The rolling delivery process is as follows:
1. On the matching day, the buyer member holding the delivery month contract and the seller member holding the standard warehouse receipt can freeze the corresponding standard warehouse receipt and release the corresponding trading margin after the seller matches before 14:30pm on the trading day before the first trading day of the delivery month to the last trading day.
2. On the notice day, members of both parties confirm the Delivery Notice through the member service system.
3. On the delivery day, before 9:00 a.m. on the delivery day, the buyer member shall transfer the outstanding payment to the account of the Exchange, and the seller member shall submit the Standard Warehouse Receipt Holding Certificate to the settlement department of the Exchange. The buyer and the seller shall go through the specific delivery and settlement procedures at the settlement department within the specified time, and the buyer member shall provide the seller member with the customer name, registration certificate number and other matters.
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Futures delivery process
The process of futures delivery is as follows:
1. The buyer declares the intention;
2. The Seller shall deliver the standard warehouse receipt;
3. The Exchange distributes standard warehouse receipts;
4. The buyer makes payment and withdraws documents;
5. Seller's collection;
6. The Seller shall submit VAT special invoice.
Development materials
All commodity futures transactions in China adopt physical delivery. Physical delivery includes centralized delivery and rolling delivery.
Centralized delivery
Take Zhengzhou Commodity Exchange and Shanghai Futures Exchange for example:
Zhengzhou Commodity Exchange No. 1 cotton delivery procedure:
Last trading day (the 10th trading day of the contract delivery month):
After the closing of the market, the Exchange will match the delivery of position contracts in the delivery month through computers in the principle of "rounding by quantity and minimum matching pairs". Once the delivery relationship is determined, the buyer and seller shall not adjust or change it without authorization;
The first trading day after the last trading day (i.e. the notification day):
The Buyer and the Seller confirm the Delivery Notice through the member service system. If a member fails to receive the Delivery Notice or has any objection to the Delivery Notice, it shall notify the Exchange in writing before 17:00 on the notice day. If no objection is raised within the specified time, it shall be deemed as recognition of the Delivery Notice;
The second trading day after the last trading day (i.e. the delivery day):
Before 9 a.m., the buyer member shall transfer the outstanding payment to the account of the Exchange, and the seller member shall submit the Standard Warehouse Receipt Holding Certificate to the Settlement Department of the Exchange. The buyer and the seller shall go through the specific delivery and settlement procedures at the clearing department of the exchange within the specified time, and at the same time, the buyer member shall provide the investor name, tax registration certificate number and other matters to the seller member;
Five delivery dates:
First delivery date
1. The Buyer declares its intention. The Buyer shall submit the Letter of Intent for the required commodities to the Exchange within the first delivery day. The contents include variety, brand, quantity and the name of the designated delivery warehouse.
2. The seller submits the standard warehouse receipt. The Seller shall, within the first delivery day, deliver to the Exchange the valid standard warehouse receipt for which the storage fees have been paid.
Second delivery date
The exchange allocates standard warehouse receipts. On the second delivery day, the Exchange shall distribute standard warehouse receipts to the buyer according to the existing resources and the principle of "time priority, quantity rounding, nearest matching and overall arrangement". For standard warehouse receipts that cannot be used for the delivery of the next futures contract, the Exchange shall apportion them to the buyer in proportion to the total delivery amount of the current month.
Third delivery date
1. The buyer makes payment and withdraws documents. The buyer must pay the purchase price and obtain the standard warehouse receipt at the exchange before 14:00 on the third delivery day.
2. The seller receives payment. The Exchange shall pay the payment to the seller before 16:00 on the third delivery day.
Fourth and fifth delivery date
Special VAT invoice submitted by the Seller
On the delivery date, the Exchange will collect the full payment of the buyer's member for goods, and transfer 80% of the full payment to the seller's member on the same day, and deliver the warehouse receipt of the seller's member to the buyer's member. The balance shall be settled when the buyer member confirms to receive the special VAT invoice forwarded by the seller member. The members shall seal and sign for confirmation of the delivery of invoices and the settlement of the balance;
Natural rubber delivery procedures of Shanghai Futures Exchange:
Date of physical delivery: the physical delivery period is from the 16th to the 20th of the contract expiration month (postponed on holidays).
The buyer's declaration of intention: the buyer submits the letter of intent for the required commodities to the exchange before 12:00 on the next working day of the last trading day (the 15th day of the contract delivery month). The contents include product name, brand, quantity and the name of the designated delivery warehouse;
The Seller shall submit the standard warehouse receipt and the special VAT invoice: the Seller shall submit the standard warehouse receipt and the special VAT invoice that have paid the storage fees to the Exchange before 16:00 on the 18th. If the 18th day is a legal holiday, it shall be postponed to the first working day after the holiday. If the 20th day is a legal holiday, the seller must complete the delivery before 12:00;
Exchange allocates standard warehouse receipts: the exchange allocates standard warehouse receipts to the buyer according to existing resources. For standard warehouse receipts that cannot be used for the delivery of the next futures contract, the Exchange shall apportion them to the buyer in proportion to the total delivery amount of the current month;
Buyer's payment and receipt: the buyer must pay the purchase price at the exchange before 14:00 on the final delivery day, and obtain the standard warehouse receipt after payment;
Collection by the seller: the exchange shall pay the payment to the seller before 16:00 on the final settlement day.
Rolling delivery
Take Zhengzhou Commodity Exchange as an example:
Any seller member holding the standard warehouse receipt may, during the trading period from the trading day before the delivery month to the last trading day of the delivery month, go through the standard warehouse receipt mortgage procedures at the exchange with the standard warehouse receipt, and release the corresponding trading margin in the form of position. The seller member must go to the Exchange to cancel the mortgage of the standard warehouse receipt before applying for delivery.
The Exchange adopts the "three-day delivery method":
The first day is the pairing day. Any seller member holding the standard warehouse receipt can apply for delivery through the seat during the trading period from the first trading day to the last trading day of the delivery month. Release the corresponding trading margin after the delivery application without warehouse receipt pledge is filed; The seller member can cancel the delivery application that has been submitted through the seat before the closing of the day. After the cancellation of the delivery application, the corresponding margin will be collected again. In the delivery month, the buyer member has no right to apply for delivery. According to the delivery application of the seller member, the Exchange adopts the method of computer direct matching after the market closing of the day to find the buyer member who holds the longest long contract of the delivery month for the seller member. Once the delivery relationship is determined, the buyer and seller shall not adjust or change it without authorization.
The second day is the notice day. The buyer and seller shall sign the delivery notice at the Exchange before the close of the next trading day on the matching day.
The third day is the delivery date. The next trading day after the buyer and seller sign the delivery notice is the delivery day. The buyer member must transfer the outstanding loan into the account of the Exchange before 9:00 a.m. on the settlement day. The selling member must deliver the standard warehouse receipt holding certificate to the exchange before 9:00 a.m. on the settlement day.
What is the delivery process of the futures exchange?
At present, the delivery processes of domestic commodity futures exchanges are different and highly professional. The main body participating in the delivery should know both the spot and the futures. It is necessary to find a reliable full name of futures company to assist in the delivery. Futures companies with industrial background, such as Minmetals Futures, are recommended We have rich experience in energy, chemical and other fields, and our services are also considerate. It's great.
Now let's share the specific delivery process of three domestic futures exchanges:
Shanghai Futures Exchange
5-day delivery method
1. The first delivery date: declaration - the buyer's declaration of intention; The seller submits the standard warehouse receipt.
2. The second delivery date: matching -- the exchange allocates standard warehouse receipts, and the buyer pays.
3. The third delivery date: the buyer takes the warehouse receipt and the seller collects the payment (at this time, 100% of the payment for goods is received). No less than 15% of the deposit will be deducted again if the tax receipt circulation is not completed
4. Fourth and fifth delivery date: the seller submits the special VAT invoice (the brokerage company releases the seller's deposit after receiving the VAT invoice).
Precautions for Shanghai delivery:
1. Considering that because of the time of transfer of payment for goods, the buyer's customer needs to pay the delivery amount in full to the futures company before the closing of the day before the payment date specified by the exchange.
2. The buyer shall cooperate with the futures company to provide correct billing information in a timely manner.
3. In order to ensure the smooth circulation of the warehouse receipt, the seller's customer needs to ensure that the standard warehouse receipt is delivered to the brokerage company on the last trading day.
Dalian Commodity Exchange
Centralized delivery:
1. After the last trading day of the contract, the holders of all open positions must perform the contract by delivery. The positions corresponding to the trading positions of the same customer number are deemed to be automatically closed, and delivery is not allowed. The closing price is calculated according to the settlement price of one-time delivery. The trading margin for buying positions is converted into advance payment for delivery.
2. The first day is the submission date of the standard warehouse receipt; The seller members shall deliver all the standard warehouse receipts corresponding to their contract positions in the delivery month to the Exchange.
3. The second day is the matching day, and the buyer can put forward the declaration of delivery intention according to the information published by the exchange. The warehouse of the trading house summarizes the standard warehouse receipts of the seller; Match buyer and delivery warehouse. For any delivery warehouse, if the total number of positions held by the buyer with delivery intention is less than the number of standard warehouse receipts, all buyer intentions are met; If the total number of positions held by the buyer with delivery intention is greater than the number of its standard warehouse receipts, the buyer participating in the delivery matching shall be determined according to the principle of "long average position time first".
4. Before 15:00 on the final delivery date, the buyer shall make up the full amount of the payment for goods, the seller shall hand in the corresponding standard warehouse receipt and VAT invoice, and the exchange shall distribute the warehouse receipt to transfer the payment for goods and the standard warehouse receipt of the buyer and the seller who have not defaulted.
5. After 15:00 on the final settlement date, the non defaulting buyer shall take the payment receipt issued by the settlement department to the settlement department to get the Warehouse Receipt Holding Certificate; The seller who has not breached the contract and has submitted the VAT invoice has received the full payment for goods.
Matters needing attention for Dalian centralized delivery:
1. All transaction varieties in Dalian can be delivered centrally.
2. The position of a natural person cannot enter the delivery month, and the natural person is not allowed to deliver.
3. Considering that due to the time of transfer of payment for goods, the buyer's customer needs to pay the delivery amount in full to the futures company before the closing of the day before the payment date specified by the exchange.
4. The buyer shall cooperate with the futures company to provide correct billing information in a timely manner.
5. In order to ensure the smooth circulation of the warehouse receipt, the seller's customer needs to ensure that the standard warehouse receipt is delivered to the brokerage company on the last trading day.
Rolling delivery:
1. The buyer and seller shall make declaration at the trading time of the matching day. The Exchange determines the position of the buyer participating in the matching in accordance with the principle of "declaration intention priority, position priority with the earliest position establishment time"
2. At the closing of the matching day, the intention of effective trading declaration shall be confirmed and the position shall be closed. At the time of settlement, the settlement price of the day shall be taken as the settlement price for rolling settlement and the profit and loss of position closing shall be calculated.
3. On the second trading day (delivery day) after the pairing day, the buyer shall make up the full amount of the payment for goods, issue the Standard Warehouse Receipt Holding Certificate to the buyer, and the exchange will pay 80% of the payment for goods to the seller. After receiving the special VAT invoice submitted by the seller member, the exchange will pay the remaining 20% of the payment for goods to the seller member.
Zhengzhou Commodity Exchange
Centralized delivery: 3-day delivery method
1. On the first matching day, both parties can apply.
2. Receive the Delivery Notice on the next notice day.
3. On the delivery day of the third day, the amount owed by the buyer before 9:00 am shall be transferred to the exchange, and the seller shall deliver the warehouse receipt to the settlement department before 9:00 pm. The exchange shall pay 80% of the amount to the seller, and the brokerage company shall transfer the balance of 20% to the seller's account after receiving the VAT invoice.
Rolling delivery:
1. At the transaction time of the pairing day, the buyer and seller shall make declaration (the seller has priority).
2. At the closing of the matching day, the intention of effective trading declaration shall be confirmed and the position shall be closed. At the time of settlement, the settlement price of the day shall be taken as the settlement price for rolling settlement and the surplus of position closing shall be calculated.
3. On the second trading day (delivery day) after the pairing day, the buyer shall make up the full amount of the payment for goods, issue the Standard Warehouse Receipt Holding Certificate to the buyer, and the exchange will pay 80% of the payment for goods to the seller. After receiving the special VAT invoice submitted by the seller member, the exchange will pay the remaining 20% of the payment for goods to the seller member.
Matters needing attention for Zhengzhou rolling settlement:
Rolling delivery can be carried out for all varieties in Zhengzhou in the delivery month. If no agreement is reached, the centralized matching delivery will be carried out on the last trading day. This article shall be implemented as of March 1, 2008.
