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Futures and futures English as futures Futures, is &quot;the future&quot; is evolved, the meaning is: not necessary for both transactions took place in early trading on the physical settlement, but mutually agreed time in the future delivery of a physical, Therefore, the Chinese people will refer to as &quot;futures.&quot; The initial futures are forward transactions from the spot developed from the original spot long-term deal the two sides of a verbal commitment to deliver and collect a certain number of commodities trading range was expanded with the oral commitment to gradually be replaced by the sale contract . Such contracts become more complex behavior, the need for intermediary security to monitor the delivery and payment schedule buyers and sellers, so they appeared in London in 1570 opened the world&#39;s first commodity exchange forward contracts --- Royal Exchange. In order to adapt to the continuous development of commodity economy, in 1985 launched the Chicago Grain Exchange, known as &quot;futures contract&quot; standard agreement to replace the original long-term contracts followed. Use standardized contracts, to allow trading of contracts changed hands, and gradually improve the margin system, so a specialized trading standardized futures contract formation, and futures as an investment and financial management tool for investors. Futures were characterized by the small breadth, fictitious, two-way to make money, high risk, therefore opening up of China is very prudent on the futures. Futures speculation is very similar to the way the stock market, but there are obvious differences. First, Small is Big stocks are trading in full, or how much money can buy a lot of stock, bond futures is a system that is only required to pay turnover 5% to 10% and 100% of the transactions can be carried out. Such investors have a million shares to buy an 10 yuan to buy 1,000 shares, while trading futures can be traded 100 thousand yuan of commodity futures contracts, which is a little on the big. Second, two-way trading stocks is one-way transaction, must first buy a stock, to sell; can first buy the futures that can be sold first, which is two-way trade. Third, time constraints on stock transactions without a time limit, if the quilt could be a long-term open, while the futures delivery must be due, or exchange will be open by force or by physical delivery. Fourth, the actual stock return on the investment gains and losses of two parts, one is the market spread, and the second is the dividend distribution, investment gains and losses in futures market trading is the actual profit and loss. V. As a result of the risk of large futures margin system, margin system and the forced liquidation of the limitations due to their more highly paid, high-risk characteristics, in a sense, the futures can make you a fortune overnight, may also make you an instant penniless, investors should be cautious investment. Futures Knowledge entry Analysis: Financial ETS -------------------------------------------------- ------------------------------ You are involved in the content of this article have any questions, you are holding opponents in the stock futures exchange have any concerns about Market summary there is any doubt, what you care about the trend of the stock, it can raise questions Kaiyuan community -------------------------------------------------- ------------------------------ The so-called futures trading, also known as &quot;contract transactions&quot;, that is the deal, trading transactions between the equivalent of just signed a contract (unlike stock trading, trading goods in case the money would mean clearing the two), the contract in the future You can also transfer (so-called open); maintenance contract is the basis of the right margin: margin if there is no contract, no right to go on hold - and, of course, if the margin after another, and then later can play with ( play mahjong with the rules about it ~). The proportion of total contract amount of margin usually 5 - 20%, so when market volatility 5 - 20%, the party&#39;s profit may double, while the other theory, not a cent left. Therefore, an important form of futures speculation is &quot;squeezed&quot; - enough to make one side margin are forced to &quot;open&quot; - commonly known as &quot;liquidated&quot; - and make a profit. In contrast, because the goods in a short time to raise the speed of the general fund-raising than the slower, the futures of the Corner has been expressed in &quot;multi-Bi Kong.&quot; The most intuitive performance is weak in the spot market, futures market does not drop, rise, the likelihood is going to happen squeezed to the. Margin exactly how the system performed? If the futures margin deposit and buy flowers compared to futures margin just is not the main purchasers, &quot;money&quot; part, but to balance the long and short (or the buy / sell) both occur at any time of the float (and fact) profit and loss. To natural rubber as an example: long and short (or the buy / sell) transactions of 13,700 yuan, after the two sides, when the market rose to 14,100 yuan, the equivalent of multi-400 yuan / hand floating profit, while the short is 400 yuan / hand floating loss, at any time to exchange part of the amount of loss is a loss from its margin account the amount of the profit side of the margin account (of course, also charge account the amount of margin from both sides came out), if a party appears margin is lower than the specified amount (note: not to say that a dollar is not!), transaction of its ownership to be forced open. What is the daily marking to market system As the futures market volatility within a day very often, if the &quot;moment&quot; of the profit and loss results of the implementation of such a party as a &quot;forced liquidation&quot; of the case, most likely prompted a large number of trade disputes on the one hand, and the other On the one hand or even cause the entire transaction simply can not normally go; so exchanges or before the close of the general to take some time, or in the second trading day before the opening time for a &quot;financial settlement&quot; (the wording here may be inappropriate, how should the definition can not remember exactly); in the required time, a margin call if the party can not be filled in time deposits, exchange only open to exercise the power of force. This is called marking-to-market system. Hedging Both the spot market supply and demand for commodities at a future time by selling / buying requests, for fear the arrival of the time when the price is not conducive to their own requirements, so willing to price the futures market are first sold / bought the same number of futures contracts to lock in the cost of this act shall be hedging. Buy and sell hedging hedging hedging points 2, in exchange for selling hedge can be used to warehouse receipts pledged as security for registration without the need to prepare all the required margin. Hedging can also be bought in exchange for use of other securities to pledge as security for without the need to prepare all the required margin. Futures market and the wholesale market is the biggest difference between the futures market to the physical delivery is not the main purpose and means, in the event of physical delivery of large-scale sense, means that in fact occurred corner events. Therefore, in order to force the reduced physical delivery, the exchange will take a series of restraints. Are: substantial increase in the proportion of front-month contract margin, a significant increase in delivery fees and so on. What is &quot;explosive warehouse?&quot; As the market changes too rapidly, investors had time margin when the margin account has been insufficient to hold the original contract was; this because of insufficient margin caused by the forced liquidation of margin, &quot;zero&quot;, commonly known as &quot;burst positions.&quot; What is a Member of seats Analysis: 221.201.105 .* 2006-2-20 12:59 back this statement sealed delete -------------------------------------------------- ------------------------------ 2 Introduction to Futures As with the stock trading, buying seats broker members (securities companies) to do, nothing to do with investors. The market for the smallest unit of what? Like with the stock trading, also known as &quot;hand.&quot; Only for different species, &quot;hand&quot; standard is not the same: for example natural rubber futures was 5 tons / hand. Several steps involved in futures trading 1, Opening: The process and procedures for the stock account is the same; 2, injection: general provisions, &quot;the smallest unit of&quot; more than 10 times the required funding is appropriate. Such as &quot;the smallest unit of&quot; needs 3,000 yuan, so it is ready to 30,000 yuan. 3, to understand and become familiar with the various trading systems and related terms. 4, to learn and master how to calculate the floating profit and loss. How transaction fee collected? When closing, opening half, when the closing half of the open positions. Between the various exchanges or species different standards, roughly equivalent to the value of 2,3 points. Futures contracts in the &quot;February&quot;, &quot;August&quot; is? Refers to the closing month of the contract, also known as delivery month. On the &quot;carry&quot;: Such as person A at 13,700 yuan to buy R308 (ie August 2003 contract delivery of natural rubber), plans to R311 on the throw, and if completed at the same time, the spread between the two (also known as Basis) must be large To what extent does it profit? Here some of the costs involved in this way: Engage in arbitrage in the futures market into bond interest payments; Money to buy natural rubber occupied interest funds; 8 - 11 months of storage costs; VAT: (selling price - purchase price) X 0.17; Assuming that the content of total project was 350 yuan, it means that when at the same time, R308 was 13,700 yuan / ton, R311 was 14,050 yuan / ton, the theory also buy R308 Sell R311 is a can not lose to. If you are not eager to &quot;harvest&quot; during this period as long as the assumptions R312 R311 higher than a certain price, can flat out in the original contract, while holding the R311, turn throw R312. I will introduce an extreme example (this is the end of 1996 I designed the national Reserve arbitrage programs): Reserve accumulation of year-round to a certain amount of natural rubber, if want to engage in arbitrage futures market, at the same time, the spread between the different contract what kind of parity was the only profitable when it? The first is &quot;near&quot; high &quot;far&quot; low, followed by acts of the first polishing operation after the purchase. Here some of the costs involved in this way: Engage in arbitrage in the futures market into bond interest payments; Natural Rubber is repatriating their capital by selling interest income; Arbitrage savings during the storage costs; Less revenue to pay VAT (selling price - purchase price) X 0.17. Assuming that the content of positive and negative offset project total for the 250, it means the opportunity to &quot;short arbitrage.&quot; (To sum up, a sound is not easy to futures market vicious corner events - because the presence of arbitrage would drive &quot;Basis&quot; often in a very reasonable price ratio state.) On the Corner of malignant Malignant behavior of the Corner is the worst disposable plates, also called the abandoned warehouse. When squeezed to feel squeezed main risk has been unable to accumulate to the point of release, its focus will be quickly held to contract a number of &quot;new&quot; seat (under normal circumstances, the seat of the owner or without Rengan Re , or Shade cute, or willing to &quot;embezzlement&quot;) on (actually, the whole process has been the Corner is down between the seats in various positions in the process). In this way, the Corner&#39;s &quot;profits&quot; and the principal was poured out, in the &quot;new&quot; seats to retain only the &quot;initial margin&quot; - that is, the maintenance margin; once market downturn, the margin will appear immediately shortage; Since this time, &quot;the Corner&quot; key has disappeared (the same as Saddam some time ago), so no one will soon occur due to resistance caused by a continuous &quot;circuit breakers.&quot; The exchange will soon find these &quot;new&quot; seats have been &quot;explosive storage&quot;, and seat &quot;thrust position&quot; is the exchange to take over the consequences of their hand in all outstanding positions. Exchange to protect themselves, will inevitably require &quot;rival&quot; hung out flat warehouse receipts; However, this time &quot;rivals&quot; from some sort of relief was still early! ! Thus, exchanges face is that such a pay mess: protocol open it, both sides said the contract is still in the loss of their state (the whole market suddenly made money of the seats can not find); If you do not open the agreement, market running direction of the exchange was forced to accept the contract will continue down the unfavorable exchange, how affordable ... ... Foreign exchange futures and index futures: We usually say the foreign exchange futures, also known as foreign exchange (spot) deposit transactions between investors and banks in cash transactions. The so-called market, is all, &quot;Price line&quot; between the price quoted: buying price and selling price points; when investors &quot;buy&quot; when the bank corresponding to &quot;sell.&quot; Direct and banking transactions exist only spreads (usually 5-7 points, 10 points are normal; market changes so quickly, they also may be 30-50 points), without charge, in addition may involve &quot; interest rate differential &quot;- that investors trading the difference between the interest rates between currencies. For example: person A at the end of 2001, promising 11 U.S. dollars against the yen exchange rate, so throw the yen to buy dollars (even if the investor&#39;s holdings of U.S. dollars can also be such that operation, because &quot;investors holding dollars on hand&quot; just deposit only) ; assumes 124 yen to buy dollars thrown together two hundred thousand dollars of the scale, then at 134 yen to buy back the time, the equivalent of 2 million yen profit - off 120 thousand yuan. Under normal circumstances the investment required for the equivalent amount of 50,000 yuan currency. (During which time approximately 3 - 6 months) Index futures are applied directly to index &quot;money&quot; issue. Such that (the man-made regulations) on the card index value of each point is 200 yuan / hand, when the Shanghai Composite Index rose to 1,500 from 1,350 points, investors buy each hand (about investment 1500X200X0.05 = 15000 yuan) have the opportunity to profit of 30,000 yuan.
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