期解百科 | 如何理解期货限仓

Core Points - The article discusses the regulations regarding position limits for futures trading, emphasizing that positions approved for hedging are not subject to these limits [3] - It outlines the specific rules for position limits based on the type of futures contract and the trading volume [5][7] Group 1: Position Limits Regulations - The number of positions held by the same client must not exceed the limits set by the exchange [5] - If the position limit is exceeded, T+0 trading in the same direction is prohibited, and T+1 will result in forced liquidation according to relevant regulations [5] - Positions held by traders with actual control relationships are combined for calculation [5] Group 2: Specific Position Limits by Contract - Different futures contracts have varying position limits, which are determined by the exchange based on the specific circumstances of each contract [7] - For example, individual clients cannot hold positions in contracts during the delivery month, with limits set to zero [8] - The limits for specific contracts, such as PVC futures, are calculated based on the total open interest, with a maximum of 10% of the single-sided position [11] Group 3: Delivery Month Regulations - The position limit for the month before the delivery month is set at 5,000 contracts, while during the delivery month, it is reduced to 2,500 contracts [12] - Different futures products have distinct limit requirements, with some, like eggs and live pigs, having absolute limits rather than proportional ones [13]