Daily selective delivery
Daily selective delivery of live pigs means that the seller's customers who hold standard warehouse receipts and one-way selling positions in the delivery month take the initiative to apply for delivery of live pigs from the first trading day of the delivery month to the trading day before the last trading day of the live pig contract, or the seller's customers who hold one-way selling positions in the delivery month apply for delivery of vehicles, which is approved by the exchange, and the exchange organizes buyers and sellers to complete delivery within the specified time. The settlement price of daily delivery adopts the settlement price of the futures contract on the date of daily delivery.
The first day of the daily delivery process is the matching day. After delivery, customers who hold one-way selling positions in the delivery month can apply for delivery through members, and members can declare delivery to the exchange before the first trading day of the delivery month and the last trading day of the contract, and before 1 1: 30 of each trading day. Among them, the delivery declaration is confirmed by the corresponding designated vehicle delivery place, and the trading margin corresponding to the selling position is converted into delivery margin; If the standard warehouse receipt is used for delivery, after the delivery declaration is passed, the corresponding standard warehouse receipt will be frozen and the trading deposit corresponding to the selling position will be repaid. If the seller's customer's one-way selling position is less than the number declared and approved by the seller's customer at the time of delivery, the exchange will prohibit the customer from choosing the seller for delivery every day for one year from the date of this declaration. The Exchange will publish the approved seller's delivery declaration after 13: 30 on each trading day mentioned above. A buyer who holds a one-way buying position in the delivery month may declare the delivery intention to the Exchange from the first trading day of the delivery month to the last trading day of the live pig contract. The buyer can declare two delivery intentions, including the first intention and the second intention.
After the market closes on the matching day, the Exchange will determine the positions of the buyers participating in the matching through the system according to the principle of "giving priority to the declaration intention and giving priority to the long average holding time". When the buyer and the seller place positions, the delivery intention of pig wagons will be merged with the standard warehouse receipt, referring to the "three-step delivery method" for one-time delivery of existing varieties (see Articles 63 to 65 of the Delivery Management Measures of Dalian Commodity Exchange for details). Information such as matching results is released to the public through relevant public media and information providers.
The buyer and the seller can handle the payment and receipt of the payment through negotiation, and should apply to the Exchange through members on the second trading day after the match, that is, before the closing of the delivery date, and submit relevant agreements and explanations to the Exchange before the closing of the delivery date.
The second trading day after the matching date is the settlement date. Before the closing of the market on the delivery date, the buyer member shall make up all the money corresponding to the contract position in the delivery month. After the closing of the market on the delivery day, if the delivery is made on the pallet, the exchange will inform the corresponding designated delivery warehouse of the matching result of the pallet delivery, and transfer the money after the physical delivery is completed; If the standard warehouse receipt is used for delivery after pairing, the exchange will transfer the standard warehouse receipt and payment for the buyer and the seller, and cancel the standard warehouse receipt immediately after delivery.
One time delivery
After the end of the last trading day of the pig contract, all open pig contract holders will make a one-time delivery. One-time delivery can only be delivered by standard warehouse receipts, and the "three-step delivery method" of one-time delivery of existing varieties of Dashang is followed. The settlement price of one-time delivery of live pig contract adopts the weighted average price of all transaction prices in the last ten trading days of the delivery month of the futures contract; If the delivery month is less than ten trading days, the delivery settlement price shall be the weighted average price of all the transaction prices of the futures contract from the first trading day to the last trading day of the delivery month.
Period conversion
Spot-to-futures exchange means that both parties holding the same delivery month contract reach a spot trading agreement through negotiation, settle their futures warehouse receipts at the agreed price, and exchange a considerable amount of currency and commodities at the same time. The period is divided into standard warehouse receipt period and non-standard warehouse receipt period. In order to avoid the unclear rights and responsibilities caused by the approval process of standard warehouse receipt in epidemic areas and reduce the delivery cost, only non-standard warehouse receipt period is allowed in pig futures.
The customer who applies for installment payment must be a company customer. The application period for cash installment of non-standard warehouse receipts for live pigs refers to the variety of eggs. The Exchange will approve the application within three trading days from the date of listing of the contract to the fourth trading day (including the day) from the last trading day.
The delivery and payment of commodities converted from non-standard warehouse receipt period of live pigs shall be determined by both parties through negotiation, and the exchange shall not assume the guarantee responsibility for this, and the handling fee shall be charged according to the transaction handling fee standard.