Futures investor handbook

Futures

Futures

One Futures

1, option

Option market is the market of business futures contract. This kind of business is from the production of transfer price fluctuation risk manager and bear price risk the person of venture capital investment that profits attends , in exchange being in accordance with law fair to compete go on , and the system of earnest money is guarantee. A remarkable feature of the system of earnest money is to do greater business with the money that are few comparatively, worth as earnest money to unify5-15%, compare with over-the-counter trading and"So as". The purpose of futures trading is not to get material object , but is evasive price risk or arbitrage, normally, do not realize the transfer of right that merchandise has. The basic skill of option market can lie in the means that manager offers hedge and evasive price risk to production , as well as forms just price through fair, open competition.
2, futures

Futures contract is the restraint that gets law that reaches in exchange and is standardized , and stipulates in future certain a specific place complete a business transaction with time the contract of certain a specific merchandise. This contract has stipulated weight, kind, quality and the specification of merchandise , completes a business transaction for month , trade way etc. and the way of completing a business transaction , it and contract have identical place , and have essential difference, it basic difference when so Fou standardization. We standard"Contract"Call"Unify". This contract only variable is price,

3The major characteristic

A , The clauses such as delivery place, quantity, quality, grade, delivery time and the merchandise kind of futures contract are established , are standardized, only variable is price. The standard of futures contract is usually designed by futures trading , appears on the market by national superintendency organization examination and approval.

B , Futures contract is when futures trading organizes to close the business , it has legal effectiveness, and in the trade hall that price is also in exchange, produce through publicizing the way of price offer; Abroad, adopt mostly to call price way openly, and our country trades with computer.

C , Futures contract fulfill

D , Futures contract may unify through

4The composition

E , Trade

F , Trade quantity

G , Minimum change price, quotation

H , Everyday price biggest fluctuation"Raising", claim"Fall".

Me In contract month, assigned specific

J , Trade with time,

K , Finally,:Final trade day denotes the certain

L , Complete:Pointing at the stipulation

M , Complete

N , Complete

O , Earnest money, stipulation specific contract specific time specific case takes off exchange the proportion of earnest money of taking. Futures company can usually take the proportion of earnest money of a little more point.

P , Trade service

5, the major

A, the two-wainess

A biggest difference of futures trading and the stock market futures may be two-way to trade , futures may buy to leave empty also may short sales. Price rising may low buy to sell high, when price is declining , it is low to mend to may sell high. Do may make money , do leave empty may also make money , so, say that futures have no bear market. In bear market, the meeting of the stock market is desolate option market is showy as before, opportunity exists still.

B, the cost

For futures trading country does not levy the tax costs such as stamp tax, only cost is trade service charge. 3 domestic exchange nows, formality is in 2% , 3 controls , add to manage the surtax of company uses , unilateral service charge is also below the 1% of trade volume.

C, the lever
Lever principle is futures investment glamour place.5%Earnest money can get the right of future trade. Because of the utilization of earnest money, formerly quotations quilt magnifies with the time more than 10. We suppose that copper price rise stops certain day in( futures rise stops only for last trade the 4 of day%), operation as ,0%( 4%5%) is huge, it is

D," T+0Trade opportunity

Futures" T+0Trade, the use that has raised fund efficiently efficiency, may open storehouse flat storehouse at any time in the same day , do business again and again , get the profit of price difference. At the same time, it is favorable to control with risk, once discovery tendency far from good, can level storehouse in time to stop to harm. Do not resemble stock, in the same day after trading , when price changes to unfavourable direction, can not level storehouse.

5, futures are zero

Futures are zero and market and option market and do not create profit. In certain momentary part, do not consider the receipts and payment of fund and draw trade cost, the total fund quantity of option market is constant, the profit of market participator comes from the another loss of trade person.
In stock market, market price and the machine of walking into bear market are shrunk considerably, besides, it is meager as sharing bonus , country and enterprise induct fund , also have no to do empty mechanism. The fund amount of stock market can arise negative growth in a time, profit total will be smaller than loss volume.

6 , effective

The contract of every specific trade has everyday the control mechanism of raising limit. Is going to settle accounts everyday without liability system. The customer earnest money after will settle accounts everyday the level of earnest money below company's stipulation, futures manage company manages according to futures the way notice of contract agreement customer addition earnest money; Customer can not add to earnest money on time, futures manage company should will this customer part or hold storehouse completely to level storehouse forced, till the remaining sum of earnest money, can maintain its surplus money.

2 and futures

Futures contract may

( one) , merchandise

1 . the futures of agricultural

1.1, grain futures, it has wheat futures, corn futures

1.2, the kind of futures of industrial

1.3, the article futures of livestock

1.4, the futures of forest

The present each exchangeCBOT) is the major
2, the futures

Now, when the nonferrous10Grow , copper, aluminium, lead, zinc, tin, nickel, palladium, platinum, gold and silver. In which, the futures such as gold, silver, platinum and palladium are again called as the futures of noble metal since its value is high.

Nonferrous metal is the one of more mature futures kind in present world option market. The futures trading of nonferrous metal on world is concentrated mainly in London metal exchange, the commercial exchange of New York and the Tokyo exchange of industrial goods. Especially the trade price of London metal exchange futures contract, it is public by all parts of the world to consider as the price standard of the trade of nonferrous metal. The copper futures trading of the Shanghai place of futures trading of our country, in recent years, growth is quick. Present copper single kind concludes quantity, have exceeded the second position of the commercial exchange house whole world of New York.

3, energy

Energy futures1978Year. As a kind of burgeoning merchandise futures kind and its trade exceptional activism, trade quantity always shows the tendency of fast increase. Now, is next only to the futures of agricultural product and the futures of interest rate , have exceeded metal futures , is the important composition part of international option market.
Crude oil is that the important futures contract of crude oil on the most important energy futures kind and present world has: The light quality low sulphur crude oil of the commercial exchange of New York; The cloth of London international petroleum exchange Lun the special futures contract of crude oil4Grow.

( 2) , financial

1, the

The futures of foreign20Century70In times, it is first, it is rear that fixing the system of exchange rate on the market of foreign exchange collapse , to avoid the risk of exchange rate, the futures of foreign exchange emerge as the times require. As the development of international trade and the world process of economic integration accelerate , the futures trading of foreign exchange always maintains vigorous momentum of development.

Now, the major product kind of the futures trading of foreign exchange has: U.S. dollar, Yen, euro, German mark, Swiss franc, the Yuan of Canada and Australia are first to wait; The staple market of the futures of foreign exchange is in America and is European.

2, the

The futures of interest rate denote the futures contract with bond kind of bond as the thing marked. The arising of the futures of interest rate originates from cancel and the relax of the control of interest rate. The condition in the marketization of interest rate takes off , the very economic main part urgent needs the tool of the management risk of interest rate. Though the arising of the futures of interest rate than the futures of foreign exchange late 3 years are many, but its development speed than foreign exchange futures rapid more. Its application scope also has extensive futures than foreign exchange. Now, in region and the country with more developed futures trading, the futures of interest rate have exceeded the futures of agricultural product long ago and become to close the business to measure a biggest kind.

The kind of the futures of interest rate is numerous. May divide into the futures of short period of interest rate and the long-term futures of interest rate on schedule; In according to debt proof, may divide into the futures of treasury bill , the long-term futures and European U.S. dollar regular deposit futures of treasury bonds. Trading concentrate mainly in Chicago commercial exchange and the Chicago futures trading of America.

3, stock

Stock index futures denote to be the financial futures contract of the thing marked with stock price index. When specific trade, the value of stock index futures contract uses index count to multiply calculate with the unit amount of money that stipulates in advance. Such as standardOGeneral Er500U.S. dollar, the50HKD. Stock index3Month6Month9Month12Month is circulating month; It also has annual

The essence of stock index futures trading is , investor shifts it on option market through index futures tool for the expected risk of entire stock market price index to come. Its risk compensates for mutually through holding the business of the investor of different judgment for the tendency of the stock market to operate to sell. Belong to futures trading as its and stock futures trading. The thing of stock futures trading that marked is the stock on-hand stock; And the thing of stock index futures trading that marked is stock index, it is taking the change of stock index as standard , settles accounts with cash. The both sides of stock index futures trading have not carried out realistic stock trade , the of business is stock index futures contract. Unifying the restriction of trade condition is more few.

So as Standard %26500It is example to grow the500U.S. dollar.6Expect in month1000Count , it is so50 thousandU.S. dollar.5%Earnest25 thousandU.S. dollar may get10%100Count , you100 500=50000The profit of200%.

( 3) , the trade

Our country now has no financial futures

Shanghai futures trading:

Zhengzhou futures trading:

Dalian futures trading:

In which, copper, aluminium, natural rubber,

3 and the risk

1, the system

In futures trading, any trade person5%To10%) pay to fit earnest money , fulfill the assurance of financial resources of futures contract as it , then can then participate in the business of futures contract , and determine in accordance with the condition that price changes whether add to fund, this is the system of earnest money, the fund paid is earnest money.

2, rise falls

Rise falls to stop board system , again claim everyday the biggest fluctuation restriction of price, point at futures contract when each trade price fluctuation with Japan-China trade must not be higher than or be lower than assigned rise to fall range, exceed this rise to fall the quotation of range will be been regard as is invalid, can not close the business.

3, hold the

Holding the storehouse degree of quota system is futures trading is to guard against the behavior of control market price , prevent the risk excessive concentration of option market in few investor, for member and customer hold storehouse to carry out the system of restriction. Exceed limit, exchange may stipulate to level storehouse or raising forced the proportion of earnest money.

4 . big household report system: Is member or customer certain kind the speculative money of holding the speculative money of storehouse contract to reach exchange for its stipulation holds storehouse to set bounds80%Above , member or customer should report

5, level

It is insufficient to level storehouse system forced to denote the trade earnest money when member or customer and do not supply in assigned time , or is member or customer hold storehouse quantity to surpass assigned limit , or when member or customer violates rule, exchange enlarges further to prevent risk, implement levels storehouse system forced. That is said, is exchange as violate rule person relevant hold storehouse to carry out a kind of coercive measures of flat storehouse.

6, customer

To defend the legitimate rights and interests of trade involved party, rise and the system of earnest money of guaranteeing futures trading that goes on normally and establishes according to exchange fall to stop board system and limit storehouse system , level storehouse system etc. forced specific execution.

4 and the

The process of futures trading includes opening an account and ordering mainly , price offer , conclude repayment and settlement , complete a business transaction etc. link, know each process of major servicing of futures trading completely , understand the relevant concept in futures trading , is helpful for investor familiar futures business , fulfill duty and the right in trade process correctly, guarantee trade behavior is unblocked and is complete, it is that investor participates in the necessary preparation before futures trading.

( one)

Deliver because of directly entering futures trading is easy can only be the member of the place of futures trading, so, ordinary investor is entering the trade of option market , should first select a have legal futures agency qualification and credit good, fund safe, running standard and charge reasonable have the futures of exchange member qualification to manage company.

Investor when selected futures manage company after, can manage to this futures company puts forward entrustment to apply for , open account. It is investor( trustee) essentially to open account between manage with futures company( agent) establishment a kind of legal relation.

Open an

銆€銆€1, risk

Customer entrustment futures manage company is engaged in futures trading, must beforehand when futures manage company handles to open an account to register. Futures manage company when accept customer to open an account application, should offer to customer" the risk manual of futures trading". After personal customer reads and understands carefully, on " this risk manual of futures trading ", signs; Unit customer when careful reading understands afterwards, sign and add cover unit official seal on " this risk manual of futures trading " by unit legal representative person.

Futures trading is a more special trade behavior, the risk degree of facing is wanted than general merchandise business and the investment of industry and commerce and bond investment. Is the normal running that guarantees option market, protect the legitimate rights and interests of customer, customer, before carrying out futures trading, should have for the risk of futures trading the futures risk that many knowledges and statements reveal comparatively in understanding manual , and undertakes the possible loss that occurs.

銆€銆€2, sign

Futures manage company when accept customer to open an account application, both sides need to sign " futures manage contract ". Personal customer should sign on this contract, unit customer should be signed and added on this contract by legal person, cover official seal. Individual opens an account , should offer me ID card, preserve seal or signature scale. Unit opens an account , should offer the photocopy " the business license of legal entity", and offer legal representative the full name of person and the business conducted person of our unit of futures trading and the written content materials such as telephone number, unit and its legal representative person or the unit seal of responsible person and legal representative person the written authorization that authorizes the business of futures trading to carry out person book.

Exchange implement customer trade coding registration< xml:namespace prefix=st1 ns="urn:schemas-microsoft-com:office:smarttags"/>< chmetcnv w:st=on tcsc=1 numbertype=3 negative=False hasspace=False sourcevalue=1 unitname=鐮?It< chmetcnv/>, special yard

Trade coding denotes futures to manage the trade< chmetcnv w:st=on tcsc=1 numbertype=3 negative=False hasspace=False sourcevalue=1 unitname=鐮?It< chmetcnv/>System, must not mix yard trade. If have violation, will not only lead to the punishment of superintendency department, may at the same time also manage to futures company or guest brings the loss that can't imagine.

銆€銆€3, pay to

Customer when manage with futures company signs futures to manage contract afterwards, should pay according to stipulation to fit to open an account earnest money. Futures manage company pays customer the earnest money fited deposits futures to manage the designated customer account of contract in, let customer carry out futures trading. Futures manage the earnest money that company takes to customer, belonging to customer have , futures manage company excludes according to Chinese certificate prison meeting is stipulated as the earnest money that customer deposits to futures trading, it is outside that carrying out futures trading settle accounts , strictlying forbid to move to be him use.

( 2) ,

Customer when according to stipulation after pay to fit to open an account earnest money, can begin to trade , entrust to be single. Under so-called, it is single, denote customer when the forward futures of each deal manage company's business people give trade instruction, explain the behaviors such as price, quantity and the kind of business contract. Include as the content of trade instruction: Between date, trade direction, quantity, month, price and the kind of futures trading prompt , the name, customer name, customer coding and account of futures trading , futures manage company's and customer signature.

The trade instruction stipulated by the futures trading of our country has is two: The cancel and instruction of price limit are instructed , trade instruction is the same day effective. Before instruction is concluded , customer may put forward change and cancels.

The instruction of price limit: The instruction of price limit denotes to carry out the instruction that must according to limited price or better price conclude. When giving the instruction of price limit, customer must show clearly specific price. Its characteristic is to be able to close the business according to the price of customer expectation , but at the same time also has the possibility that not concluded.

Cancel is instructed: It designates certain one to instruct the instruction of cancel if canceling instruction denote customer requirement. Customer should instruct through carrying out , cancels completely the instruction given before.

It is ordered that customer may

Under written, it is single: Customer personally fills out trade sheet, the signature after fills delivers manage from futures company's trade department, manage again from futures company's trade department manages only through telephone newspaper to this futures company in the site of futures trading make city representative, from make city representative input instruction to do business host computer matches to close the business.

Under telephone, it is single: Customer will directly instruct through telephone to give due goods company's department trade , and then makes city representative by trade department notice to order. Futures century company needs customer instruction recording to verify. Afterwards, customer should mend on trade sheet to sign full name.

Under network, it is single: Customer manages through futures the trade software that company offers orders , give trade instruction to futures to manage company's server, when futures manage company's check customer account and password send trade instruction to futures trading after mistake to deliver easy system.

( 3) ,

The way of forming of contract price has futures mainly: Cry out openly price way and computer match to conclude two ways. What present domestic futures trading adopts is that computer matches the way of closing the business.

Computer matches to close the business is basis cries out openly a kind of principle computer automatic trade way of price that designed , the trade instruction of denoting the computer trade system of the place of futures trading for trade both sides goes on the process that pairs.

Domestic futures trading the machine trade systematic operation calculated, general is will business declaration form sorts with the principle with prior price and prior time. When buying cost is larger than and is equal to , selling offered price match voluntarily to close the business , matching to conclude price is equal to buying cost(BP) , sellSP) concludeCPIn) 3 persons in

WhenBPSPCP,: It is=SP

WhenBPCPSP,: It is=CP

WhenCPBPSP,: It is=BP

The closing price

The futures trading

(1) cry out openly price: Denote to call price face to face openly in the trade pool of exchange hall with independently managed business by the broker in site , and assist with the way of gesture trade futures contract. This kind of trade way popular is western.

(2) collective calls price: Denote the price of futures contract cry out by chairman of trade, the broker in all site basis it cries out price the quantity reported , till the trade in the business on certain a price quantity is equal. This trade way originates from Japan.

(3) electronic trade: It matches the computer of the instruction input exchange of business trade voluntarily to conclude system , voluntarily according to the principle with prior price and prior time, matches the trade way concluded if denoting to make city in site represent to pass through computer network terminal. This kind of way of closing the business also gets extensive application on international futures, the futures trading of our country place adopts this kind of way of price offer.

( 4) , conclude

Customer trade after instruction matches in exchange computer system to close the business , make city representative should will conclude result to feedback to return futures manage company's next cell, futures manage company's next cell will conclude result to record when trade sheet go up hit time to thrust notes return to return customer agent , represent report again by customer to customer. Conclude repayment record to include following content: Trade direction and effect hand are several , conclude price , conclude repayment time.

( 5) ,

Settle accounts to denote as trade result trade with exchange concerning stipulation for member earnest money, profit and loss and service charge , the calculation that item carries out concerning other , transfer. Settlement includes exchange, is for the settlement of member manage with futures the settlement of company's member for customer, its calculation will be sumed as a result into the account of earnest money of customer.

Futures manage the settlement of company process is so: Futures manage company's basis customer open an account information record enters customer name , Zhang the customer basic information such as , communication way, according to the discrepancy golden proof fund of customer that recorded into customer, discrepancy changes , basis the trade of customer and complete a business transaction the account of receipt for customer carries out fund to settle accounts.

The settlements of bond and futures are not the same. Futures daily settlement is very important, you must when each trade day for your settlement result goes on verification, only so, then can know well , not as because of negligence cause unnecessary loss.

The place of futures trading is not

Futures manage company settles accounts for the items such as earnest money, service charge and the profit and loss of each customer after each trade finishes on day. Futures manage company when close city backward customer to send trade settlement sheet. Like trade settlement unitary show following item: Account number and household are well-known , conclude date , conclude kind and contract month , conclude quantity and price , buy to enter or sell make and open storehouse or flat storehouse , settle accounts the same day price, the occupation volume of earnest money and the remaining sum of earnest money , trade service charge and other costs and tax payment etc..

The customer earnest money after will settle accounts everyday the earnest money that futures trading stipulates below level, futures manage company manages according to futures the way notice of contract agreement customer addition earnest money; Customer can not add to earnest money on time, futures manage company should will this customer part or hold storehouse completely to level storehouse forced, till the remaining sum of earnest money, can maintain its surplus money.

( 6) ,

In futures trading, finish futures open

Merchandise futures trading completes a business transaction normally with material object system. Though eventually, the proportion of the futures contract that is used in material object to complete a business transaction is very little, but it is very few to be just this( the proportion that takes the total amount of money of futures trading ) material object complete a business transaction contact option market and spot market , for the performance of goods market function, have offered important prerequisite condition.

Complete a business transaction if

Material object completes a business transaction to denote futures contract expire , trade both sides have the transfer of right through the merchandise carried by this futures contract, finishing do not level the process of storehouse contract after expiry.

The way of

銆€銆€1,"Concentration"Complete a business transaction: Have due contract when complete a business transaction for month final trade day afterwards oneness concentration the way of completing a business transaction of completing a business transaction.

銆€銆€2,"Scatter"Complete a business transaction: Only when complete a business transaction for month the due contract that trade has finally after day pair completely to complete a business transaction outside, when complete a business transaction with month first trade day to final trade the seller between day who holds the sheet of storehouse in assigned time may put forward to complete a business transaction.

Material object completes a business transaction to ask go on with member name. The material object of unit customer completes a business transaction must entrust member to go on , and with member name, go on in exchange.

Member when futures contract
銆€銆€1, when stipulation completes
銆€銆€2, when stipulation completes
銆€銆€3, the merchandise
Exchange should be honored the agreement first for you. Exchange may adopt purchase and Jing the way handling sold the matter of promise breaking, the member of promise breaking should take the responsibility for undertaking the cost and loss that arouses from this. Exchange for promise breaking member returns may place punishes with payment penalty due to breach of contract and compensation money etc..

How to carry

1, legal person
Basis Chinese certificate prison can stipulate , when the national department registered registration of business administration , have the independent operation of legal person qualification accords with organization or the legal person of the regulation stipulation of state law just may apply for becoming futures to manage the customer of company.
Legal person or
" the business heat
Country tax affir
Bank opens an
Legal representative
Instruction gives person and fund to
Represent person illegally surely

2, individual opens
Individual opens an account need
Open an account
Instructing to give person

3, legal person need
" futures
" legal person
Instructing to give card
" investor futures
" investor futures

4, individual need
" futures
" natural person
Instructing to
" investor futures
" silver issue
" investor futures

5, legal person
The password
Neting to
The message

6, individual opens
The password
Neting to
The message
Silver

7, password
No matter trade password and fund tune
Person holds my script and instruction of ID card

8, which unit and individual
According to the stipulation of the relevant
Financial institution,
The functionary
Option market
Could not offer
Chinese certificate prison

9, what< chmetcnv w:st=on tcsc=1 numbertype=3 negative=False hasspace=False sourcevalue=1 unitname=鐮?It< chmetcnv/>?
A investor can only have a investor coding in exchange. Investor no matter when few futures manage company opens an account , so long as opening an account , information is the same certificate or same enterprise business license of one body, so, this investor can only possess only a trade coding in exchange. Customer coding special yard uses privately , must not borrow.

10, when other futures manage
May.

11, handle to open
The same day after signing contract,

12, how to handle
Customer when our company has no hold storehouse , have no to complete a business transaction to leave problem, may settle accounts to trade department application sells household, fill out " investor sells household application form ". Customer handles to sell household , must sign before formality to confirm that the settlement of last trade is single. Trade settlement department when examination customer not have after forbid to sell the case of household, assistance customer handles to sell household formality. Customer since sell household day , will finish completely with legal relation as well as all debt relations of creditor's rights of company.

12-1Customer standard storehouse
1.Fill out " the Shanghai
2.Fill out " Shanghai futures
3.Fill out " Shanghai futures
4.Offer enterprise(Need that)
5.Offer enterprise
6.Offer to open an

2 and

13, how customer
Customer holds my script of ID card , cover has company's settlement to use privately Zhang fund card, until company's business department signs " silver issue transfer agreement", installs fund to allocate password; After hold 3 above-mentioned scripts, go to work trip or build trip to handle silver issue transfer open-minded formality. We now already transfer accounts in nation-wide scope open-minded silver issue, specific condition may consult our local business department.

16, how local personal
Local personal household uses silver issue transfer form discrepancy gold in principle, or mention cash to hand over to the state to take charge of financial department, may also go bank direct will cash(Or bankbook)Change over to our account

17, how differently
Into
Differently personal household when local bank handles remittance to directly remit to enter our account of earnest money special, when remittance sheet remarks fence marks futures to open an account well-known and fund account number, and returning bank fax only to company's department finance , enter the customer account of earnest money till financial department after confirming fund to account. If make ticket name and us to open an account , name does not conform , need to fill out " fund confirmation".
Make gold: Fill out to take money voucher , financial

18, how the household
Into
On transfer check, remittance, draft and net, the forms such as bank change over to our account of earnest money special, if make ticket name and our futures to open an account , name does not conform , need to fill out " fund confirmation".
Make gold: Company makes the golden household fund of legal person according to customer requirement through the forms such as bank on transfer check, remittance, draft and net, can not change over to personal account.

19After , check inventory
Can not turn completely , may mark to turn the most of funds. Do not go on because of settling accounts the same day is former, trade system can freeze the costs such as service charge, desirable fund is not complete and accurate. Need to finish when settling accounts the same day after, talent accurate turn fund completely to happen.

20, when have no hold the condition of storehouse take off( the condition of checking inventory the same day is excepted ), how does talent turn earnest money completely through silver issue transfer to happen?
Under the direct condition that stroke pulls out fund through silver issue transfer system, at most, may turn may use fund meeting restricts. If will turn fund completely, please when before stroke turns news deliver company's trade settlement to department, functionary will release fund limits of authority, can turn the fund in the account of earnest money completely.

21, silver issue transfer銆€
It is rear that silver issue transfer bank blocks to lose , customer may inquire the fund in card first through silver issue transfer system whether loss, wail if forget card, please go to company's settlement department inquires; The fund in urgent card, please block bank first fund changes over to futures fund account, after go to bank to report loss. Since reporting loss , need to freeze the fund time of one week in card, customer must go bank cancels silver issue transfer, after handle silver issue transfer again again.

Trade 3

22, customer need to
Customer when our completion opens
Read futures deeply to
Know contract detailed rules and regulations. Contract detailed rules and regulations rise, quantity, grade, quality, specification, trade time and the trade way of being futures trading for futures contract fall to stop the stipulations such as board restriction , it is the rule that all futures investor complies with together.
Accept to read quotation page.
For trading , technical

23, when our company
There is some kinds of following

24, what calls set
When have not concluded price the same day yet, investor basis before today closing price and as the same day the forecast of quotations comes to input trade price , according to the biggest principle of concluding quantity coming to decide the same day, this process and the price of opening quotation of trade are called as set price offer.
The set price offer5In minute,4After minute buies1Minute matches

25, close the business
Price is prior
It is prior to
Level

26, next sheet may
Now may give when having"Level"Instruct. When Dalian"Level"Instruct , exchange is matched

27, trade entrustment sheet has
On net, trading
When removing:
Is removing: Withdrawing sheet instruct
Department removes:
Have removed:
Do not newspaper:
Till newspaper: Single
Straight newspaper: Ordering instruct
Already newspaper:
Department becomes:
Have become:
Remove to abandon: Withdraw only useless sheet , express that withdraw single instruction failure, it has been concluded that reason may be that instruct by the next sheet that removes or in site, can not find this single record;
It is single to abandon:

28, can arise what condition
Usually, the
Zhengzhou"It", after assembling
Shanghai"Do" ", do"Sheet can enter trade

29, net goes up trade
It is trading with time , will remove if customer list appears , is withdrawing and treating newspaper , the condition of not announce and being announcing and withdrawing useless, useless sheet, please contact inquiry in time with our trade running department.

30, what is the
In futures trading, trade person just according to buy to sell the certain proportion of futures contract value pay to incorporate few funds , action fulfills the assurance of financial resources of futures contract, may carry out total trade. This kind of system is called as the system of earnest money.
ForCU0502Price29.23It/Ton, suppose10%, trade3Hand5Ton/Hand) the
29.23 thousand脳5 10%It

31, what calls
Settle accounts the same day price denotes the certain goods contract of first phase to conclude price the same day according to trade quantity add right average price. The same day, have no to conclude priceAbove a trade the settlement

32, what lets to
Have no liability settlement everyday system again claims to stare at the degree of market system everyday, it is rear that denoting to trade everyday finish , exchange the profit and loss of contract that price settlement has according to the same day each contract settlement, trade earnest money and the costs such as service charge and taxes, as receive the fund dealt with to carry out net volume one time, stroke turns , corresponding increase or reduce the settlement of member capital reserve. Manage member takes the responsibility according to same method settle accounts for customer.

33, what is to
Rise falls to stop board system , denote futures contract when in a trade day conclude price can not be higher than or be lower than in order to unify on a trade day settlement the certain a rise with price of standard falls range, it is invalid that the quotation that exceeds this scope will be regard as , can not close the business.
When rise falls to stop board system take off, former trade day settlement price the biggest rise that adds promise forms the same day the upper limit of price rising, is called as raising limit; Former a trade day settlement price deducts promise biggest fall forms price to predict the lower limit that falls , is called as to fall to stop board.
Therefore rise falls to
Rise falls to stop board5Minute appearance(Sell)Report , have(Buy)ReportOr happen(Buy)Report to close theHave only unilateral quotation or can't

34, what holds
Holding the storehouse degree of quota system to denote futures trading is to guard against the behavior of control market price , prevent the risk excessive concentration of option market in few investor, for member and customer hold storehouse quantity to carry out the system of restriction.

35, there are which
Limit storehouse denotes exchange to stipulate to manage company Yuan or customer may hold , according to the biggest amount of certain a contract speculative money of unilateral calculation. Limit to storehouse to carry out following basic system:
( Yi) basis the specific condition of
( 2) certain January contract is in the different stage in its trade process , is suitable for different limit storehouse amount respectively, enter to complete a business transaction the contract limit storehouse amount severe control of month;
( 3) adopt restriction member holds
( 4) hedge trade holds storehouse
Manage member well-known all customers have hold storehouse amount to number( bull position and phony position difference calculation, same below ), must not surpass the limit storehouse amount of this member.
Same customer when difference manages there are many trade codings open in member place, each trade coding goes up have hold storehouse amount to number, must not surpass the limit storehouse amount of a customer.

36, what is big
Big household report system denotes to be member or customer certain kind the speculative money of holding the speculative money of storehouse contract to reach exchange for its stipulation holds storehouse to set bounds80%Above( contain this number), member or customer(

37, what is to
Leveling storehouse system forced to denote the trade earnest money when member or customer deficiency has not yet been supplied in assigned time, or is member or customer hold storehouse quantity to surpass assigned limit , exchange or futures manage company prevent that risk enlarges further, force to level lose member or customer corresponding hold storehouse.

38, company can carry
When customer trade settlement sheet goes up may arise negative number with fund one, company will send the addition notice of earnest money; When customer do not the condition of handling takes off , company has right to carry out , level storehouse forced.

39, what is material
Material object completes a business transaction to denote futures contract expire , trade both sides have the transfer of right through the merchandise carried by this futures contract, finishing do not level the process of storehouse contract after expiry.

40, how to get
When our company has some kinds of following ways may get trade settlement sheet: On net, inquire system( website bill inquiry and trade software hot key inquiry) , the mail and inquiry of voice mail send bill.

41, how to decipher
Bill includes complete settlement: Conclude record sheet and the flat storehouse sheet of profit and loss , hold the storehouse single, 4 fund list parts of profit and loss, specific form is as follows:< xml:namespace prefix=v ns="urn:schemas-microsoft-com:vml"/>< shapetype id=_x0000_t75 stroked=f filled=f path="m@4@5l@4@11@9@11@9@5xe" o:preferrelative=t o:spt=75 coordsize=21600,21600> < stroke joinstyle=miter>< stroke/>< formulas>< f eqn="if lineDrawn pixelLineWidth 0">< f/>< f eqn='sum @0 1 0'>< f/>< f eqn='sum 0 0 @1'>< f/>< f eqn='prod @2 1 2'>< f/>< f eqn="prod @3 21600 pixelWidth">< f/>< f eqn="prod @3 21600 pixelHeight">< f/>< f eqn='sum @0 0 1'>< f/>< f eqn='prod @6 1 2'>< f/>< f eqn="prod @7 21600 pixelWidth">< f/>< f eqn='sum @8 21600 0'>< f/>< f eqn="prod @7 21600 pixelHeight">< f/>< f eqn='sum @10 21600 0'>< f/>< formulas/>< path o:connecttype=rect gradientshapeok=t o:extrusionok=f>< path/>< lock aspectratio=t v:ext=edit>< lock/>< shapetype/>< shape id=_x0000_i1025 style="WIDTH: 429.75pt; HEIGHT: 639.75pt" type=#_x0000_t75 alt>< imagedata src="file:///C:\DOCUME~1\user\LOCALS~1\Temp\msohtml1\01\clip_image001.jpg" o:href="http://www.yafco.com/images/khfw_wd.jpg">< imagedata/>< shape/>

Conclude record sheet have recorded
The flat storehouse
Leveling=Level storehouse
Leveling=Level storehouse
BillA0509Flat storehouse3094-3084)*3Hand*10Ton/Hand=300It
Hold the storehouse
History=Former settlement
The same=Settlement
BillCU0507Hold storehouse30980-30900)*12Hand*5Ton/Hand=4800It
Floating=Open storehouse
Fund table:
Last+/-Fund+/-Profit+/-Service=Today
The profit=Hold+Level
May use=Today-According to manage
In bill, may603849.72-(3083*1Hand*10Ton/Hand*10%+30900*12Hand*5Ton/Hand*11%)
=603849.72-207023
=396826.72
May use=Today-The earnest money
In bill, may603849.72-(3083*1Hand*10Ton/Hand*5%+30900*12Hand*5Ton/Hand*7%)
=603849.72-131321.5
=472528.22
( note: Manage the standard3%)

42,Contract code?

Kind Code Heat selfs GiveExplain The company's
Yellow1WailA A+Complete(4 figures)A0701Yellow1Wail7Year1Unify 9%
Yellow2WailB B+Complete(4 figures)B0701Yellow2Wail7Year1Unify 9%
Beans PoM M+Complete(4 figures)M0701Beans7Year1Unify9%
Jade Rice C C+Complete(4 figures)C0701Corn7Year1Unify8%
Beans OilY Y+Complete(4 figures)Y0701Soya7Year1Unify9%
CopperCu Cu+Complete(4 figures)Cu0701Copper7Year1Unify18%
AluminiumAl Al+Complete(4 figures)Al0701Aluminium7Year1Unify10%
Day Stick Ru Ru+Complete(4 figures)Ru0701Natural7Year1Unify15%
FuelFu Fu+Complete(4 figures)Fu0701Fuel7Year1Unify12%
It WheatWT WT+Complete(3 figures)WT701Hard7Year1Unify8%
It WheatWS WS+Complete(3 figures)WS701Strong7Year1Unify8%
Cotton SpendCF CF+Complete(3 figures)CF701The7Year1Unify8%
It SugarSR SR+Complete(3 figures)SR701White7Year1Unify15%

43,What is storehouse?

Basis" the Zhengzhou risk control management method of commodity exchange" 4th Zhang Xian Cang the relevant stipulation of system second Sub_clause of 19 and 30th strip, manage company may apply for increasing the limit of each kind to exchange storehouse amount.
Limit=Base+Credit+Business
In which, base number the limit storehouse quantity of each kind each stage of pointing at exchange regular stipulation; Credit increases number is basis manages the limit storehouse quantity of company's registered capital that increases and increases correspondingly; Business increases number is basis manages company's kind trade quantity participates in measuring the limit storehouse quantity that increase increases with customer.

DeliverCut

44The final trade?
The final trade
ExchangeKindFinally,
Shanghai
CopperComplete15Day( meet
AluminiumComplete15Day( meet
StickComplete15Day( meet
FuelContract completes
Dalian
Yellow1WailComplete10Trade
Yellow2Wail Complete10Trade
CornComplete10Trade
BeansComplete10Trade
SoyaComplete10Trade
Zhengzhou
HardComplete7Trade
StrongComplete7Trade
CottonComplete10Trade
WhiteComplete10Trade

45, each kind complete
Each kind complete
ExchangeKindComplete
Shanghai CopperFinally,5Trade
AluminiumFinally,5Trade
Stick Finally,5Trade
Fuel Finally,5Trade

Dalian YellowFinally,7Natural day(
YellowFinally,3Trade
Corn Finally,2Trade
Beans Finally,4Trade
Soya Finally,3Trade
ZhengzhouHard Finally,3Trade
Strong Finally,3Trade
Cotton Finally,2Trade
White Finally,2Trade

46, the customer that
The investor who can not deliver or take over the value-added tax receipt special does not allow to complete a business transaction; Investor holds storehouse quantity not complete a business transaction the part of unit integer time hold storehouse do not allow to complete a business transaction.

47, 3 exchanges complete
3 exchanges complete a
Shanghai
5Day the
1, CompleteD DBuyer reports intention;
2, It is secondD DExchange distribution
3, 3th completes a business transaction80The payment
4, 4th and 5th complete a business transaction20The stroke of
Shanghai completes
1.The time of considering to turn because of payment stroke , before a day that buyer's customer need to stipulate in exchange and delivers money now closing complete a business transaction money is total to throw into futures company.
2.Buyer need to cooperate
3.For guarantee the smooth circulation of storehouse

Dalian commodity
Concentrate
1.Finally, it is"Minimum"Pair as not
2.Finally,15Is former, buyer supplies total payment, seller delivers in unison corresponding standard storehouse single and value-added tax receipt, exchange carries out storehouse single distribution , carries out the standard storehouse sheet and payment that does not occur the buyers and sellers of promise breaking to shift.
3.Finally,15After, do not break promise buyer holds settlement the payment receipt that department opens arrives to complete a business transaction department draws " storehouse sheet holds proof "; Do not break promise and have deliver the seller of value-added tax receipt receives total payment.
Dalian concentration
1.Dalian has trade kind,
2.Natural person can not
3.The time of considering to turn because of payment stroke , before a day that buyer's customer need to stipulate in exchange and delivers money now closing complete a business transaction money is total to throw into futures company.
4.Buyer need to cooperate
5.For guarantee the smooth circulation of storehouse

Roll to
1.Pairing with day
2.Pairing with day report intention when receiving city, for effective business to carry out confirmation and level storehouse , settlement so as settle accounts the same day price action rolls complete a business transaction complete a business transaction to settle accounts price calculates flat storehouse surplus.
3.Pair in the future second trade day( deliver80%Payment pays seller. Exchange after20%Payment pay

Dalian rolls to
Dalian except1Other kind can

Zhengzhou
Concentrate3Day the
1.First Pair Japan, buyers
2.Second In-form Japan that
3.3th Complete9:0The former payment9:0Before deliver storehouse80%Payment pays seller, manage20The stroke of

Roll to
1.Pairing with day trade
2.Pairing with day report intention when receiving city, for effective business to carry out confirmation and level storehouse , settlement so as settle accounts the same day price action rolls complete a business transaction complete a business transaction to settle accounts price calculates flat storehouse surplus.
3.Pair in the future second trade day( deliver80%Payment pays seller. Exchange after20%Payment pay

Zhengzhou rolls
Have only hard wheat

48, what is?
Rolling to complete a business transaction denote , after contract enters to complete a business transaction for month, from hold standard storehouse sheet and sell hold storehouse seller customer puts forward with initiative, and organize from exchange to match both sides in assigned time to complete the way of completing a business transaction of completing a business transaction.

49, what is that
Answer: Futures turn on-hand stock( abbreviation issue turns to show ) to denote hold same one to complete a business transaction between month after the empty both sides of contract reach the business agreement on-hand stock, change the trade with futures position of the position on-hand stock.

50, issue turns current
The Shanghai copper, aluminium and day sticky issue of futures trading turn current time limit to want to expect to turn current contract complete a business transaction for last January of month contract the first trade of the final trade in the future day takes best friend to cut now 2 month final trade trades day( contain the same day) stop; Fuel oil issue turns current time limit to want to expect to turn current contract complete a business transaction for last January of month first trade day rises to penult trade day( contain the same day) stop.
The Dalian yellow bean Expecting to turn current time limit cut the 3th trade of the former month reciprocal of one month for day of this contract that appears on the market to take best friend with day( contain the same day).
The Zhengzhou futures contract of commodity

51, each kind minimum
Each kind minimum
Exchange Kind Minimum(Ton)
Shanghai Copper25
Aluminium25
Stick5
Fuel100
Dalian Yellow10
Yellow10
Corn10
Beans10
Soya10
ZhengzhouHard10
Strong10
Cotton20
White10
52, the process of
Standard storehouse
CustomerComplete3Trade day so as writtenCustomer when receive3In a working day,Complete a business transactionCustomer willThis plan needsComplete a businessWith writtenCustomer is putCustomer to completeCheng JianComplete a business

53, complete a business
Complete a business transaction major cost costs to be put in storage , storehouse stores up the consuming consuming, storehouse single cost of delivery of cargo from storage of transfer ownership, inspection is consuming to wait , the cost of every kind is different, specific cost may go to exchange website on inquiry.

5, it

54, company offers
Now, may offer writing China

55, how to install
Open company'sHttp: / /www.gfqh.com.cnOrHttp: / /www.gfqh.cn, trade>Software In program, download the quotations

56, how to install
Answer: OpenHttp: / /www.gfqh.com.cnOrHttp: / /www.gfqh.cn Trade\Software In program, download the quotations

57, installation quotations
Quotations software deploies566Above< chmetcnv w:st=on tcsc=0 numbertype=1 negative=False hasspace=False sourcevalue=64 unitname=m>64 m< chmetcnv/>Memory< chmetcnv w:st=on tcsc=0 numbertype=1 negative=False hasspace=False sourcevalue=10 unitname=g>10 G< chmetcnv/>Hard disk
銆€
58, quotations software
Writing China offers two nets to know server

59, how to switch
Writing China"Select"In choice server. For guarantee customer trade stabilize , high speed and safety. Company has telecommunications , net 4 coherent servers are spare mutual. To make your network speed more shortcut , select telecommunications server as far as possible with the customer of telecommunications line, using to net the net customer of coherent wide band select to net coherent server as far as possible.

60, trade if appearance can not enter
On click net, trade"Detection"See whether is the problem

6 and

61, the basic message
Answer: RegisterHttp: / /www.gfqh.cnOrHttp: / /www.gfqh.com.cn).
Website first page the classification message of pressing exchange for each kind( have such as Dalian commodity exchange is for bean , beans Po and the classification of corn), if need to get historical news, may click the related kind of left side in classification message , or fill through first page top search fence into keyword to carry out search.

62, how to use website
Website database is the data warehouse of the company's department of research and development, possess the historical data of each kind , analyse for basic surface to offer good data support , company's customer may click website"Data"Or"Hold storehouse".

63, how to get other is broad to
Broad hair is commented"It is broad"Related program directly glances over or

64, how to participate
Under click"Net upper"Program registers user name and

65, how to get
Futures short letter020-87383552Telephone application is registered8When counting , do not issue issue

7, expect

66, securities broker
Broad hair futures and broad hair many domestic securities broker companies such as bond have established cooperative relation, if you think when bond business department carries out futures trading, please contact with the company's business department customer server of every place.

67, the place in which bond
Bond trade has only single direction
Bond is total5-10%Earnest
Bond tradeT+1, futuresT+0.

Trade on

L How to open

You handle complete afterWww.gfqh.cn, click"Trade""Software", trade software and the

L On net, trade

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HaveF12; WritingF3

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Aluminium:0

Copper:1

Stick2

1Beans:3

Beans4

Hard5

Strong6

1Cotton:7

Corn:8

Fuel9

2Beans:B

SoyaY

WhiteSR

Explain:

Shanghai4Position days3Position,CU0709SR709

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Input contract

Keyboard

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< rect id=_x0000_s1027 style="MARGIN-TOP: 18.6pt; Z-INDEX: 2; LEFT: 0px; MARGIN-LEFT: 135pt; WIDTH: 45pt; POSITION: absolute; HEIGHT: 23.4pt; TEXT-ALIGN: left">< textbox style="mso-next-textbox: #_x0000_s1027">

1Buy

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Input contract

< textbox/>< rect/>< rect id=_x0000_s1031 style="MARGIN-TOP: 108.6pt; Z-INDEX: 6; LEFT: 0px; MARGIN-LEFT: 108pt; WIDTH: 45pt; POSITION: absolute; HEIGHT: 23.4pt; TEXT-ALIGN: left">< textbox>

1Open

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Send

< textbox/>< rect/>< rect id=_x0000_s1033 style="MARGIN-TOP: 18.6pt; Z-INDEX: 8; LEFT: 0px; MARGIN-LEFT: 3in; WIDTH: 45pt; POSITION: absolute; HEIGHT: 23.4pt; TEXT-ALIGN: left">< textbox style="mso-next-textbox: #_x0000_s1033">

3Sell

< textbox/>< rect/>< rect id=_x0000_s1034 style="MARGIN-TOP: 108.6pt; Z-INDEX: 9; LEFT: 0px; MARGIN-LEFT: 171pt; WIDTH: 54pt; POSITION: absolute; HEIGHT: 23.4pt; TEXT-ALIGN: left">< textbox>

2Level

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3Level

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Bury

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Attach 2 , broad hair

L The broad use sent

1, use the system of inquiry by telephone is restricted by trade time , is restricted by inquiry frequency , function is overall, convenient and easy to use. No matter when whatly, making you fast know quotations tendency, take the lead one step, hold good opportunity.

2, when use quotations inquiry1( Shanghai)2( Dalian)3( Zhengzhou); Secondly, the kind contract3Position2007Year1Contract701.

L It is broad to

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Telephone:020-83936606

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Input accountFinish

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1

Check

Inquire

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2

Transfer

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3

Modify

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4

Fax

< textbox/>< rect/>< rect id=_x0000_s1067 style="MARGIN-TOP: 87.4pt; Z-INDEX: 42; LEFT: 0px; MARGIN-LEFT: 207pt; WIDTH: 27pt; POSITION: absolute; HEIGHT: 84.2pt; TEXT-ALIGN: left">< textbox style="mso-next-textbox: #_x0000_s1067">

5

Person

Work

Serve

< textbox/>< rect/>< rect id=_x0000_s1068 style="MARGIN-TOP: 18pt; Z-INDEX: 43; LEFT: 0px; MARGIN-LEFT: 243pt; WIDTH: 27pt; POSITION: absolute; HEIGHT: 157.6pt; TEXT-ALIGN: left">< textbox style="mso-next-textbox: #_x0000_s1068">

Input enters

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Attach 3

L What is silver

Answer: Silver issue transfers accounts business is will bank system and futures manage company's trade system carries out network, the way that investor entrusts through telephone, the fund between its account and bank deposit account of futures trading of earnest money goes on a financial service allocated , now, broad hair has open-minded futures industrial and commercial bank ( Guangdong province scope) and the silver issue transfer business of construction bank( whole country scope).

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ID card

Account

Work trip customer:

Build trip customer:

How to apply

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Come in

The silver

Need

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Visit work trip personally

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Work95.588

Build020-83936606

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Use telephone

Silver

Transfer

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L The operating

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Work trip95.588

Build trip

020-83936606

QQCrowd:53.678308

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Silver

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Silver

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Bank card

Telephone

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1

Change

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2

Turn earnest

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3

The bank

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4

The inquiry

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Futures

Fund

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2Transfer

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1Build

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1

Bank turns

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2

Futures

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3

Transfer

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4

Inquire

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