What rules should you know about stock index futures delivery? Here is an analysis of the key points to pay attention to regarding stock index futures delivery, including related issues, processes, and methods.

1. Trading Hours
   Stock index futures adopt call auction and continuous auction trading.

• Call Auction: 9:25-9:30 each trading day (order submission: 9:25-9:29, order matching: 9:29-9:30).

• Continuous Auction: 9:30-11:30 and 13:00-15:00 each trading day.

2. Delivery Settlement Price
   The settlement price is the arithmetic average price of the underlying index (relevant securities index) during the last two hours of the final trading day, rounded to two decimal places.

3. Stock Delivery Method
   Cash settlement is used.

• Through cash delivery, all open positions are automatically liquidated upon expiration.

• Cash delivery and same-day mark-to-market settlement are similar but differ in two aspects:

  • Settlement Price Calculation: Cash delivery is based on stock prices, while mark-to-market settlement uses the settlement price.

  • Position Handling: After cash delivery, both long and short positions are automatically closed, whereas positions remain open after mark-to-market settlement until the next day.

Pay attention to the above key points in stock index futures delivery, understand the methods and calculations, and ensure smooth execution.