Futures is a standardized contract and a unified and long-term "commodity" contract. Buying and selling futures contracts is actually a promise to buy or sell a certain number of "commodities" in the future ("commodities" can be physical commodities such as soybeans and copper, as well as financial products such as stock indexes and foreign exchange).

The main features of futures contracts are:

1. The commodity variety, quantity, quality, grade, delivery time, delivery place and other terms of the futures contract are established and standardized, and the only variable is the price. The standards of futures contracts are usually designed by futures exchanges and listed by national regulatory agencies.

2. The futures contract is concluded under the organization of the futures exchange and has legal effect, and the price is generated by public bidding in the trading hall of the exchange; Most foreign countries adopt public bidding, while our country adopts computer trading.

3. The performance of futures contracts is guaranteed by the exchange, and private transactions are not allowed.

4. Futures contracts can fulfill or terminate their contractual obligations through the settlement of spot or hedging transactions.

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