JR/T 0181-2020Futures contract elements (English PDF)

4.1 Contract name

Contract Name (Contract Name) refers to the title of a futures contract.

Expression of contract name. The full name of the listed trading place is the futures contract of the underlying asset name of the contract.

4.2 Basic assets

Underlying Assets refers to the subject matter of futures contracts, which can also be referred to as transaction varieties and contract subject matter.

Expression of basic assets. accurately, completely and concisely summarize the name of the basic assets, which are mandatory or recommended by the state If it is a standard, the normative expression in its standard shall be used.

Take the futures contract as an example. The subject of the contract is "nominal long-term treasury bonds with a face value of RMB 1 million and a coupon rate of 3%."

4.3 Trading Unit

Contract Size refers to the collective name of the futures contract unit and the futures contract measurement unit specified by the trading venue.

Called the contract size.

The expression of trading units can be divided into two situations.

a) Unit quantity unit/lot. Among them, the unit quantity is expressed in Arabic numerals; in principle, the quantity unit should be internationally accepted

b) The number of units in currency. Among them, the number of units is expressed in Arabic numerals; in principle, the currency unit should use the international standard Standard, such as. RMB, US dollar, Euro, Japanese yen, etc.

4.4 Quotation Unit

The unit of quotation (Price Quotation) refers to the unit used in the quotation of the futures contract, which can also be called the quotation method.

The expression of the quotation unit can be divided into two situations.

4.5 Minimum price change

Minimum Price Fluctuation refers to the minimum value of changes in the unit price of a futures contract.

In cargo transactions, the change value of each quotation should be an integer multiple of the minimum change price.

The expression of the minimum price change can be divided into two situations.

Take the exchange's CSI 300 index futures contract as an example, the minimum price change is "0.2 point".

4.6 Price limit

Daily Price Limit means that the trading price of a futures contract in a trading day shall not be higher or lower than the specified rate of increase or decrease, and the quotation that exceeds the rate of increase or decrease will be deemed invalid and cannot be traded. Generally based on the end of the previous trading day of the futures contract the calculation price is determined on the basis, and it can also be called the maximum daily price fluctuation limit.

4.7 Contract month

Contract Months (Contract Months) refer to the months in which the futures contract is marked for delivery.

The expression of the contract month should accurately describe the futures contract month according to the nature and characteristics of the underlying asset to avoid ambiguity, specifically.

The copies are "current month, next month and the next two quarter months".

4.8 Trading Hours

Trading Hours (Trading Hours) refers to the starting and ending time periods for trading activities with futures contracts as the subject matter.

Expression of trading hours. Time period (Beijing time) Other trading hours specified by the trading venue. Such as. 9.00-11.30 in the morning 1.30 to 3.00 noon (Beijing time), and other trading hours specified by the trading venue.

4.9 Last trading day

Last Trading Day (Last Trading Day) refers to the last trading day on which a futures contract is traded. After the close of the trading day the outstanding futures contracts shall be delivered in physical or cash according to regulations.

As an example, the last trading day is "the 10th trading day of the delivery month of the futures contract".

4.10 Delivery date

Delivery Period (Delivery Period) refers to the time when the open futures contract is settled by physical delivery or cash delivery. It can also be Use the last delivery day method to specify the delivery date of the futures contract.

Take the goods contract as an example, the delivery date is "five consecutive working days after the last trading day".

4.11 Delivery grade

Delivery grade (Grade and Quality Specifications) refers to the uniformly stipulated by the futures trading the quality requirements for the subject matter of futures contracts listed and traded on the e-commerce site apply to commodity futures contracts.

The expression of delivery grade includes direct expression method or indirect pointing method, as follows.

a) The direct expression method refers to the direct description of the quality level of the delivered product in the futures contract, generally including the standard product level and substitutes Standard product. cathode copper, in line with GB/T 467-2010 No. 1 standard copper (Cu-CATH-2) regulations, of which the main component copper plus silver content not less than 99.95%. Substitution. Cathode copper, in line with GB/T 467-2010 grade A copper (Cu-CATH-1) regulations.

b) The indirect pointing method refers to the indirect specification of the applicable delivery quality requirements in the futures contract, so as to transfer to the application of the requirements, mainly applicable to Commodity Exchange Yellow Soybean No. 2 Delivery Quality Standard (F/DCE B003-2017) "".

4.12 Delivery location

Delivery location (Delivery Venue) refers to the designated location for physical delivery specified by the futures trading place.

Product futures contracts.

Take the goods contract as an example, the delivery location is the "exchange designated delivery warehouse".

4.13 Delivery unit

Delivery Unit (Delivery Size) refers to the smallest unit of the subject matter for physical delivery or cash delivery at a futures trading venue.

That is, the smallest delivery unit.

4.14 Minimum trading margin

The minimum trade margin (Minimum Trade Margin) means that members ensure that futures contracts are fulfilled in a settlement account dedicated to trading venues.

OK, and the minimum amount of margin that has been occupied by futures contracts.

The easy margin is "6% of the value of the futures contract", that is, if the value of one lot of the futures contract is 1,300 yuan, the minimum trading margin is 1300*6%=78 (yuan).

4.15 Delivery method

Settlement Method means that when the futures contract expires, according to the rules and procedures of the futures trading place, the settlement the method of open futures contracts constitutes one of the terms of the futures contract. There are two types of delivery methods, physical delivery and cash delivery. In kind Delivery refers to the delivery by the transfer of the ownership of the subject matter, which is mainly used for commodity futures; cash delivery refers to the cash difference based on the settlement price the settlement method is mainly used for financial futures such as stock indexes.

4.16 Transaction code

Contract Code refers to the abbreviation of the English letters or Pinyin letters of the futures product.

4.17 Listing and trading venues

Exchange refers to the futures trading place where the futures contract is listed and traded.