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The seventh lecture of futures lecture hall (swap, forward, futures difference)

When I brushed Weibo, I saw someone asking a question like this:

How do you distinguish between swap, future, and forward?

I think this question is good. To be honest, I have also been involved in this problem, so just come and talk.


Swap, swap, also known as swap trading.

What is a swap transaction?

First, swap trading is an off-exchange one-on-one transaction, not a centralized transaction on the exchange. It means that its contract is non-standardized, so it is less liquid. However, it is non-standardized, so it brings great convenience to both parties.

Swap transactions are not common in China's futures market, and can even be said to be no. But it is a very common way of trading abroad.

More common is the foreign exchange swap

For example, I have a time deposit on my hand, the principal is 100 yuan, and the fixed interest is 5% per year for 10 years. But I think that for some reason, I will use more money in the future and feel that this interest is too low. ,Not suitable for me.

Then, you have an agreement deposit in your hand, the principal is 100 yuan, the interest is 1% in the first year, the interest is 2% in the second year, the third year is 3%... and so on, it is also 10 years.

It’s for some unknown reason. I think the deposit in your hand has attracted me. The deposit in my hand has attracted you. I decided to make a swap with you, that is, both of us Make a swap for the deposit.

Then comprehensively:

My deposit income is about 162.88 after 10 years.

Your deposit income is about 170.18 after 10 years.

(Seeing someone asking me how to calculate the two deposits, I posted the formula here →

First: Compound interest calculation 100*(1+5%)^10

Second: multiply by 100*(1+1%)*(1+2%)*(1+3%)*......*(1+10%)

I have to say that these children’s shoes must have been tortured by high numbers.)

By swapping, my money has increased by 8 yuan. Although you have lost 8 yuan, you can get enough cash in the early stage for investment, consumption and so on. (The yield of the first deposit is high, the final profit of the second deposit is high)


Future, this is not much introduced, it is futures, strictly in the future, a standardized contract that is uniformly formulated by the exchange and provides for the delivery of certain quantities and quality objects at a specific time and place in the future. We focus on the following - forward


Forward is a forward contract, similar to futures, but with differences.

The same point: just like futures, they buy or sell certain kinds of objects at some time in the future.

Difference: Futures is a standardized contract. In the previous lecture, it was a standardization contract. It not only specifies the standard, category, quality, but also the weight of the product. It is also a pit trade, which is settled daily through margin trading in the exchange.

Forward is not a standardization contract. The two sides of the transaction specify the subject matter and commodity category (this is a bit like swap). There is no fixed style and the liquidity is poor. And it is over-the-counter, non-daily settlement, non-guaranteed transactions.