receipt registration for futures delivery, it is recommended that the futures contract that investors choose is the next month's contract of the forward electronic contract. For example, if you choose the forward electronic contract in September , then the October futures contract is selected, so there is a one-month storage fee after buying the spot for delivery.

4. Capital cost: Since the spot is purchased in the forward electronic market, the full payment needs to be delivered, and the capital cost of futures trading is only the part occupied by the margin, so the capital cost is the payment of goods and futures trading. The sum of the margin and the loan interest required. If the client's funds are self-owned funds, capital costs can be saved and profits will be greatly increased.

Through calculation, we found that if the difference between the steel futures market price and the forward electronic market price is greater than 126 yuan, then we will buy the commodity in the forward electronic market and sell the commodity in the futures market. The greater the price difference, the greater the income.

Seventeen. Summary

At present, in the steel trading industry, forward electronic transactions similar to futures have had a huge impact. Taking Shanghai as an example, 60% of the region’s trade Companies all participate in forward electronic transactions, so customers can more easily master the futures transaction and delivery rules based on their understanding of the forward electronic market's transaction and delivery rules. They are also familiar with various trading methods in the futures market, including hedging and arbitrage. Easier to master and use.