(1) commodity futures
Because the market situation in each country is different, the commodity futures traded in each country are not exactly the same. For example, the futures trading of turkeys is conducted in the American market, while varieties such as silk and dried cocoons are developed in the Japanese market. With regard to China's futures trading, before the founding of New China, the main products were gold, silver, fur, grain and oil, flour and so on. But in the early 1990s, China's futures market changed dramatically, or the current futures market was established and gradually improved at that time. At present, China's listed commodity futures include agricultural products, non-ferrous metals, chemical building materials and so on, with as many as 35 varieties, and more than 20 varieties are in the trial operation stage. According to experts' research on the market, a few varieties such as copper, aluminum, soybean, natural rubber and mung bean are very active in the futures trading market.
(2) Financial futures
There are also many kinds of futures related to finance. As far as the current form is concerned, there are three categories that have been developed: interest rate futures, currency futures and stock index futures. Let's analyze these three futures respectively.
First, interest rate futures.
The so-called interest rate futures refer to futures contracts with interest rates as the subject matter. The mortgage futures of American National Mortgage Association, which was first introduced by Chicago Mercantile Exchange 1975, belong to interest rate futures. Interest rate futures include long-term interest rate futures with long-term treasury bonds as the subject matter and short-term interest rate futures with three-month short-term deposit rates as the subject matter. So, what are the characteristics of interest rate futures?
(1) The higher the interest rate, the lower the bond futures price; The lower the interest rate, the higher the bond futures price. In other words, the interest rate futures price changes in the opposite direction to the real interest rate. This is the first characteristic of interest rate futures.
(2) Another feature of interest rate futures is that the delivery method is very special. At present, cash delivery is mainly used. The delivery price of cash delivery is determined by the current bank interest rate as the conversion factor.
Second, currency futures.
Currency futures. Refers to a futures contract with the exchange rate as the subject matter. The reason of currency futures is to meet the needs of foreign trade and financial business in various countries. Currency futures help to avoid exchange rate risks. Currency futures was first introduced by Chicago Mercantile Exchange at 1972, and it was quite successful at that time. Later, currency futures trading appeared in many countries, which gradually became a worldwide trading variety. At present, international currency futures mainly include pound, dollar, Australian dollar and euro. It can be seen that currency futures have become an international trading variety. So, what are its characteristics?
(1) flexible.
Currency futures trading is very flexible, which provides a management tool for all kinds of enterprises to avoid risks, so it is favored by all kinds of enterprises.
(2) It is a liquid
Currency futures trading has good liquidity due to the large number of participants, speculators and arbitrageurs.
(3) It has a relatively formal trading market.
Futures trading is conducted in a special exchange, so there is a more formal trading market, which is a tangible market transaction.
(4) The transaction contract is very standardized.
The contract of currency futures trading is a standardized contract, and the trading variety, unit, change range, price limit and delivery time are determined in advance.
(5) The risk is relatively small.
Currency futures trading is guaranteed by the exchange or settlement institution, and the risks are borne by the exchange. So the risk is relatively small.
Third, stock index futures.
The so-called stock index futures refer to futures contracts with stock indexes as the subject matter. As far as the current form is concerned, stock index futures is the hottest and fastest-growing futures transaction in the financial futures market.
So, what are the characteristics of stock index futures?
(1) The trading object of stock index futures contract is neither a specific physical commodity nor a specific financial instrument, but an intangible index to measure the average price change level of various stocks.
(2) The prices of stock index futures contracts are formed on the basis of artificially specified stock index point prices, while the prices of general commodities and other financial futures contracts are formed on the basis of their own values.
(3) After the stock index futures contract expires, the contract holder only needs to deliver or collect the cash corresponding to the difference between the stock index and the contract turnover index on the expiration date. You can close the deal.