期貨交易（Futures Transaction）
Futures Trading
期貨交易是在現貨交易的基礎上發展起來的，是通過在期貨交易所買賣標準化的期貨合約而進行的一種有組織的交易形式。
The future trade was developed on the basis of of to buy of 在期貨市場中，大部分企業買賣的期貨合約的目的是為了規避現貨價格波動的風險，而大部分投資者則是為了博取價格波動的差額。因此很少有人願意參與商品的實物交割，在到期前都以對沖的形式了結。對沖的意思是說買進期貨合約的人，在合約到期前會將期貨合約賣掉；而賣出期貨合約的人，在合約到期前會買進期貨合約來平倉。這種先買後賣或先賣後買的活動都是允許的。
In , most businesses bought 期貨交易(Futures Trading)是指交易者在交易所內以公開集中競價的方式買賣標準化的期貨合約，買賣雙方根據合約條款的規定，在未來某一特定時間和地點，按照合約成交的價格買賣某一特定數量和質量的資產或與某一資產有關的指標。期貨交易與通常的現貨交易相比，最主要的區別是買賣雙方先確定交易的價格過一段時間後再進行“錢貨兩清”的交割。期貨交易是在遠期交易的基礎上發展起來的，期貨交易與遠期交易最主要的區別是合約標準化。
Futures Trading refers to the sale of a priced future contract by the dealer in the exchange in the form of a public and centralized competition, where, at a particular time and place in the future, both parties, according to the terms of the contract, sell a specified amount and quantity of goods or a indicator relating to a particular asset at a specified price to be paid in accordance with the contract. The most important difference between futures and ordinary currents transactions is that the purchase and sale parties make a “treasure” of the price of the transaction after a certain period of time has elapsed. The trading of goods is developed at . 隨著現代商品經濟的發展和社會勞動生產力的極大提高，國際貿易普遍開展，世界市場逐步形成，市場供求狀況變化也更為複雜。僅有一次性地反映市場供求預期變化的遠期合約交易價格已經不能適應現代商品經濟的發展，而要求有能夠連續地反映潛在供求狀況變化全過程的價格，以便廣大生產經營者能夠及時調整商品生產，以及迴避由於價格的不利變動而產生的價格風險，使整個社會生產過程順利地進行。在這種情況下，期貨交易就產生了。
As a result of the development of the modern commodity economy and , Global Market" 一般認為，期貨交易最早產生於美國，1848年美國芝加哥期貨交易所(CBOT)的成立，標志著期貨交易的誕生。期貨交易的出現，不是偶然的，是在遠期交易發展的基礎上，基於廣大商品生產者、貿易商和加工商的廣泛商業實踐而產生的。1833年，芝加哥已成為美國國內外貿易的一個中心，南北戰爭之後，芝加哥由於其優越的地理位置而發展成為一個交通樞紐。到了19世紀中葉，芝加哥發展成為重要的農產品集散地和加工中心，大量的農產品在芝加哥進行買賣，人們沿襲古老的交易方式在大街上面對面討價還價進行交易。在收穫季節農場主都運糧到芝加哥，市場供過於求導致價格暴跌，使農場主常常連運費都收不回來，而到了第二年春天穀物匱乏，加工商和消費者難以買到穀物，價格飛漲。穀物價格波動異常劇烈迫切需要建立一種新的市場機制和建立更多的儲運設施。為瞭解決這一問題，穀物生產地的經銷商應運而生。當地經銷商設立了商行，修建起倉庫，收購農場主的穀物，等到穀物濕度達到規定標準後再出售。當地經銷商通過遠期交易的方式收購農場主的穀物，先儲存起來，然後分批上市。當地經銷商需要向銀行貸款以便從農場主手中購買穀物儲存，在儲存過程中要承擔穀物過冬的價格風險，價格波動有可能使當地經銷商無利可圖甚至連成本都收不回來。解決這一問題的最好辦法是“未買先賣”，以遠期合約的方式與芝加哥的貿易商和加工商聯繫，以轉移價格風險和獲得貸款。這樣，遠期交易便成為一種普遍的交易方式。
"A href = https://wiki.mbalib.com/%E7%BE%8E%E%8A%A0%E5%E5%E5%E%E9F%E8E4%A7%BA%A%A%A%A%A%A%A%A%A%A%A%A%A%A'B'A'B'A'A'A'A'A'6%A'A'A'A'A'A'A'A's %A'A's %A's 5% A's 5% A'A'A'B'A's %A's %A'A's %A'A'B's %A's 5% A'A'B'A's %A's %A'B2% A'A'B's E's 3% A'E's E's 3% E'B's E's 3% A'E'A'A'B's #3% A'A'A'A'A'A'A'A'A'A'E' 芝加哥的貿易商和加工商同樣也面臨著當地經銷商所面臨的問題，因此他們只願意按照比他們估計的交割時的遠期價格還要低的價格支付給當地經銷商，以避免交割期的價格下跌的風險。由於芝加哥貿易商和加工商的買價太低，到芝加哥去商談遠期合約的當地經銷商為了自身利益不得不去尋找更廣泛的買家，為他們的穀物討個好價錢。一些非穀物商認為有利可圖，就先買進遠期合約，到交割期臨近再賣出，從中盈利。這樣，購買遠期合約的漸漸增加，改善了當地經銷商的收入，當地經銷商支付給農場主的收入也有所增加。1848年3月13日，第一個近代期貨交易所——芝加哥期貨交易所(CBOT)成立。芝加哥期貨交易所成立之初，還不是一個真正現代意義上的期貨交易所，還只是一個集中進行現貨交易和遠期交易的場所。
Traders and processors in Chicago are faced with the same problems as local dealers, so they are willing to pay local dealers at a price lower than their estimated cut-off fares in order to avoid a fall in cut-off prices. As a result of low prices for Chicago traders and processors, local dealers in Chicago who go to negotiate a long-term deal have to go to a wider buyer for their own benefit, paying a better price for their grains. Some non-growers have found it advantageous to buy long-term contracts, sell them near the cut-off, and profit from them. 合約標準化、保證金制度和統一結算是期貨交易發展過程中的三個裡程碑。1865年，芝加哥期貨交易所實現了合約標準化，推出了第一批標準期貨合約。合約標準化包括合約中品質、數量、交貨時間、交貨地點以及付款條件等的標準化。標準化的期貨合約反映了最普遍的商業慣例，使得市場參與者能夠非常方便地買賣期貨合約，同時能夠通過平倉來解除原先買賣合約的履約責任，大大提高了期貨交易的市場流動性。芝加哥期貨交易所在合約標準化的同時，還規定了按合約總價值的10％繳納交易保證金。保證金制度有效地避免了期貨交易違約的問題，使交易能夠正常、持續地進行。隨著期貨交易的發展，結算出現了較大的困難。芝加哥期貨交易所起初採用的結算方法是環形結演算法，但這種結算方法既繁瑣又困難。1891年，明尼亞波里穀物交易所第一個成立了結算所，隨後，芝加哥交易所也成立了結算所。結算所作為唯一的買方與所有的合約賣方進行結算，同時也作為唯一的賣方與所有的合約買方進行結算，大大提高了結算的效率。直到現代結算所的成立，真正意義上的期貨交易才算產生，期貨市場才算完整地建立起來。因此，現代期貨交易的產生和現代期貨市場的誕生，是商品經濟發展的必然結果，是社會生產力發展和生產社會化的內在要求。
期貨交易有兩個目的，一是投機獲利，二是套期保值。
The futures deal has two purposes, namely, to make a profit, and hedging . 1.投機
1. Launching 定義：在期貨市場上以獲取價差收益為目的的期貨交易行為。
Definition: Futures transactions on the futures market with the aim of earning the difference in price. 具體做法：投資者根據自己對期貨價格變動的判斷，不斷地買入或賣出期貨合約，通過價差獲取較高利潤。
Specific practice: based on his own judgement that futures price price price changers 2.套期保值
定義：以迴避現貨價格風險為主要目的的期貨交易行為。
Definition: Futures trading with the main aim of avoiding the risk of spot prices. 具體做法：生產者、商人或消費者在期貨市場做一個與現貨品種、數量完全相同而頭寸相反的交易，即在現貨市場上買進（或賣出）某種商品的同時，在期貨市場上賣出（或買入）同種、同量商品的期貨合約，以抵消或限制由於價格波動對現貨造成的風險。
套期保值的目的不為獲利，只在避險。
Specific practices: Producers, or exploitator number is exactly the same and opposite, i.e. 買入套期保值與賣出套期保值兩種。
In the form of hedges, hedges can be divided into and . 1.按照期貨合約標的物的不同，期貨交易可分為商品期貨交易和金融期貨交易。
Pursuant to the difference between , futures transactions may be divided into . 2.按照期貨市場參與者的不同，期貨交易可分為期貨交易所、期貨經紀商、期貨投資者或期貨交易者等不同主體。
Depending on the participants in the futures market, futures transactions can be divided into , 套期保值交易和投機交易
3. Futures transactions may be divided into and 期貨市場(Future Market)是按一定的規章制度買賣期貨合約的有組織的市場。它由期貨交易所、期貨佣金商、清算所、期貨交易參與者共同構成。
1. //b> 所有的也稱商品交易所，是經政府部門批准認可的專門進行期貨合約買賣的場所，一般實行會員制，其財產來源於初始投資及會員會費、席位費及交易手續費。交易所的最高權力機構是會員大會，下設董事會或理事會，董事會聘任交易所總裁負責日常行政和管理工作。期貨交易所的主要職能是：①為期貨交易提供場地、設施和服務；②制定標準化的期貨合約；③制定並監督執行交易規則，保證交易公正、公開、公平；④組織和監督期貨交易、結算與交割，保證期貨合約的履行；⑤負責收集和發佈交易信息；⑥設立仲裁機構，解決交易糾紛。
All the commodity exchanges Directorate , Director General 2．期貨佣金商
2. futures commissioner/ >/b> 又稱經紀行，是依法成立的以期貨代理業務為主的公司，他們以自己的名義代理客戶買賣期貨，收取佣金，並向交易所、清算所和客戶負責。期貨佣金商的代理業務主要包括：①執行客戶交易指令，代理實物交割；②保管並處理客戶保證金；③為客戶提供市場信息、商品行情和相關服務，充當交易決策的參謀；④記錄客戶盈虧。
Also known as a company established by law with the primary purpose of acting agents, who buy futures, collect commissions, and are responsible to the exchange, clearing house and client. includes, inter alia,: 1 executor of a client transaction order, proxy delivery; 2 custody and processing of client guarantees; 3 client market information ; 3 client 3．清算所
是負責期貨合約對沖、結算和交割的機構。從組織形式上看，有的附屬於交易所，也有的完全獨立。清算所是期貨交易雙方的代理人，擁有代位權，對期貨合同的買家來說它代表賣家，而對期貨合同的賣家來說它代表買家，並有義務擔保每筆合約的履行，因此具有權威性，是期貨市場運行機制的核心。清算所的主要功能是：①負責處理期貨合約交易的一切賬目往來。所有在交易所達成的交易，都必須在清算所進行結算，而不是交易雙方之間相互往來款項。②擔保期貨合約的履行，處理違約者賬戶並對受損者進行補救。③負責安排、監督期貨交割。
The organization appears to be either an exchange or a complete independence. The clearing house is . It has subrogations, for buyers of futures contracts it represents the seller, and for sellers it represents the buyer, and it has a contractual obligation to carry out each of the contracts. 4．期貨交易參與者
4. /b> 期貨交易參與者是指參加期貨交易的成員，各國法律對期貨交易參加者的資格沒有嚴格規定，可以是公司，也可以是個人，無任何限制。但能夠進場直接交易的只能是會員和場內經紀人。前者擁有自己的交易席位，可以為自己的利益進行交易；後者則是接受客戶委托，代理客戶交易或者經過允許從事雙重交易。其他不能進場交易的客戶，只能委托經紀人進行間接交易。
Participants in futures transactions are members of futures transactions, whose qualifications are not strictly regulated by national laws, either by a company or by a person without any restriction. But only members members of futures transactions > and >. 參與者按其參加期貨交易的目的不同，又可以分為套期保值者和投機者兩類。
Participants may be divided into and hosters. (1)套期保值者(Hedgers)。一般是實際商品的生產商、加工商、儲運商和貿易商。他們參與期貨交易的目的，是在期貨市場建立與現貨交易相反的交易頭寸(Trading Position)，以便將現貨市場價格波動風險轉嫁給第三方。簡而言之，就是在買入或賣出一種商品現貨的同時，又在期貨市場賣出或買進在各方面同等的期貨，以規避因市場價格波動而帶來的市場風險。
(1) ("https://wiki.mbalib.com/zh-tw/%E9%E9%E9%E8%BD%AC%A5%"title = "Risk risk transfer" (2)投機者(Speculators)，也稱風險經營者，通常是指採用各種技術方法預測未來商品期貨價格，並試圖通過頻繁的買賣期貨合同以賺取買賣差價的市場參與者。通常分為“多頭”與“空頭”，前者的交易行為是首先買進期貨合約，而後在合適的價位上賣出；後者的做法則相反。但無論他們如何操作，其交易理念都是“低買高賣”(Buy Low and Sell High)
(2) () are also described as venture operators, usually using various technical techniques to predict the price of future commodities, and have tried to obtain > > 期貨交易與一般的現貨交易相比，期貨交易在其業務操作流程上具有自身的特點。期貨交易業務操作一般包括開戶、委托、結算、交割等幾個方面。期貨交易規則要求交易參與者在決定參與交易的時候，必須首先履行開立交易賬戶的手續。要買進或賣出一張(或更多的)期貨合約，必須經過下單、交易、回報幾個環節，來完成一個基本的流程。
Futures transactions have their own special features in their business processes as compared to ordinary current transactions. The futures trade operations typically include opening accounts, commissioning, accounting, and handing over. The futures trading rules require that participants in a transaction must first satisfy their opening when deciding to participate. To buy or sell a single (or more) deal, they must complete a basic process by way of an order, transaction or return. 1．開戶
1. Opening 由於期貨交易必須集中在交易所內進行，而在場內操作交易的只能是交易所的會員，包括期貨經紀公司和自營會員。普通投資者在進入期貨市場交易之前，應首先選擇一個具備合法代理資格、信譽好、資金安全、運作規範和收費比較合理的期貨經紀公司會員。自營會員沒有代理資格。
Since futures transactions must be concentrated on the exchange, only the exchange's , including futures agents and self-employed members. Before entering the futures market, ordinary investors should first select a legitimate agent, reputational integrity, financial security, operating rules and more reasonable future manager /a>. 投資者在經過對比、判斷，選定期貨經紀公司之後，即可向該期貨經紀公司提出委托申請，開立賬戶。開立賬戶實質上是投資者(委托人)與期貨經紀公司(代理人)之間建立的一種法律關係。一般來說，各期貨經紀公司會員為客戶開設賬戶的程式及所需的文件不盡相同，但基本程式及方法大致相同。
Investors can apply for a trust and open an account with the fixed-term agent after comparison and determination. The opening account is based on an investmentor () and a broker (agent) set up between . 首先是風險揭示過程。客戶委托期貨經紀公司從事期貨交易必須事先在期貨經紀公司辦理開戶登記。期貨經紀公司在接受客貨開戶申請時，需向客戶提供《期貨交易風險揭示書》。個人客戶應在仔細閱讀並理解後，在該《期貨交易風險說明書》上簽字；客戶應在仔細閱讀並理解之後，由單位法定代表人在該《期貨交易風險說明書》上簽字並加蓋單位公章。
A client should read it carefully and understand it, sign it in the Future Trading Risk Statement; after reading it carefully and understanding it, the client should have a statutory representative sign and post a single stamp on the Future Trading Risk Statement. 然後是簽署合同。期貨經紀公司在接受客戶開戶申請時，雙方須簽署《期貨經紀合同》。個人客戶應在該合同上簽字，單位客戶應由法定代表人在該合同上簽字並加蓋公章。個人開戶應提供本人身份證，留存印鑒或簽名樣卡。單位開戶應提供《企業法人營業執照》影印件，並提供法定代表人及本單位期貨交易業務執行人的姓名、聯繫電話、單位及其法定代表人或單位負責人印鑒等內容的書面材料及法定代表人授權期貨交易業務執行人的書面授權書。交易所實行客戶交易編碼登記備案制度，客戶開戶時應由期貨經紀公司按交易所統一的編碼規則進行編號，一戶一碼，專碼專用，不得混碼交易。期貨經紀公司註銷客戶的交易編碼，應向交易所備案。
The individual client should sign the contract by http://www.kmb2's" >. The individual account should provide 最後是按規定繳納開戶保證金。期貨經紀公司應將客戶所繳納的保證金存入期貨經紀合同中指定的客戶賬戶中，供客戶進行期貨交易。期貨經紀公司向客戶收取的保證金，屬於客戶所有；期貨經紀公司除按照中國證監會的規定為客戶向期貨交易所交存保證金進行交易結算外，嚴禁挪作他用。
Finally, guarantee . The future agent should deposit the bond paid by the client into the client's client account specified in the futures manager's contract for the client's futures transaction. The guarantee from the futures manager belongs to the client; the futures manager's firm, except for the deposit of the bond with the current stock exchange under , which ordered the deposit of the pledge to be made by the client. 2．委托
2. Commission 客戶在按規定足額繳納開戶保證金後，即可開始交易，進行委托下單。所謂下單，是指客戶在每筆交易前向期貨經紀公司業務人員下達交易指令，說明擬買賣合約的種類、數量、價格等的行為。通常，客戶應先熟悉和掌握有關的交易指令，然後選擇不同的期貨合約進行具體交易。
Clients can start a transaction and commission a purchase order after paying their dues in accordance with the rules. The order is to reach to specify the types, quantities, prices, etc. 國際上常用的交易指令有：市價指令、限價指令、止損指令和取消指令等。我國期貨交易所規定的交易指令有兩種：限價指令和取消指令，交易指令當日有效。在指令成交前，客戶可提出變更或撤銷。
Internationally commonly used trade instructions are: , , The price-limiting directive means that or better price-fixing order. When the price-limiting order is implemented, the client must specify the price. Its special point is that the transaction is made at a client's expected price at a slower pace than the transaction rate and sometimes it is not. 止損指令是指當市場價格達到客戶預計的價格水平時即變為市價指令予以執行的一種指令。客戶利用止損指令，既可以有效地鎖定利潤，又可以將可能的損失降低至最低限度，還可以相對較小的風險建立新的頭寸。(目前國內尚沒有該指令)
The damage order is one that is enforced by the market price level of . Clients use the damage order to effectively lock down profits, minimize potential losses, and create new positions relative to smaller risks. (There is currently no such directive) 取消指令是指客戶要求將某一指令取消的指令。客戶通過執行該指令，將以前下達的指令完全取消，並且沒有新的指令取代原指令。
Cancelling an order is a client’s order to cancel a particular order. 期貨經紀公司對其代理客戶的所有指令，必須通過交易所集中撮合交易，不得私下對沖，不得向客戶作獲利保證或者與客戶分享收益。
All futures agents' instructions to their acting clients must be consolidated through the exchange , not to be held in private, not to make profit guarantees to clients or to share the proceeds with them. 客戶在正式交易前，應制定詳細周密的交易計劃。在此之後，客戶即可按計划下單交易。客戶可以通過書面、電話或者中國證監會規定的其他方式向期貨經紀公司下達交易指令。具體下單方式有下麵幾種。
Clients should have detailed and detailed trading plans before entering into a formal transaction. After that, the client can account for a single transaction. 書面下單，即客戶親自填寫交易單，填好後簽字交由期貨經紀公司交易部，再由期貨經紀公司交易部通過電話報單至該公司在期貨交易所場內的出市代表，即駐場交易員，出市代表輸入指令進入交易所主機撮合成交。採用書面下單的方式，客戶必須到期貨公司營業網點，下單過程有兩個人工中間環節，效率較低並有可能出錯，這種下單方式已經成為歷史。
The list below, i.e., the client himself fills out the transaction form, and then signs it to the trading department of the futures agent, which then sends the exit representative of the futures agent through a telephone report to the company's exit representative at the futures exchange, . By using the paper list, the client must have expired the company's business site, which has two artificial mid-points, which are less efficient and likely to be wrong, and which has become history. 營業網點下單和電話下單，即客戶在期貨公司營業網點使用網點的電腦下單，或者通過電話下單，電話下單的優點在於客戶不需要到期貨公司的營業網點。交易指令可以是先下達到期貨經紀公司交易部，再由交易部通知出市代表下單。期貨經紀公司須將客戶的指令予以錄音，以備查證。事後，客戶應在交易單上補簽字。期貨經紀公司在接受客戶指令後，應及時通知出市代表。出市代表應及時將客戶的指令輸入交易席位上的電腦終端進行競價交易。在無形席位的情況下，交易指令直接達到期貨交易所的交易主機。
The transaction order may be to reach the end of the company's trading office, and then be notified of the listing by the trading office. The trading firm must record the client's order in order to support the check. After the event, the client should sign the order. After receiving the order, the firm should notify the representative of the market in due time. The firm should conduct the bidding process at the end of the computer terminal at which the customer's order is to be entered into the trading seat. 網上交易，即客戶通過電腦和使用期貨經紀公司提供的交易軟體將交易指令通過網路傳輸到期貨經紀公司的交易系統，交易系統自動將客戶的指令轉送到交易所的交易主機。這是目前最為便捷的交易方式之一。
, i.e. a transaction software supplied by a client via a computer and a futures agent company that automatically transmits a transaction order via the Internet to a mature dealer company , which is currently one of the most convenient mode of dealing. 在下單過程中，客戶還需要選擇是開倉還是平倉，開倉是指期貨交易者買入或者賣出期貨合約的行為，與原來的持有的期貨合約不發生關係；而平倉是指期貨交易者買入或者賣出與其所持期貨合約的品種、數量相同但交易方向相反的期貨合約，了結期貨交易的行為。
In the next one-way process, the client also has to choose whether to open a warehouse or a warehouse, where the future dealer buys or sells a future and does not have to do with the originally held futures contract; and where the futures dealer buys or sells a future goods contract of the same type, quantity, and direction of the transaction. 國內期貨交易所電腦交易系統的運行一般是將買賣申報單以價格優先、時間優先的原則進行排序。當買入價大於、等於賣出價則自動撮合成交，撮合成交價等於買入價(BP)、賣出價(SP)和前一成交價(CP)三者中居中的一個價格。
The price of the computer trading system of the in-country exchange is typically , when the purchase price is greater and the sale price is made self-initiated, the transaction price is e.g. . 開盤價和收盤價均由集合競價產生。開盤價集合競價在某品種某月份合約每一交易日開市前5分鐘內進行，其中前4分鐘為期貨合約買、賣價格指令申報時間，後1分鐘為集合競價撮合時間，開市時產生開盤價。收盤價集合競價在某品種某月份合約每一交易日收市前5分鐘內進行，其中前4分鐘為期貨合約買、賣價格指令申報時間，後1分鐘為集合競價撮合時間，收市時產生收盤價。交易系統自動控制集合競價申報的開始和結束併在電腦終端上顯示。
and are to be collected by > > >. 集合競價採用最大成交量原則，即以此價格成交能夠得到最大成交量。高於集合競價產生的價格的買入申報全部成交；低於集合競價產生的價格的賣出申報全部成交；等於集合競價產生的價格的買入或賣出申報，根據買入申報量和賣出申報量的多少，按少的一方的申報量成交。
By using the maximum value of the transaction, the sum of the transaction will be the maximum amount. The purchase claim for a price higher than the one generated by the bid is fully paid; the sale claim for a price lower than the one generated by the bid is paid; and the purchase or sale claim for a price equivalent to that generated by the bid will be paid on the basis of the amount of the claim for purchase and sale, according to the amount of the claim for sale. 當期貨經紀公司的出市代表收到交易指令後，確認無誤後以最快的速度將指令輸入電腦內進行撮合成交。當電腦顯示指令成交後，出市代表必須馬上將成交的結果反饋回期貨經紀公司的交易部。期貨經紀公司交易部將出市代表反饋回來的成交結果記錄在交易單上並打上時間戳記後，將記錄單報告給客戶。成交回報記錄單應包括成交價格、成交手數、成交回報時間等項目。
Upon receipt of the transaction order, the company's exit representative confirmed that the order was entered into the computer for a synthesizing transaction as quickly as possible. When the computer showed the order, the company's outgoing representative had to return the transaction to the firm's trading department. The company's trading department recorded the outcome of the transaction back from the company's exit representative on the transaction list and time stamped it. The return record should include the transaction number, , the return time etc. 客戶對交易結算單記載事項有異議的，應當在下一交易日開市前向期貨經紀公司提出書面異議；客戶對交易結果單記載事項無異議的，應當在交易結算單上簽字確認或者按照期貨經紀合同約定的方式確認。客戶既未對交易結算單記載事項確認，也未提出異議的，視為對交易結算單的確認。對於客戶有異議的，期貨經紀公司應當根據原始指令記錄和交易記錄予以核實。
If the client disagrees with the transaction order, it should file a written disagreement with the futures agent before the opening of the next transaction date; if the client has no problem with the transaction result record, it should sign a confirmation on the transaction order or confirm it in the manner specified in the contract with the futures account. If the client does not record a transaction order, it should make a written disagreement with the futures manager. If the client does not do so, it should verify the transaction order as a confirmation of the transaction order. If the client disagrees, the futures manager should verify the transaction record and . 3．結算
3. Finalization 結算是指根據交易結果和交易所有關規定對會員交易保證金、盈虧、手續費、交割貨款和其他有關款項進行的計算、劃撥。結算包括交易所對會員的結算和期貨經紀公司會員對其客戶的結算，其計算結果將被計入客戶的保證金賬戶。
The calculation is based on the outcome of the transaction and the relevant rules of the exchange for the calculation and planning of members' transactions, gains and losses, fees, cut-off payments and other related payments. The calculation includes the accounting for members of the exchange and the accounting for their clients by the members of the stockbrokers, whose calculations will be accounted for in the client's Secured account /a>. 期貨交易所的結算實行保證金制度、每日無負債結算制度和風險準備金制度等。與期貨市場的層次結構相適應，期貨交易的結算也是分級、分層的。交易所只對會員結算，非會員單位和個人通過期貨經紀公司會員結算。
The futures exchange has a guaranteed system, a daily debt-free system and a risk-readiness system. The futures market hierarchy is appropriate, and futures transactions are graded and graded. units and individual pass-through stock companies. 交易所對會員的結算：首先，每一交易日結束後交易所對每一會員的盈虧、交易手續費、交易保證金等款項進行結算。其核算結果是會員核對當日有關交易並對客戶結算的依據，會員可通過會員服務系統於每交易日規定時間內獲得《會員當日平倉盈虧表》、《會員當日成交合約表》、《會員當日持倉表》和《會員資金結算表》。其次，會員每天應及時獲取交易所提供的結算結果，做好核對工作，並將之妥善保存。如果，會員如對結算結果有異議，應在第二天開市前三十分鐘以書面形式通知交易所。如在規定時間內會員沒有對結算數據提出異議，則視作會員已認可結算數據的準確性。最後，交易所在交易結算完成後，將會員資金的劃轉數據傳遞給有關結算銀行。
期貨經紀公司對客戶的結算與交易所的方法一樣，即每一交易日交易結束後對每一客戶的盈虧、交易手續費、交易保證金等款項進行結算。交易手續費一般不低於期貨合約規定的交易手續費標準的3倍，交易保證金一般高於交易所收取的交易保證金比例至少3個百分點。期貨經紀公司在閉市後向客戶發出交易結算單，當每日結算後客戶保證金低於期貨交易所規定的交易保證金水平時，期貨經紀公司按照期貨經紀合同約定的方式通知客戶追加保證金，客戶不能按時追加保證金的，期貨經紀公司應當將該客戶部分或全部持倉強行平倉，直至保證金餘額能夠維持其剩餘頭寸。
At the end of each transaction, the transaction balance is calculated in the same way as the exchange. At the end of each transaction date, the transaction fee is calculated for each client’s profit, transaction fee, transaction guarantee, and so on. The transaction fee is usually not less than three times the trading rate stipulated in the terms of the contract. 未平倉期貨合約均以當日結算價作為計算當日盈虧的依據。當日盈虧可以分項計算如下：
The unsettled stock agreement is calculated on the basis of 當日盈虧=平倉盈虧+持倉盈虧
a href = 平倉盈虧=平歷史倉盈虧+平當日倉盈虧
平歷史倉盈虧=∑[(賣出平倉價-上一交易日結算價)×賣出量]+∑[(上一交易日結算價-買入平倉價)×買入平倉量]
History warehouse surplus and loss = [sales warehouse price - previous trading day value] + [sale price on previous trading date - buy-in warehouse price] + buy-in warehouse volume] 平當日倉盈虧=∑[(當日賣出平倉價-當日買入開倉價)×賣出平倉量]+ ∑[(當日賣出開倉價-當日買入平倉價)×買入平倉量]
The average warehouse = [the day the price was sold - the day the price was bought into the warehouse] + [the day the price was sold - the day the price was bought into the warehouse] + [the day the price was sold - the day the price was bought in the warehouse] 持倉盈虧=歷史持倉盈虧+當日開倉持倉盈虧
Warehouse surplus/loss = historical surplus/loss + warehouse/loss on day 歷史持倉盈虧-(當日結算價-上一日結算價)×持倉量
Historical warehouse surplus/loss - (current price - previous date price) x warehouse holdings 當日開倉持倉盈虧=∑[(賣出開倉價-當日結算價)×賣出開倉量]+∑[(當日結算價-買入開倉價)×買入開倉量]
The warehouse was opened at a cost or loss on that day [sold the warehouse at that date] [sold the warehouse at that date] [sold the warehouse at that date - bought into the warehouse at that date] [sold the warehouse at that date] [sold the warehouse at that date] [sold the warehouse at that date] [sold the warehouse at that date] ] 根據以上公式，當日盈虧可以綜合成為總的計算公式如下：
According to the above formula, the current day's gains and losses can be combined into a total calculation formula as follows: 當日盈虧=∑[(賣出成交價一當日結算價)×賣出量]+∑[(當日結算價-買入成交價)×買入量]+(上一交易日結算價-當日結算價)×(上一交易日賣出持倉量-上一交易日買入持倉量)
Gains and losses on that date = [(valued on the day of sale) + sales + + (pay on the day of purchase) + purchase on the day of sale + + (pay on the date of the previous transaction — pay on the day) + (sale on the day of the previous transaction — buy on the day of the previous transaction) + (buy on the day of the previous transaction) 當日盈虧在每日結算時進行劃轉，當日盈利劃入會員結算準備金，當日虧損從會員結算準備金中扣劃。當日結算時的交易保證金超過昨日結算時的交易保證金部分從會員結算準備金中扣劃。當日結算時的交易保證金低於昨日結算時的交易保證金部分劃入會員結算準備金。手續費、稅金等各項費用從會員的結算準備金中直接扣劃。
The profit and loss is calculated on a daily basis, when the profit and loss accrues to the member 交割結算價
如前所述，商品期貨交易一般採用實物交割的方式。雖然最終進行實物交割的期貨合約的比例非常小，但正是這極少量的實物交割將期貨市場與現貨市場聯繫起來，為期貨市場功能的發揮提供了重要的前提條件。
As noted earlier, commodity futures transactions typically take the form of /a>. Although the final delivery of the goods is a very small share, it is this very small amount of real goods that links the future market to the current market, which provides an important prerequisite for the performance of the future market function. 在期貨市場上，實物交割是促使期貨價格和現貨價格趨向一致的制度保證。當由於過度投機，發生期貨價格嚴重偏離現貨價格時，交易者就會在期貨、現貨兩個市場問進行套利交易。當期貨價格過高而現貨價格過低時，交易者在期貨市場上賣出期貨合約，在現貨市場上買進商品。這樣，現貨需求增多，現貨價格上升，期貨合約供給增多，期貨價格下降，期現價差縮小；當期貨價格過低而現貨價格過高時，交易者在期貨市場上買進期貨合約，在現貨市場賣出商品。這樣，期貨需求增多，期貨價格上升，現貨供給增多，現貨價格下降，使期現價差趨於正常。以上分析表明，通過實物交割，期貨、現貨兩個市場得以實現相互聯動，期貨價格最終與現貨價格趨於一致，使期貨市場真正發揮價格發現的功能。
At the futures market, the delivery of goods is guaranteed by a system that promotes a consistent price between futures and current prices 一些熟悉現貨流通渠道的套期保值者在實際操作中，根據現貨市場的有關信息，直接在期貨市場上拋出或購進現貨，獲取差價。這種期現套做的方法在一定程度上消除了種種投機因素所帶來的風險，客觀上起到了合理引導生產的作用。根據交割的時間安排，還可以把交割方式分為集中性交割和分散性交割。集中性交割，即所有到期合約在交割月份最後交易日過後一次性集中交割的交割方式；分散性交割，即除了在交割月份的最後交易日過後所有到期合約全部配對交割外，在交割月第一交易日至最後交易日之間的規定時間也可進行交割的交割方式。
In practice, some hedgers familiar with the current distribution channels throw or buy the goods directly in the future market, according to relevant information from the current market. The method of doing so eliminates to some extent the risks posed by a variety of input factors, and provides a reasonable guide to production. According to the timing of the delivery, the delivery can also be divided into a centralized sex cutting and a decentralized sex cutting. A centralized sex cutting, i.e. all maturing contracts at 我國期貨合約的交割結算價通常為該合約交割配對日的結算價或為該期貨合約最後交易日的結算價。交割商品計價以交割結算價為基礎，再加上不同等級商品質量升貼水以及異地交割倉庫與基準交割倉庫的升貼水。
The cut-off price of our national stock exchange is usually the final price of the cut-off date or the final trading date of the cut-off date. The cut-off price is based on the cut-off price, plus the different levels of the quality of the goods raised water, as well as the upgrading of the cut-and-try warehouse and the subsite. 期貨交易實物交割的程式一般為：在第一交割日，買方申報意向，賣方交標準倉單。買方在第一交割日內，向交易所提交所需商品的意向書。內容包括品種、牌號、數量及指定交割倉庫名等。賣方在第一交割日內將已付清倉儲費用的有效標準倉單交交易所。在第二交割日，交易所分配標準倉單。交易所在第二交割日根據已有資源，按照“時間優先、數量取整、就近配對、統籌安排”的原則，向買方分配標準倉單。不能用於下一期貨合約交割的標準倉單，交易所按所占當月交割總量的比例向買方分攤。在第三交割日，買方交款、取單，賣方收款。買方必須在第三交割日14：00前到交易所交付貨款並取得標準倉單。交易所在第三交割日16：00前將貨款付給賣方。在第四、五交割日，賣方交增值稅專用發票。
The formula for handing over tradable goods is generally: at , the seller's offer to deliver , the seller's offer to the exchange , the seller's intention to sell the goods, the seller's number of items, the quantity of items, the number of items, the number of items, the number of items, the number of items, the number of items, the number of items, the number of items, etc. 標準倉單在交易所進行實物交割的，其流轉程式如下：賣方投資者背書後交賣方經紀會員：賣方會員背書後交至交易所；交易所蓋章後交買方會員；買方經紀會員背書後交買方投資者；買方非經紀會員、買方投資者背書後至倉庫辦理有關手續；倉庫或其代理人蓋章後，買方非經紀會員、買方投資者方可提貨或轉讓。
The standard warehouse order, where the goods are delivered on the exchange, is handed over to the seller's agent after the seller's investor has endorsed the book: to the exchange after the seller's member's endorsement; to the buyer after the stamp of the exchange; to the buyer's investor after the buyer's member's endorsement; to the buyer's non-manager, the buyer's investor, after the book has been written by the buyer's agent, to the warehouse; and to the buyer's non-manager, the buyer's investor, after the stamping of the warehouse, for the buyer's withdrawal or transfer of the goods. 首先，期貨合約的買賣雙方有下列行為之一的，構成交割違約：在規定交割期限內賣方未交付有效標準倉單的；在規定交割期限內買方未解付貨款的或解付不足的；賣方交付的商品不符合規定標準的。
First, both parties to the futures contract are classified as breaching the terms of the contract if the seller fails to deliver a valid warehouse order within the prescribed delivery period; if the buyer fails to pay or fails to pay within the scheduled delivery period; and if the seller does not deliver the goods within the prescribed criteria. 對於交割違約的處理，如果會員在期貨合約實物交割中發生違約行為，交易所應先代為履約。交易所可採用徵購和競賣的方式處理違約事宜，違約會員應負責承擔由此引起的損失和費用。交易所對違約會員還可處以支付違約金、賠償金等處罰。
In the case of a breach of contract, the exchange is required to perform the contract on behalf of the member in the event of a breach of contract. The exchange may deal with the breach in the form of a requisition and a sale, and the applicant shall be liable for the loss and expense incurred. The exchange may also pay [編輯]
一、經紀委托風險
i, 即客戶在選擇和期貨經紀公司確立委托過程中產生的風險。客戶在選擇期貨經紀公司時，應對期貨經紀公司的規模、資信、經營狀況等對比選擇，確立最佳選擇後與該公司簽訂《期貨經紀委托合同》。 投資者在準備進入期貨市場時必須仔細考察、慎重決策，挑選有實力、有信譽的公司。
This is the risk that the client has commissioned the process. In selecting the futures agent, the client should choose . . 二、流動性風險
II, 即由於市場流動性差，期貨交易難以迅速、及時、方便地成交所產生的風險。這種風險在客戶建倉與平倉時表現得尤為突出。如建倉時，交易者難以在理想的時機和價位入市建倉，難以按預期構想操作，套期保值者不能建立最佳套期保值組合；平倉時則難以用對沖方式進行平倉，尤其是在期貨價格呈連續單邊走勢，或臨近交割，市場流動性降低，使交易者不能及時平倉而遭受慘重損失。因此，要避免遭受流動性風險，重要的是客戶要註意市場的容量，研究多空雙方的主力構成，以免進入單方面強勢主導的單邊市。
三、強行平倉風險
iii, 期貨交易實行由期貨交易所和期貨經紀公司分級進行的每日結算制度。在結算環節，由於公司根據交易所提供的結算結果每天都要對交易者的盈虧狀況進行結算，所以當期貨價格波動較大、保證金不能在規定時間內補足的話，交易者可能面臨強行平倉風險。除了保證金不足造成的強行平倉外，還有當客戶委托的經紀公司的持倉總量超出一定限量時，也會造成經紀公司被強行平倉，進而影響客戶強行平倉的情形。因此，客戶在交易時，要時刻註意自己的資金狀況，防止由於保證金不足，造成強行平倉，給自己帶來重大損失。
. > 四、交割風險
期貨合約都有期限，當合約到期時，所有未平倉合約都必須進行實物交割。因此，不准備進行交割的客戶應在合約到期之前將持有的未平倉合約及時平倉，以免於承擔交割責任。 這是期貨市場與其他投資市場相比，較為特殊的一點，新入市的投資者尤其要註意這個環節，儘可能不要將手中的合約，持有至臨近交割，以避免陷入被"逼倉"的困境。
When the contract expires, all unaltered contracts will have to be carried out. 五、市場風險
客戶在期貨交易中，最大的風險來源於市場價格的波動。這種價格波動給客戶帶來交易盈利或損失的風險。因為杠桿原理的作用，這個風險因為是放大了的，投資者應時刻註意防範。
The biggest risk for customers in futures deals stems from the volatility of market prices. Such price movements bring with them the risk of profit or loss of the transaction. Because of the principle of the bar, the risk is magnified and investors should always be wary. 無負債結算制度和風險準備金制度。
Unindebted Debt Accounting System and 期貨交易作為一種獨特的交易方式，具有不同於現貨交易的特點。與現貨交易相比較，兩者之間主要存在以下區別：1．交易對象不同一是交易的標的物不同。現貨交易，無論是即期交易還是遠期合同交易，交易標的物都是實物，所以現貨交易又稱實物交易；而期貨交易的對象不是具體的實物商品，而是由交易所制訂的一紙“標準化的期貨合約”。二是交易對象的範圍不同。現貨交易可以用於市場上的所有商品；而用於期貨交易的商品範圍較窄，一般以可以標準化和耐儲存的初級產品為主。具體地說，能夠以期貨形式交易的商品應符合四個條件：①具有價格風險；②經營者有轉嫁風險的需求；③商品耐儲耐運；④商品的規格和質量等級容易劃分。具備這些條件的商品有小麥、大豆、穀物、棉花、原糖、家畜、有色金屬、能源產品和林產品等。
The current trade, regardless of whether 2．交易主體不同現貨交易的主體主要是生產者、經銷商和消費者；而期貨交易的主體多為套期保值者、經紀人和投機商。
2. The bulk of the trading body's different real-estate transactions are mainly producers, dealers and consumers; the bulk of futures transactions are hedgers, agents and investors. 3．交易目的不同現貨交易中，交易雙方以買賣商品為目的，除了出現不可抗力和極為特殊的原因，一般必須進行實物交割；而期貨交易的參加者是以套期保值、規避風險或風險投資為目的，一般不進行實物交割，而是在到期之前進行對沖，以取得差價。
3. In different current transactions, except for and exceptionally special reasons, the parties to the transaction are generally required to deliver the goods except for force majeure and the participants in the future trade are not required to invest 4．交易方式不同現貨交易一般分散進行，並無特定的場所，交易雙方多以面談的方式協商議定交易條件，交易合同內容無需公開；而期貨交易是通過經紀人在期貨交易所內以公開、公平的方式進行交易，交易價格經過公開競價敲定，雙方達成交易信息是公開的，任何場外交易、私下交易(如私下對沖)都是無效和非法行為。
4. Transactions are generally decentralized and there is no specific place where transactions are conducted. The terms of the transaction are negotiated by both parties, are not subject to public disclosure; while the deal is conducted in an open and fair manner by an agent on the stock exchange, the transaction price is determined by public bidding, the transaction price is publicly available and any transaction 5．交易關係不同在現貨交易中，達成交易的雙方必須直接承擔合同責任關係；而在期貨交易中，期貨合約交易的雙方分別與清算所建立合同關係，他們之間並無直接的合同責任關係。
In futures transactions, where two parties to a transaction have to assume contractual responsibility directly, there is no direct contractual relationship between . 6．交易保障不同現貨交易以《中華人民共和國合同法》等法律為保障，合同不能兌現時要用法律或仲裁的方式解決。而期貨交易是以保證金制度為保障，實行無負債運營，確保合約雙方到期履約。期貨交易所為交易雙方提供結算交割服務和履約擔保，實行嚴格的結算交割制度，違約的風險很小。
6. The transaction guarantees different current transactions in Laws such as on the Republic of China's People's Republic of China's Contract Law
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