Securities are divided into marketable securities, evidence securities, and certificate securities.

Marketable securities refer to ownership or debt certificates that have a certain par value, can bring regular income and dividends to the holder, and can be freely transferred and bought and sold.

He specifically includes "stocks, bonds, and securities investment funds, options, futures, etc."

Options, also known as options contracts, are a standardized contract that confers rights rather than obligations. That is, within a specific period of time, the option premium agreed upon by both parties when the option contract is concluded is used to buy or sell related products at a specific price, specific quantity and quality.

On the one hand, the buyer of the option has to pay the option premium and obtain the rights conferred by the option contract; on the other hand, the seller of the option collects the option premium and obtains the rights from the option buyer. Bear corresponding obligations when choosing to exercise its options.

Call options give option buyers the right to buy related products, and put options give option buyers the right to sell related products. The price at which the relevant product changes hands is the final price or performance price. At any given time, options can have different strike prices.

The process by which option holders exercise their rights is called execution, and the deadline for execution is called expiration. Options that can be exercised at any time during the expiry date are called American-style options; options that can only be exercised at expiration are called European-style options.

When an option based on a futures contract is executed, the seller of the option is obligated to establish a futures position at the strike price relative to the position obtained by the buyer of the option; when an option based on a stock is executed, the sale of a call option The seller of the put option will be obliged to sell the stock at the strike price, and the seller of the put option will be obliged to buy the stock at the strike price; when executing an option based on a stock index contract, whether it is a call or a put option, the strike price will ultimately be the same as the exercise price. Based on the difference between the stock indexes at that time, settled in cash.

Futures, strictly speaking, are not goods, but a legal contract. The two parties signing the contract agree to buy or sell the goods at an agreed price and quantity on a certain day in the future. item specific item. This commodity may be some kind of grain and oil product or financial product. In short, futures are contracts made in advance that specify the obligations that buyers and sellers must fulfill. The futures market ensures that buyers and sellers will fulfill their obligations.

Futures contracts are traded on futures exchanges and are settled daily, allowing both buyers and sellers to perform smoothly. Futures prices fluctuate on a daily basis, with investors trying to profit from these price changes and risk averters seeking to avoid operating risks from price changes.

Once you have selected a suitable brokerage firm, the next step is to open a futures trading account. The so-called futures trading account refers to a capital credit account opened by futures traders for trading performance guarantees. The account opening procedure is simple, and brokerage companies are generally very enthusiastic to provide assistance.

1. Risk disclosure

If a customer entrusts a futures brokerage company to engage in futures trading, he must open an account and register with the futures brokerage company in advance.

When a futures brokerage company accepts a customer's account opening application, it must provide the customer with a "Futures Trading Risk Statement." Individual customers should sign the "Futures Trading Risk Statement" after carefully reading and understanding it; institutional customers should, after carefully reading and understanding it, have the legal representative of the unit sign the "Futures Trading Risk Statement" and stamp it with the company's official name. Official seal.

2. Sign the contract

When a futures brokerage company accepts a customer's account opening application, both parties must sign a "Futures Brokerage Contract". Individual customers should sign the contract; institutional customers should have their legal representative (or entrust another person) sign the contract and stamp it with their official seal.

When opening an individual account, you should provide your ID card and keep a sample of your seal or signature. When opening an account, an institution should provide a photocopy of the "Enterprise Legal Person Business License" and the name, contact number, etc. of the legal representative and the executor of the unit's futures trading business.

Currently, domestic futures markets implement a customer transaction code registration and filing system. When a customer opens an account, the brokerage member should number it according to the unified coding rules of the exchange. Each account has one code, and the code is exclusive. Mixed code transactions are not allowed. When a futures brokerage company cancels a client's trading code, it must file a record with the exchange.

3. Pay deposit

After signing a futures brokerage contract with a futures brokerage company, the customer should pay the account opening deposit in accordance with regulations. A futures brokerage company shall deposit the margin paid by the customer into the customer account specified in the futures brokerage contract for the customer's futures trading.

The margin collected by a futures brokerage company from a customer belongs to the customer; the futures brokerage company must deposit the margin with the futures exchange. In accordance with the current regulations on futures trading in China, futures brokerage companies implement separate account management for customer margins, and are strictly prohibited from misappropriating them for other purposes except for transaction settlement

2. Placing orders

Customers are After paying the account opening deposit in full as required, you can start trading and place entrusted orders. The so-called placing of orders refers to the trading instructions issued by customers to the business personnel of futures brokerage companies during each transaction. The contents of trading instructions generally include: futures trading variety, trading direction, quantity, month, price, date and time, futures exchange name, customer name, customer code and account, futures brokerage company and customer signature, etc.

Generally, customers should first familiarize themselves with and master the relevant trading instructions, and then choose different futures contracts for specific transactions.

Commonly used international trading instructions include: market orders, limit orders, stop loss orders, cancellation orders, etc. There are two types of trading instructions stipulated by my country's futures exchange: limit orders and cancellation orders. The trading order is valid on the same day, and the customer can make changes or cancel it before the order is executed.

A limit order means that the transaction must be completed at a limited price or better when executed. When placing a limit order, the customer must specify the specific price.

1. Order placing method

① Written order: The customer fills in the transaction form in person;

② Telephone order: The futures brokerage company must submit the customer’s instructions Record to record;

③ Self-service ordering: place orders through computer "hot self-service";

④ Online ordering: place orders through online trading system.

2. Bidding method

Internationally, there are open outcry method and computer matching transaction method. Domestic futures exchanges generally use computer matching transactions. The operation of the computer matching transaction method is carried out in accordance with the principle of "price priority, time priority".

3. Transaction return and confirmation

When the market representative of a futures brokerage company receives a trading order, he must enter the order into the computer as quickly as possible to complete the transaction. When the computer displays that the order has been completed, the market representative must immediately feed back the results of the transaction to the trading department of the futures brokerage company. The trading department of the futures brokerage company shall report the record sheet to the client. The transaction report record sheet should include the following items: transaction price, transaction number, transaction report time, etc. All the above procedures can also be completed through computer "hot self-service" ordering.

If the customer has any objection to the matters recorded in the transaction settlement form, he shall submit a written objection to the futures brokerage company before the market opens on the next trading day; if the customer has no objection to the matters recorded in the transaction settlement form, he shall submit a written objection to the matter recorded in the transaction settlement form. Sign for confirmation or confirm according to the method stipulated in the futures brokerage contract. If the customer neither confirms nor raises any objection to the matters recorded in the transaction settlement form, it shall be deemed as confirmation of the transaction settlement form.

Different for customers