I. International gold futures trading rules-Definitions

Gold futures, a precious metal futures variety, was officially listed on the Shanghai Futures Exchange on1October 9. Shanghai Futures Exchange announced that the benchmark price of gold futures contracts for each term was set at 209: 99 yuan/gram. Gold futures refer to futures contracts with the gold price in the international gold market as the transaction target at a certain time in the future. The profit and loss of investors buying and selling gold futures is measured by the difference between entry and exit, which is the physical delivery after the contract expires.

Second, the international gold futures trading rules-trading time:

08: 55 ~ 08: 59 call auction (entrusted by the customer, not matched)

08: 59 ~ 09: 00 Matchmaking transaction 09: 00 ~ 10: 15 Normal transaction.

10:15 ~10: 30 Dalian and Shanghai Zhengzhou futures exchanges are closed.

10: 30 ~1:30 normal trading13: 30 ~14:10 normal trading.

14:10 ~14: 20 Shanghai Futures Exchange is closed.

/kloc-normal trading from 0/4: 20 to 15: 00.

Trading variety: gold

Transaction unit: 1000g/ lot.

Quotation unit: RMB/gram

Minimum price change: 0.0 1 yuan/gram.

Maximum fluctuation limit of daily price: no more than 5% of the settlement price of the previous trading day.

Contract delivery month:1-65438+February.

Trading time: 9: 00 am-165438+0:30 pm-65438+0: 30 pm.

Last trading day: 15 of the delivery month of the contract (postponed in case of legal holidays).

Delivery date: five consecutive working days after the last trading day.

Delivery grade: domestic gold ingots with a gold content of not less than 99.95% and standard gold ingots produced by qualified suppliers or refineries recognized by the London Gold and Silver Market Association (LBMA) recognized by the Exchange (see Annex for specific quality regulations).

Delivery place: delivery warehouse designated by the international gold price exchange.

Minimum trading margin: 7% of the international gold contract value.

Transaction costs: including risk reserve.

Delivery method: physical delivery

Transaction code: AU

Listed Exchange: Shanghai Futures Exchange

Three. International gold futures trading rules-delivery unit

The trading unit of a gold price standard contract is 65,438+0,000 grams per lot, and the delivery unit is 3,000 grams of the standard weight (net weight) of each warehouse receipt, and the delivery should be an integral multiple of each warehouse receipt.

Operating steps:

1, deposit.

Traders must open an account with brokers before entering the gold futures exchange. Traders should sign relevant contracts with brokers and undertake the obligation to pay the deposit. If the transaction fails, the broker has the right to close the position immediately and the trader has to bear the relevant losses. When traders participate in gold futures trading, they do not need to pay the full amount of the contract, but only need to pay a certain amount (that is, margin) as a guarantee for brokers to operate the trading. The margin is generally set at about 65,438+00% of the total amount of gold transactions. The deposit is a guarantee for the confidence of the contract holder, and the final result of the contract is either physical delivery or transaction before the contract expires.

Margin is generally divided into three grades:

(1) is the initial deposit.

This is the minimum deposit that brokers require customers to pay for each contract when opening futures trading.

(2) It is a long-term maintenance deposit.

This is the amount of reserves that customers must always maintain. Long-term margin sometimes requires customers to provide additional margin. Additional margin refers to the margin required by brokers to maintain their operation and balance when the market changes in the opposite direction to the trader's position. If the market price moves in the direction favorable to the trader's position, the part that exceeds the margin is equity or income, and the trader may also request to raise the money or use it as the initial margin for another gold futures transaction.

(3) Contingencies and changes in profit and loss.

The margin paid by the settlement customer to the clearing institution of the exchange according to the results of each trading day is used to compensate the loss caused by the unfavorable price trend of the customer in futures trading.

2. Contract unit. Gold futures, like other futures contracts, are completed by multiplying the number of contracts by the standard contract units. Each standard contract unit of new york Stock Exchange is 100 ounce gold bars or three 1 kg gold bars.

3. Delivery month. Gold futures contracts require the submission of gold with a specified purity in a certain month.

4. Minimum volatility and maximum trading limit. The minimum range refers to the minimum range of each price change, such as the range of each price change is 10 cent; The maximum trading limit is like the daily limit and the daily limit in the securities market. The new york Stock Exchange stipulates that the maximum daily volatility is 75 cents.

5. Futures delivery. Traders who purchase futures contracts have the right to obtain gold guarantees, transport bills or gold certificates at any time after the earliest delivery date before the futures contracts are realized. Similarly, traders who sell futures contracts that fail to open positions before the final delivery date must bear the responsibility of delivering gold. The delivery date and the final delivery date are different in various markets around the world. For example, the earliest delivery date in the month when the contract expires is 15, and the latest delivery month is the 25th of that month. Generally speaking, futures contracts will be closed before the delivery date.

6. Trading on the same day. Futures trading can be closed in the opposite direction according to the price change of the day. Intraday trading is a necessary condition for the successful operation of gold futures, because it provides liquidity for traders. Moreover, there is no need to pay a deposit for the day's trading, only when the open contract is finally paid to the exchange.

7. description. An order is an order from a customer to a broker to buy and sell gold, in order to prevent misunderstanding between the customer and the broker. Description includes: behavior (whether to buy or sell), quantity and description (i.e. market name, delivery date, price and quantity, etc.). ) and restrictions (such as purchase restriction and preferential price purchase).

When gold futures investors think the price is suitable, they can enter the market for trading. The specific process is as follows:

First, open an account.

Generally, investors should open accounts with member brokers of the gold futures exchange and sign risk disclosure and trading account agreements. And authorize brokers to buy and sell contracts and pay deposits on their behalf. After the broker is authorized, he can buy and sell futures according to the terms of the contract and the instructions of the customer.

The second is to give orders.

The description includes the variety, quantity, date and the price the customer is willing to pay. The main explanation is as follows:

1, market order. Refers to trading at the current trading price.

2. Limit order. This is a conditional order, which will only be executed when the market price reaches the indicated price. Generally speaking, buying is only executed when the market price is below a certain level, and selling is only executed when the market price is above a certain level. If the market price does not reach the price limit level, the instruction cannot be executed.

3. Stop the price instruction. This order is also an order that the customer authorizes the broker to buy and sell futures contracts at a specific price. A stop-loss order means that as long as the market price is higher than a certain price, customers want to buy futures contracts at the market price; Stop loss order means that once the market price is lower than a certain price, customers want to sell futures contracts at the market price.

4. Stop the limit order. Refers to the customer's instruction to ask the broker to sell at a price limit when the exchange rate falls within a predetermined limit, or to cover the position at a price limit when it rises within a predetermined limit. This kind of order combines the characteristics of stop-loss order and limit order, but it is more risky than limit order.

5. Time-limited instructions. The order is also a conditional order, indicating how long the broker can execute the order. In general, unless otherwise specified, the order is valid on the same day. If the order is not executed during the trading hours of the day, the order will be invalid or expired.

6. Arbitrage instruction. This instruction is used to establish long positions and short positions. If long and short positions are established for a certain amount of gold, only the maturity date of futures contracts is different.

Third, implementation and result notification:

After receiving the customer's trading instructions, the broker quickly transmits the instructions to the futures trading hall. When the order is executed, that is, the sale is successful, the relevant notice will be returned to the broker, and the broker will generally inform the investor of the execution: price, quantity, term and position. Then notify the investor in writing the next day.