How much do you know about futures contracts

首先,Since it is a futures exchange,Then futures contracts are of course the most basic trading targets,Otherwise, it's really useless：

交易所	品种	amount of variety	合约量
INE	bc(国际铜, 12) lu(低硫燃料油, 12) nr(号胶, 12) sc(原油, 20)	4	56
CFFEX	IC(中证指数, 4) IF(IF, 4) IH(上证指数, 4) T(年期国债, 3) TF(年期国债, 3) TS(年期国债, 3)	6	21
SHFE	ag(白银, 12) al(铝, 12) au(黄金, 8) bu(石油沥青, 16) cu(铜, 12) fu(燃料油, 12) hc(热轧卷板, 12) ni(镍, 12) pb(铅, 12) rb(螺纹钢, 12) ru(天然橡胶, 10) sn(锡, 12) sp(漂针浆, 12) ss(不锈钢, 12) wr(线材, 12) zn(锌, 12)	16	190
DCE	a(Soybean No, 6) b(Soybean No, 12) bb(细木工板, 12) c(黄玉米, 6) cs(玉米淀粉, 6) eb(苯乙烯, 12) eg(乙二醇, 12) fb(纤维板, 12) i(铁矿石, 12) j(冶金焦炭, 12) jd(鲜鸡蛋, 12) jm(焦煤, 12) l(线型低密度聚乙烯, 12) lh(生猪, 6) m(豆粕, 8) p(棕榈油, 12) pg(液化石油气, 12) pp(聚丙烯, 12) rr(粳米, 12) v(聚氯乙烯, 12) y(豆油, 8)	21	220
CZCE	AP(鲜苹果, 7) CF(一号棉花, 6) CJ(红枣, 6) CY(棉纱, 12) FG(玻璃, 12) JR(粳稻谷, 6) LR(晚籼稻, 6) MA(甲醇, 12) OI(菜籽油, 6) PF(短纤, 12) PK(花生仁, 6) PM(普通小麦, 6) RI(早籼稻, 6) RM(菜籽粕, 7) RS(油菜籽, 4) SA(纯碱, 12) SF(硅铁, 12) SM(锰硅, 12) SR(白砂糖, 6) TA(精对苯二甲酸, 12) UR(尿素, 12) WH(优质强筋小麦, 6) ZC(动力煤, 12)	23	198

共计70个品种,685个合约.同时期,每个品种有1至2个成交量、Contracts with large open interest,That's what we call the main force、Secondary main force.

其中,The products listed on the CFFEX are financial futures,进行现金交割;All other exchanges list commodity futures,进行实物交割.This can also be seen from the full name of the exchange.

If you look at the number of traded contracts,Most are not futures contracts,but options contracts：

交易所	品种	amount of variety	合约量
INE	sc_o(原油, 158)	1	158
CFFEX	IO(IO, 286)	1	286
SHFE	al_o(铝, 632) au_o(黄金, 262) cu_o(铜, 382) ru_o(天然橡胶, 244) zn_o(锌, 296)	5	1816
DCE	c_o(黄玉米, 440) i_o(铁矿石, 1046) l_o(线型低密度聚乙烯, 656) m_o(豆粕, 414) p_o(棕榈油, 1046) pg_o(液化石油气, 1032) pp_o(聚丙烯, 654) v_o(聚氯乙烯, 952)	8	6240
CZCE	CFC(一号棉花, 205) CFP(一号棉花, 205) MAC(甲醇, 245) MAP(甲醇, 245) RMC(菜籽粕, 146) RMP(菜籽粕, 146) SRC(白砂糖, 58) SRP(白砂糖, 58) TAC(精对苯二甲酸, 278) TAP(精对苯二甲酸, 278) ZCC(动力煤, 30) ZCP(动力煤, 30)	6	1924

虽然只有21Each variety has options,But options are traded in many contracts10424个.

这是因为,Options contracts have more than just an exercise date element,There is also an exercise price element.The same exercise date and exercise price,There is also a call option contract and a put option contract at the same time.

另外,Exchange will also stipulate,The at-the-money option is the strike price closest to the latest price of the underlying contract,A certain number of call and put options are listed above and below this at-the-money option at regular intervals for the strike price.所以,The number of options contracts is not fixed,Increases with heightened volatility in the underlying price.

其中,中金所的IOThe underlying option is Shanghai and Shenzhen300指数,On other commodity exchanges, options are based on commodity futures contracts.

除此之外,Dalian Commodity Exchange and Zhengzhou Commodity Exchange also listed inter-period spread portfolio and cross-contract spread portfolio：

交易所	品种	品种数量	合约数量
DCE	SP a&a (1) SP b&b (5) SP cs&cs (5) SP eb&eb (7) SP eg&eg (8) SP i&i (15) SP j&j (1) SP jd&jd (9) SP jm&jm (1) SP l&l (6) SP m&m (6) SP p&p (3) SP pg&pg (7) SP pp&pp (9) SP rr&rr (5) SP v&v (6) SP y&y (2) SP c&c (3) SPC v&pp (4) SPC y&p (3) SPC l&v (4) SPC a&m (3) SPC b&m (4) SPC c&cs (3) SPC l&pp (4)	25	124
CZCE	IPS CF&CY (6) IPS FG&SA (12) IPS SF&SM (12) IPS TA&PF (12) SPD SF&SF (66) SPD CY&CY (66) SPD AP&AP (21) SPD CF&CF (15) SPD CJ&CJ (15) SPD FG&FG (66) SPD JR&JR (15) SPD LR&LR (15) SPD MA&MA (66) SPD OI&OI (15) SPD PF&PF (66) SPD PK&PK (15) SPD PM&PM (15) SPD RI&RI (15) SPD RM&RM (21) SPD RS&RS (6) SPD SA&SA (66) SPD SM&SM (66) SPD SR&SR (15) SPD TA&TA (66) SPD UR&UR (66) SPD WH&WH (15) SPD ZC&ZC (66)	27	900

The advantage of standard spread combinations is that there is no combination lame situation.For symbols without standard spread combinations,Traders want to trade spreads,May be at risk of combo lameness.To avoid the exposure of the portfolio lame exposure,You need to buy at a higher price or sell at a lower price,The end result is that the actual spread is worse than the expected spread,This will further reduce the already plentiful profit margins.

The last is the settlement price transaction order（TAS）and futures-to-spot transactions（EFP）：

Shanghai Energy Exchange supports crude oil varietiesTAS指令,Traders are allowed to place orders to buy or sell futures contracts within the specified trading period according to the settlement price of the futures contract on the day or the increase or decrease of a number of minimum changes in the settlement price of the futures contract.

of the Shanghai Futures Exchange and the Energy ExchangeEFPIt is agreed upon by both parties,Apply by members,Approved by the exchange,Liquidate futures positions against each other at the exchange-specified price,At the same time, the transaction method of exchanging the underlying warehouse receipts at the negotiated price.

Derivative instruments as risk management,The futures market developed rapidly.More and more trading contracts are listed,Although wealth opportunities may exist,But risk awareness cannot be ignored,Otherwise blindly move forward,In the end, some happy and some sad,It is not known whether the risk is managed or managed by the risk.