Delivery date of BTC futures contract
Commodity futures are different in variety and delivery time. Generally, commodity futures are delivered on the third Friday of the contract month
The essence of buying and selling stock index futures is to sign a contract with others to buy and sell futures index at the agreed price and quantity within the agreed time1. This contract has an agreed final trading day (that is, the day when the contract is finally performed, which is generally the third Friday of the contract month and postponed in case of national legal holidays), which is the delivery date of the futures index
When the agreed time of final performance is up, the buyer and the seller must close the position (terminate the contract) or deliver (cash settlement) Second, there are differences among different varieties. The delivery date of some varieties is one day, while others are several days. The final trading date and delivery date of main varieties are as follows:1, copper, zinc, aluminum, natural rubber, steel and gold
(1) last trading day: the 15th day of the delivery month (2) delivery date: five consecutive working days after the last trading day< 2. Fuel(1) last trading day: the last trading day of the month before the contract delivery month
(2) delivery date: five consecutive working days after the last trading day3. Sugar, cotton, PTA, rapeseed oil
(1) last trading day: the 10th trading day of contract delivery month
(2) delivery date: the 12th trading day of the contract delivery month4. Soybean 1, soybean 2, soybean meal and soybean oil
(1) last trading day: the 10th trading day of the contract month
(2) delivery date: the last trading day is the seventh, third and fourth day respectively5, l, corn, PVC, palm oil
(1) last trading day: the 10th trading day of the contract month
(2) delivery date: the last trading day is the second trading day
extended data
commodity futures delivery process:
I. seller delivery process
1. Seller's delivery process:
delivery forecast - goods warehousing (delivery warehouse acceptance) - delivery warehouse or designated quality inspection agency inspection - delivery warehouse issues "application form for registration of standard warehouse receipt" - register standard warehouse receipt at the exchange - deliver warehouse receipt at the exchange - participate in delivery, obtain payment for goods and issue VAT invoice
2. If the standard warehouse receipt is registered in the factory warehouse, the delivery process starts from "the delivery warehouse issues the standard warehouse receipt registration application form" in the above process
3. The seller must register the standard warehouse receipt before the closing of the market on the final delivery day and deliver the warehouse receipt to the exchange, otherwise it will be judged as breach of contract. During rolling delivery, the seller will get 80% of the payment after settlement on the settlement day, and the balance will be settled after submitting the special VAT invoice. For one-time delivery, the seller will get 80% of the payment after settlement on the final delivery day, and the balance will be settled after submitting the special VAT invoice
Second, the buyer's delivery process1. The buyer's basic delivery process:
payment for goods - receiving the holding certificate of standard warehouse receipt - canceling the standard warehouse receipt, receiving the delivery notice - handling the delivery proceres at the delivery warehouse with the delivery notice - commodity delivery
When rolling delivery, the buyer must transfer the full amount of payment to the exchange account before settlement on the settlement day. For one-time delivery, the buyer must transfer the full amount of payment to the exchange account before the final settlement date3. During rolling delivery, the customer will receive the "standard warehouse receipt holding certificate" after settlement on the settlement day. For one-time delivery, the customer shall receive the "standard warehouse receipt holding certificate" after settlement on the final delivery day
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the delivery methods of futures trading are divided into physical delivery and cash delivery. Physical delivery refers to the process in which both parties transfer the ownership of the commodity in the contract and close the open position contract. Cash delivery refers to the process in which both parties settle the profit and loss of the contract in cash on the delivery date. In the futures market, commodity futures usually adopt physical delivery, while some financial futures adopt physical delivery, while others adopt cash delivery. Because cash delivery does not carry out physical delivery, it only takes the spot price at the time of delivery as the basis for trading profit and loss and capital transfer. Therefore, the spot price of the varieties that carry out cash delivery should have the characteristics of certainty, standard and unique. The regional price difference of agricultural procts is very obvious, and it does not have the conditions for cash delivery. The trading target of stock index futures is stock index, which has virtuality and unique certainty, and is more suitable for cash delivery. China's commodity futures trading, all using physical delivery. Physical delivery includes centralized delivery and rolling delivery<
(1) centralized delivery mode
take Zhengzhou Commodity Exchange and Shanghai Futures Exchange as an example
1. Delivery procere of No.1 Cotton in Zhengzhou Commodity Exchange:
(1) after the closing of the last trading day (the 10th trading day of the contract delivery month), the exchange shall take "round by quantity", "round by quantity", "round by quantity", "round by quantity", "round by quantity", "round by quantity", "round by quantity", "round by quantity", "round by quantity", "round by quantity", "round by quantity", "round by quantity", "round by quantity According to the principle of "minimum matching number", the position contract of delivery month is matched by computer. Once the settlement relationship is confirmed, the buyer and the Seller shall not adjust or change it without authorization
(2) on the first trading day after the last trading day (i.e. the notice day), the buyer and the seller confirm the delivery notice through the member service system. If a member does not receive the delivery notice or has any objection to the delivery notice, he / she shall notify the exchange in writing before 17:00 on the day of the notice. If he / she does not raise any objection within the specified time, it shall be deemed that he / she has approved the delivery notice
(3) before 9:00 a.m. on the second trading day after the last trading day (i.e. the delivery day), the buyer's member shall transfer the outstanding payment into the account of the exchange, and the seller's member shall submit the "standard warehouse receipt holding certificate" to the settlement Department of the exchange. The buyer and the Seller shall go through the specific delivery and settlement proceres at the Settlement Department of the exchange within the specified time. Meanwhile, the buyer's member shall provide the seller's member with the investor's name and tax registration certificate number
(4) on the delivery date, the exchange receives the full payment from the buyer's member, transfers 80% of the full payment to the seller's member on the same day, and delivers the warehouse receipt of the seller's member to the buyer's member. The balance shall be settled when the buyer's member confirms the receipt of the special VAT invoice forwarded by the seller's member. The delivery of invoice and settlement of balance shall be sealed and signed by members< 2. Delivery procere of natural rubber in Shanghai Futures Exchange:
date of physical delivery: the date of physical delivery is from the 16th to the 20th of the contract expiration month (postponed on holidays)< (1) the buyer's declaration intention. The buyer shall submit a letter of intent for the required commodity to the exchange before 12:00 on the next working day of the last trading day (the 15th day of the contract delivery month). The contents include proct name, brand, quantity and name of designated delivery warehouse< (2) the Seller shall submit the standard warehouse receipt and VAT invoice. The Seller shall deliver the standard warehouse receipt and special VAT invoice that have paid off the storage fee to the exchange before 16:00 on the 18th. If the 18th is a legal holiday, it will be postponed to the first working day after the holiday. If the 20th, the seller must complete the delivery before 12:00< (3) the exchange allocates standard warehouse receipts. The exchange allocates standard warehouse receipts to buyers based on existing resources. For the standard warehouse receipt that cannot be used for the delivery of the next futures contract, the exchange shall apportion it to the buyer in proportion to the total delivery amount of the current month
(4) the buyer pays and withdraws the bill. The buyer must deliver the payment to the exchange before 14:00 on the final delivery day and obtain the standard warehouse receipt after payment
(5) collection by the seller. The exchange shall pay the payment to the seller before 16:00 on the final delivery day< (2) rolling delivery method:
take Zhengzhou Commodity Exchange as an example:
1. All seller members holding standard warehouse receipts can go through the mortgage proceres of standard warehouse receipts with standard warehouse receipts ring the trading period from the trading day before the delivery month to the last trading day of the delivery month, Release the corresponding trading margin in the form of position. The seller member must go to the exchange to cancel the standard warehouse receipt mortgage before he can apply for delivery
2. The exchange implements the "three-day delivery method"
the first day is the matching day. All seller members holding standard warehouse receipts can apply for delivery through their seats ring the trading period from the first trading day to the last trading day of the delivery month. After the delivery application without warehouse receipt pledge is submitted, the corresponding transaction margin shall be released; Before the closing of the day, the seller member can cancel the delivery application by seat, and after the cancellation of the delivery application, the corresponding margin will be collected again. In the delivery month, the buyer member has no right to apply for delivery. According to the delivery application of the seller member, the exchange adopts the method of computer direct matching after the close of the day to find the buyer member who holds the longest long contract of the delivery month for the seller member. Once the settlement relationship is confirmed, the buyer and the Seller shall not adjust or change it without authorization
the second day is the notice day. The buyer and the Seller shall sign the delivery notice at the exchange before the closing of the trading day next to the matching day
the third day is the delivery date. The next trading day when the buyer and the seller sign the delivery notice is the delivery day. The buyer member must transfer the outstanding payment to the exchange account before 9 am on the delivery day. The seller member must deliver the standard warehouse receipt to the exchange before 9 am on the delivery day< br />
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there will be tonnage, minimum change, delivery time and premium for each contract
or you can ask a futures company,
written examination time of CIRC in 2020:
1) the written examination time of public subjects is from 9:00 a.m. to 11:00 a.m. on November 24, 2019
on November 24, 14:00-17:00 p.m
2) written examination time for special professional positions and professional subjects of CIRC and its agencies:
November 23, 2019, 14:00-16:00 p.m.
[test point 1] effective demand
in economics, demand refers to & quot; The quantity of goods that consumers are willing and able to buy at various price levels in a certain period of time& quot; Although the definition is simple and the form of investigation is simple, the candidates are still not sure about some options. The following is the effective demand in the sense of economics
A. Nicholas Zhao Si wants to buy a train ticket from Beijing to Langfang tomorrow, but all the tickets have been sold out
B. Nicholas Cage took out his own savings of $1 million and wanted to invest in the plant
are these effective needs? Here, if you can grasp the three test points in the definition: 1; Consumers & quot; The angle of view; 2. Emphasize & quot; Willing + able & quot;; 3." Be able to & quot; Only the purchasing power, then these problems will be solved. In a, consumer Nicholas Zhao Si wants to buy tickets and can afford them, which is an effective demand, but he doesn't look at other things; In B, although Nicholas Cage is rich and willing, investing in factories is no longer a consumer but a supplier, so it is not an effective demand
the Enlightenment of test preparation: economy depends on understanding, doing the right thing and grasping the test point
[test point 2] the nature of financial instruments
financial instruments have & quot; Maturity, liquidity, risk and profitability;, In the examination, we often examine the relationship between the four properties, such as & quot; The following is about the reverse change in the nature of financial instruments
it is not difficult to understand that the longer the maturity of financial instruments, the weaker the liquidity, the greater the risk and the higher the return. But if you want to do it right quickly, you need to remember it again and again. In fact, we can find the relationship between the four properties, that is, liquidity and the other three properties change in reverse. Therefore, to master this skill, we can see the question stem; Reverse change & quot; Find the item with & quot; Liquidity & quot; Can be described as a second kill answer
enlightenment of test preparation: there are skills in test preparation and tips in review