The trading method for domestic and foreign futures is electronic trading, while for external trading, electronic trading, open call trading, and over-the-counter trading are conducted simultaneously. Meanwhile, the trading time for foreign market varieties is longer. At present, products traded nearly 24 hours a day include: CME foreign exchange, NYMEX precious metal, three major stock indexes of the US market, and treasury bond bond futures. Please refer to the contract details for specific trading hours of other products.
Market Order:
It is an order to buy or sell based on market bidding or asking price. Customers do not need to specify the price they want to trade, and the system will automatically assist them in closing at the best price in the market. Some exchanges such as the Hong Kong Stock Exchange and London Metal Trading do not support market orders. For example, if you buy 1 lot of August gold at market price, the system will automatically buy it for the customer at the best market price.
Limit Order:
Also known as a pending order, it is the price at which the customer wishes to buy or sell, and the system executes it based on the specified or better price. For example, if you buy one lot of August gold at a price of $1860, the system will put the limit order on the exchange and wait for it to be executed. The final purchase price will not exceed $1860.
Stop Order:
Also known as a market stop loss order, when the market price reaches the trigger price set by the customer, the system will automatically place an order in the form of a market order. If buying a stop loss order, when the market price rises to the trigger price, the system will automatically buy at the market price; If you sell a stop loss order, when the market price drops to the trigger price, the system will automatically sell at the market price. Some exchanges, such as the Hong Kong Stock Exchange and the London Metal Exchange, do not support market stop loss orders. For example, if a stop loss order for 1 lot of August gold is triggered at $1860, the system will automatically assist the customer in buying 1 lot of gold at the market price when the market price rises to $1860.
Stop Limit Order:
When the market price reaches the stop loss trigger price set by the customer, the system will automatically enter the market in the form of a limit order. If you buy a limit stop order, when the market price rises to the trigger price, the system will automatically put up a limit buy order at the commission price; When the market price drops to the trigger price in a limit stop order, the system will automatically place a limit sell order at the commission price. For example, if you place a limit stop order for 1 lot of August gold with a trigger price of $1860 and an order price of $1865, the system will automatically assist the customer in placing a limit order with an order price of $1865 when the market price rises to $1860.
Spread Order:
Also known as a cross period arbitrage order, it refers to buying and selling at least two different contract orders with price differences simultaneously. Mainly refers to price difference orders for the same product in different months, such as calendar spread orders.
Same day validity (GTD) and long-term validity (GTC):
Limit orders, stop loss orders, and limit stop loss orders all require a set effective time for the pending order, which is usually valid on the same day or for a long period of time. Daily effective refers to the order being valid until the end of the trading day, while long-term effective refers to the order remaining valid until the expiration of the contract.
After reaching the expiration date of the foreign futures contract, the futures contract will be delivered in the manner specified by the exchange, which generally includes physical delivery and cash delivery. Customers hold futures and options contracts for cash delivery until expiration, and our company defaults to cash delivery for customers. If the client needs physical delivery, they need to confirm with the broker in advance.
Cash delivery refers to the settlement price used to calculate the profit or loss of open contracts at the expiration of the contract, and the delivery method of futures contracts is settled by cash payment.
Physical delivery refers to the delivery method in which the buyer and seller of a futures contract, in accordance with the rules and procedures established by each exchange, as well as the quality, quantity, trading time, location, etc. (if applicable) of the subject matter specified in the contract, transfer ownership of the subject matter and settle the unsettled contract upon expiration. Physical delivery is usually initiated by the seller through a futures broker to the exchange (usually from the first notification date to the last notification date), and is usually matched by the exchange. When the buyer is notified of physical delivery, the buyer has the obligation to purchase the underlying asset in accordance with regulations. (LME delivery mechanism is slightly different, please refer to LME rules)
The last trading day of the foreign exchange refers to the last trading day of the futures contract (the trading period of the expired contract on the last trading day may be different from the usual day, please refer to the contract details for details). Usually, the last trading day is also the settlement day. Due to the fact that futures contracts held until the last trading day and not yet closed will enter the delivery process, and our company assumes that general customers do not have physical delivery needs, in order to avoid delivery risks, open contracts with long futures orders will generally be liquidated no later than one day before the first notification date (or the last trading day, whichever is earlier), and open contracts with short futures orders will be liquidated no later than the day before the last trading day. Commodity futures with cash delivery can be held until the closing of the last trading day, and the final settlement price of the trading house is used for delivery settlement. The position is converted into cash profit or loss, which is reflected in the customer’s cash balance in the form of profit or loss. The first notification date of futures refers to the earliest date on which the seller can submit a delivery application to the exchange through a broker for financial or commodity futures with partial physical delivery in the futures market.
The deposit for external trading is charged at a fixed amount, while the deposit for internal trading is charged at a certain percentage of the contract value. Deposit is divided into two types: opening deposit and maintaining deposit. Opening deposit refers to the deposit required by a customer to open a first hand position; Maintaining deposit refers to when the client’s equity is lower than the maintaining deposit, our company has the right to require the client to replenish the funds within a specified time, otherwise the client’s position will be forcibly closed and the client’s account position will be settled. Except for LME metals, which charge a proportional handling fee, all other products are charged at a fixed amount.
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