The price of a futures contract determined by the exchange at the end of the trading day
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The settlement price is the price of a futures contract determined by the exchange at the end of the trading day.Generally based on the transaction price in the last hour of the dayWeighted averagecalculation.It is the value that the Exchange believes represents the transaction at the end of the day.If there is short-term fluctuation at the end of the day's trading, the Exchange will consider all transactions in the last few minutes and determine the median or average of these transaction prices.The exchange uses the settlement price to mark the position of the investor to the market, so that the profit or loss of the position can be quickly reflected in the investor's equity account.[1]
There is no deal in the last hour and the price is not rising/limit downOn, take the previous hourTransaction pricePressvolumeOfWeighted average price。If there is still no deal in this period, it will be pushed forward for another hour.and so on.If the trading time is less than one hour, the whole period will be takenVolume weighted average price。
None on that dayTransaction priceThe settlement price shall be determined as follows:
（4） Both trading sides at closing timeNo quotation, take the contract that has been transacted on the day and is closest to the delivery month as the benchmark contractdaily settlement price The calculation formula is: contract settlement price=settlement price of the contract yesterday+settlement price of the benchmark contract on the current day - the previous one of the benchmark contractTrading daySettlement price.
If the contract is a new listing contract, thendaily settlement price The calculation formula is: contract settlement price=the contractBenchmark price for listing+Settlement price of the benchmark contract on the current day - the previous one of the benchmark contractTrading daySettlement price.
（5） It is still impossible to determine with the above methodsdaily settlement price Or if the calculated settlement price is obviously unreasonable, the settlement team of the Exchange has the right to decide the settlement price of the day separately.
