Sustainable contract: passes derivatives of the ultimate form?

 Sustainable contract: passes derivatives of the ultimate form?

Pass card Research Institute jointly produced DIGITAL * FENBUSHI

Text: Song Shuangjie, CFA; Wu Zhenyu

Special adviser: Shen Bo; Rin

Introduction

With the development of the market, will gradually emerge with the demand of derivatives, and gradually developed to adapt to the environment of the corresponding varieties. Sustainable fit the characteristics of the market contract passes at this stage, can meet the demand, is one of the possible direction of development.

abstract

The traditional financial market, futures contracts using mark to market clearing system, and ensure the daily settlement, no liability. The exchange is usually in the form of membership system, isolation risk stratification, ensure the smooth progress of the level of the exchange settlement. At the same time, the traditional market volatility and leverage is relatively low, the size of the market, the overall risk of default control.

At the same time, the traditional market recovery mechanism more perfect. Although the risk control system, but the extreme case may still occur in wearing a default, then you need the corresponding recovery mechanism. Relying on the traditional market currency system, perfect the laws and regulations to protect the rights of brokers, while the market has regional recovery, relatively low cost, overall recovery mechanism is more effective, controllable and counterparty risk facing exchange broker.

Through the market for most varieties of high volatility in higher risk assets, property, individual investors accounted for relatively high, more prone to wearing, and legislation is not perfect, lack of supervision, the exchange is protected by law. In addition, transnational business services is relatively common, lack of a unified framework of rules, is actually an offshore market. Therefore, through credit derivatives to recover after wearing, exchange bear more risk.

Solution on the market at this stage to take a short period of delivery contract and wearing a sharing mechanism. Usually, the exchange will provide the week, one week and three quarter period of the contract, delivery or liquidation period by a week, and bear wearing a profit loss. In order to implement the wearing allocation, exchange must lock traders profit before liquidation, reduce the utilization rate of funds. Historically, a higher frequency of wearing a share, will make traders suffer losses, and may even lead to an overall profit into a loss. For hedging and arbitrage investors, the negative impact of wearing allocation is more serious.

At the same time, delivery contract and wearing will reduce the activity of the market share. Delivery contract rules is relatively complex, increasing transaction costs. Wearing a share will change the earnings expectations of investors and affect the trading behavior, it will seriously affect the arbitrage and hedging, hinder the market specialization process.

Sustainable contract is one kind of not the final delivery of futures contracts, the main form is currently rolling (Rolling Spot Futures), contract settlement date and automatic renewal, and to pay the cost of funds dropped by the bulls. Sustainable contract originated from the CME in 1993, mainly for the retail market, suitable for non center through card market, the cumulative effect of market share can prevent wearing activity, facilitate arbitrage and hedging, is a useful innovation. At present, sustainable contract market has begun to take shape, trading volume and market volatility are highly relevant.

Risk warning: leverage risk, counterparty risk exchange

Catalog

1 traditional financial market contract settlement model

1.1 mark to market system

1.2 wearing a perfect recovery mechanism

2 main mode of current passes the market contract: the profit allocation and wearing a lock

2.1 card market characteristics: in the early stages of development, the volatility of high recovery difficult

The existing 2.2 solution: wearing the split delivery contract

3 core issues: the main mode to reduce the market activity, unable to realize the function of hedging

4: more convenient and efficient sustainable contract passes derivatives

4.1 contract: contract not sustainable rolling delivery

4.2 market conditions: take shape, just unfolding

text

With the development of the industry, through the credit market gradually expand the scale, gradually enrich the assets in the form and way of trading, futures and other derivatives began to appear. Through the credit market has its own characteristics, can not completely copy the mature pattern in the traditional market, and the existing settlement model has some drawbacks. Although the short-term market is not the economy, but the industry innovation has not stopped, the popular varieties of sustainable contract is an exchange have introduced. Why sustainable contract, how is the development? We think this is a problem worth exploring, but over the concept of current research, we have yet to see about the market for sustainable development and the reasons for the introduction of the contract content. In this article, we will be together with you forever to contract, the analysis of market demand and necessity of sustainable contracts.

1 traditional financial market contract settlement model

A futures contract is a standardized agreement (Futures) of goods or assets in a certain period in the future, has three functions of price discovery, hedging and speculation. In 1848, the nation’s largest food distribution center in Chicago farmers, traders and processors set up the Chicago Grain Exchange, in order to solve the seasonal excess and shortage of food trade, and in 1851 the introduction of forward contracts. Forward contracts early signing directly between the buyer and seller, a breach of contract, delivery disputes and transfer problems in practice. In 1865, the exchange launched a standardized contract and deposit system, modern futures trading was born, after one hundred years of development, it has evolved into today’s large derivatives market. In the mature market, futures trading has formed a relatively complete settlement system, can provide convenient and relatively low cost of transaction service, is through market for reference.

1.1 mark to market system

The traditional financial market futures contracts usually use the mark to market system, the exchange settlement of every member, ensure the mark. MTM also known as the mark to market, is an end of each trading day, the exchange settlement price is calculated according to the profit and cost of each member, and the net balance transfer of reserve settlement member settlement system. These are usually members of the futures brokerage company or institutional investors, settlement reserve is sufficient, the level of the exchange settlement is usually relatively smooth.

Exchange membership system, implementation of risk control in a hierarchical manner, and ensure the normal settlement. The traditional financial market, the exchange is not for ordinary investors, only directly related members. These members include professional investors and brokers, usually have a control system and a larger asset size is relatively perfect and reasonable to exchange wind, the probability of default is very low. In addition, the position of these institutions in exchange are usually a customer or a number of strategies and usually do not have a large proportion of unilateral nudity, less likely to default under extreme market. Ordinary investors involved in the transaction through brokers, individual default risk is relatively controllable, Futures Company will also set the corresponding risk control measures, ensure that no large-scale customers wearing too much loss.

 Sustainable contract: passes derivatives of the ultimate form?

The traditional financial market prices relatively stable, relatively low leverage, days wearing a controllable risk. The stock price index, the main market of traditional financial futures contracts underlying commodities, precious metals, interest rate and exchange rate, there is a relatively mature pricing mechanism and market price volatility is ecological, digital passes and other emerging markets is much lower, and derivatives markets tend to have strict supervision and control system of the wind, the highest lever multiple low risk traders wearing relatively controllable, under normal circumstances do not appear wearing large scale, lower the overall risk of default.

The big market scale, individual default effect. The relative digital passes and other emerging markets, the traditional derivatives market in large scale, and in most of the funds are institutional investors, the market is relatively mature. In this market, irrational investor funds accounted for the proportion of the market is relatively low, the individual investors wearing on the market as a whole settlement has little effect. At the same time, the larger market size brings higher liquidity, even to open the cordon, usually also can complete the liquidation in the margin before the return to zero. As long as the broker risk control measures, in most cases can avoid losses caused by wearing traders.

1.2 wearing a perfect recovery mechanism

Although the mark to market clearing system with wind control measures can avoid to suffer losses in most of the time, but in extreme cases there will still be wearing traders. The traditional financial market in derivatives contracts subject is relatively stable assets, but these assets may occur greatly under special circumstances also fluctuations. At the same time, because of the mature market is relatively mature pricing mechanism, reflecting the sudden news in price tend to quickly make prices rapid short-term fluctuations. Although the traditional market leverage is low, but usually only reaches the open line will open, the accumulation of losses may lead to the timely liquidation and wearing a short-term price volatility when. This time, brokers need to recover the customers, otherwise it will face the loss of capital.

The traditional financial market based on currency system, a perfect recovery mechanism. The traditional derivatives market, margin financing and payment settlement currency use, relying on the country’s banking system, if the client can recover the customer wearing a broker, in accordance with the law, the rights protected by law. If directly to the customer recourse is rejected, brokers can take legal means, as long as its not illegal behavior will be the support of the court. The judicial system of executive ability will make recourse broker guarantee, customer risk caused by wearing a relatively low capital loss.

The market usually has regional recovery, relatively low cost. Usually the traditional derivatives market has the characteristics of strong regional, national economy is usually the main derivatives exchange service. Generally speaking, the exchange of individual investors and brokers face most of its citizens, foreign investors need to pass the qualification examination of the major institutions and qualified investors. Its citizens will face higher credit costs, such as China serious dishonesty will be restricted to the use of bank accounts, take the railway traffic and civil aircraft, and qualified foreign investors and institutional investors will face serious dishonesty dishonesty reputation loss, high cost to a certain extent will reduce the resistance wear s recovery.

To sum up, the traditional financial derivatives market underlying asset volatility and leverage is relatively low, set up the mechanism of risk stratification, to some extent reduce the settlement risk, and has a perfect recovery mechanism, clearing mechanism complete, counterparty risk controllable facing brokers and exchanges.

The 2 main modes of current passes the market contract: the profit allocation and wearing a lock

Through the credit market is an emerging market, has the characteristics of high volatility, imperfect rules, a high proportion of individual investors and multinational service etc., which determines the passes the contract market is difficult to use the traditional market and the same settlement mechanism. At present, the use of short cycle delivery contract and wearing a share deal with this situation in the industry, but there are still some problems.

2.1 card market characteristics: in the early stages of development, the volatility of high recovery difficult

Through the market for most varieties of high volatility, risk assets attribute. Through the card market size compared to the initial stage has a great growth, the highest was more than $828 billion 100 million, but is still relatively new market scale and mature degree is a big gap between the traditional financial system. At present, the market has not yet mature passes the valuation and pricing system, passes the value of assets often there is a huge difference, and the price volatility. In 2018, through credit markets took a sustained decline in the market, the lowest total market value to $100 billion 700 million, the largest decline of 87.8%, while the previous 2017 year to 2018 highs rose as high as 268 times, far higher than traditional market volatility. At present, the development of block chain industry is still in the early stage, the practical application of the floor also take time, passes the market just ten years of history compared to the stock market for hundreds of years is a small flow in the market mature Jianghai, may not be achieved in the short term. In the high volatility conditions, the derivatives market risk is bigger, but also more prone to the phenomenon of wearing.

 Sustainable contract: passes derivatives of the ultimate form?

The legislation is not perfect, lack of supervision, lack of legal protection of participants. At present, the block chain and GSM card belong to new things, nature and definition of the securities assets has not yet formed a consensus of opinion, in addition to Japan recognized BTC as a means of payment, the main countries are defined as securities and commodities. Due to the small size and lack of a clear definition, in terms of legislative protection in various countries slowly passes assets, most countries have not yet formed specific laws and regulations through the card market, usually only a few precedents to follow, the specific rules are not clear, and there is a big variable. In addition, the large difference in regulatory policy, there is no unified concept, difficult to carry out cooperation in asset protection and behavior regulation. The legislation and regulation is indeed caused the lack of fair and effective market rules, it is difficult to protect the rights of participants, the fundamentals of all kinds of assets and even the entire market often change a lot, a lot of high risk investment tools are open to non qualified investors, it will include all kinds of derivatives contracts. The risk of these tools is ordinary investors can not control and bear, may be wearing etc., and other relative professional contract delivery process is beyond the grasp of ordinary investors.

Relatively few institutional investors, individual investors. At this stage, because of regulatory policy, market size and landing and other reasons, through institutional investors market for the proportion of relatively low, medium and small investors and industrial capital occupies the main position in the market. From the development process of the stock market can be found, as the market matures, the proportion will gradually improve the institutional investors, and finally occupy the dominant position, but it will be a long process. It can be expected that the current structure of the investors will continue for a period of time, and how to meet the needs of ordinary investors and industry investors, is the main problem at this stage through the card market service agencies to consider.

The service mechanism of transnational operation are common, lack of a unified framework of rules. Pass card assets originated in Bitcoin, based on the block chain, universal payment function point of the natural, has the characteristics of cross regional, investors can choose different countries trading platform. Therefore, many trading services platform chose offshore financial center as registered, for investors around the world open. However, the laws and regulations of the countries there is a big difference, the dispute is relatively difficult to solve. The traditional offshore market, the participants are mainly institutional investors, risk control ability, abundant strength, the default risk is relatively controllable. However, through credit market investors average asset size is relatively low, investment capacity is relatively insufficient, the relative default occurs more easily in the offshore environment, while the corresponding recovery in the current situation more difficult.

2.2 existing solutions: wearing the share delivery contract

To avoid suffering in the fierce market traders produced after wearing out of the abandoned warehouse risk exchange, generally adopt wearing a sharing system. This section will provide a delivery contract products and larger trading volume exchange as an example, through the analysis of the history of the EOS delivery contract transactions, the share system theory and explain wearing the actual implementation. Passes EOS good liquidity, is one of the strong consensus passes, the contract product analysis has certain representativeness.

Most of the contracts for the supply of products exchange, passes the delivery contract usually has three week cycle: when the contract, contract, quarterly contracts last week. From the new contract open trading until delivery time span was 7 days, 14 days, 91 days. The shortest duration of the week when a weekly delivery contract. Weekly delivery, exchange of weekly and quarterly contracts contract liquidation, namely when the week balance system. Liquidation, for the user are not flat positions, exchange treatment as shown in the following table. In order to implement wearing a sharing system in the delivery (liquidation) exchange must be locked before all of the traders profit, traders may not be profitable in the delivery (liquidation) before transferring the contract account.

 Sustainable contract: passes derivatives of the ultimate form?

The certificate of exchange in the release of the “contract” in terms of the bill pointed out, “when the user when the system will default, forced liquidation according to warehouse explosion price, but may deviate from the price explosion in brokered transactions, the price deviation caused by the surplus is known as residual explosion positions.” Open the remaining reserve warehouse explosion delivery contract risk as the contract corresponding passes are accumulated. On the contrary, the price deviation caused by the loss is known as the wearing loss, all wearing loss will be included in the total loss of the user wearing a delivery contract, until the next delivery (liquidation).

Risk reserve is not enough to completely cover wearing a share of the. The figure below shows that a week before delivery (liquidation) risk reserve accumulation. Delivery (liquidation), stock risk reserve often will suddenly drop to zero, or even directly. The reason for delivery (liquidation) for any loss when wearing. Weekly delivery (liquidation) before wearing loss will continue to accumulate. The delivery, when the total loss of the user wearing a week will be deducted from the contract prior to delivery of the risk reserve. When the delivery contract risk reserve is insufficient to offset the total loss of all users wearing, profit (to pass the contract certificate corresponding calculation) user shared user wearing loss. For example, when the week before delivery of the EOS contract book profit of a total of 10000, after deduction of the risk reserve as well as 200 EOS wearing a loss, is wearing a proportion of 2%. In the delivery, if the user is a Book profit of 30 EOS, one of the 0.6 exchanges will be deducted (2%) EOS. After delivery, a user can be 29.4 EOS contract account.

 Sustainable contract: passes derivatives of the ultimate form?

The history of wearing often occurred in high frequency allocation. From January 9, 2018 to December 28, 2018, the exchange conducted a total of 55 times of delivery of EOS delivery contract (liquidation). Among them, 35 times without wearing number and allocation, allocation for the 20 time wearing. The largest proportion of wearing allocation was 18.0591%, occurred on September 7, 2018 delivery (liquidation), mainly for the volatility of market in September 5, 2018 when the exchange server downtime caused by a short period of time.

 Sustainable contract: passes derivatives of the ultimate form?

3 core issues: reduce the current mode of market activity, unable to realize the function of hedging

Delivery contract to improve the threshold of the market, increasing the transaction cost. Compared to the spot market, futures market increased the term concept, due to the unwinding or delivery, and there are certain differences in the pricing mechanism. For ordinary investors, the pricing mechanism of futures contracts is relatively difficult to grasp, and change positions will also reduce the use convenience. The current market, service provider contracts are typically short term and less choice. To further improve the threshold for the use, and will cause the positions for the relatively frequent, increase transaction costs.

Through the credit market volatility, prone to wearing, and the recovery is relatively difficult, wearing a sharing mechanism will exist in a certain period of time. Through the credit market is still in the early stage, the volatility will be at a relatively high level in a long time period. At the same time, through the credit assets have great advantage in cross-border transfers, and has the characteristics of cross regional, while the corresponding regulation did not keep up, many exchanges opened in the offshore financial center, and improve competitive leverage to attract investors. High volatility and high leverage to bring a higher risk of exchange and broker wearing, integration mode of business entities will directly face customers wearing losses. The globalization of business, customer cost is very low, it is difficult to exchange due to the loss of customers wearing effective recovery. Before the establishment of the global regulatory system and the credit system, this problem is difficult to solve, can be expected to wear s allocation within a certain period of time will be in the digital asset derivatives market continued to exist.

Wearing allocation will change the expectations of investors, the impact of trading behavior. At present, in actual operation, the exchange is usually in the contract delivery date before locking the trader’s profit, accumulation and will produce the wearing loss to the delivery of day will be based on the amount of profit to profit allocation were wearing. If a contract has accumulated more traders wearing a share, is expected to be wearing a bear sharing the loss, may not have the option of trading in this contract. So, through the market for short-term contracts usually being a week time period, rather than the traditional financial market January. Even so, the short-term market volatility, will accumulate more wearing allocation, influence the current contract expected return. In addition, the delivery period before the limit profits extracted rules but also reduces the efficiency of the use of funds.

At the same time, the high frequency change positions will affect the allocation and wearing arbitrage and hedging, specialization hinder market, is not conducive to the derivatives market service industry chain block. In the mature market, derivatives market investors including speculators and hedgers and arbitrageurs. Analysis of arbitrage contracts and spot contracts between different and unreasonable price, and establish the corresponding positions, profit from the market self correction; hedgers for some reason to hold cash positions, holding back contract positions in the derivatives market to avoid price risk. However, the delivery of high frequency and wearing share of the market, the two types of investors are faced with great obstacles. The term hedging is usually long, need to wait for the price change arbitrage to rational direction, and this process may also be a long time, the use of the existing delivery contract will face positions for the frequent, pay a large amount of transaction cost. Arbitrageurs often have the reverse positions equal, the two positions are generally a profit loss by another, spreads widening or narrowing profit. Under the current system, profitable positions will face wearing share losses, and the loss of the position is not compensated, arbitrage face extra huge risk, may even lead to profitable trade into trading losses. There is a gap between contracts and spot in different period, the difference is not stable, the change will also increase the hedging risk. The lack of arbitrage will result in not only part of the funds to abandon the market, but also hamper the implementation of no arbitrage equilibrium, market pricing ability. If investors hedging losses in spot position and profit contract positions, may also face the loss caused by wearing a split, and this is precisely the set of positive role of fidelity. Therefore, the current through the credit derivatives market also can not achieve a good hedging function, it is difficult to service projects and miners are hedging needs of investors, can not truly service industry chain block.

 Sustainable contract: passes derivatives of the ultimate form?

After the bear wearing a profit sharing, the user in accordance with the legal tender revenue may be a loss. The hedging contracts have occurred in the user trying to. Pass card prices are the main scenario hedging strategies play a role, but because of wearing a judgment standard for profit allocation through the certificate standard, so even if the user is hedging profit in the certificate standard, as card prices fell, the currency income will be showing a loss in the state of wearing a split, and weaken the ability of hedging. According to an exchange issued in contract trading groups within the article “hedging through virtual contract? “, we can draw the following formula:

 Sustainable contract: passes derivatives of the ultimate form?

Wearing a sharing mechanism allows hedging more difficult. Because wearing sharing mechanisms exist, hope hedging traders must check whether their accounts because of a bear wearing a short contract to hedge share too much for delivery. If the risk traders try to hold the 1000 EOS hedge price changes, the short contract sell forward after 1000 EOS, the exchange for reasons of wearing share, from a trader account took 10 EOS. Then short contracts are far too many, if not adjusted, traders will be at risk of exposure in part. Start with 7 months 2018 years 6 to 2018 years 12 months 28 days for example, if a trader does not understand wearing a sharing mechanism, after a short contract is no longer the management, the purpose of hedging will not be completed. Without considering the slippage and the fee, the final results of the yield curve is positive. This is because the observation period, the price of EOS is basically in a down trend. Although extra short contracts contributed more profits, but before taking the hedging strategy, the trader is uncertain about the future, if the outlook is rising, more out of the short contract will enlarge the trader’s loss, thus weakening the effect of hedging.

 Sustainable contract: passes derivatives of the ultimate form?

According to the results of dynamic adjustment and allocation of wearing a hedge number can not obtain good hedging effect. If a user starts from July 6, 2018 to December 28, 2018, to take the strategy hedge holdings of EOS spot hedging. Specific strategies for hedging on a quarterly short contract, when subjected to wear s allocation, reduce the number of short contracts to satisfy the above formula specified number of contracts to hedge theory. Without considering the slippage and commissions under the maximum ten points using a quarter short contract on the platform of pure hedging strategy will enable the user to bear by calculation of the currency decline. If the slide and transaction fees when the positions into account, the actual loss of the user is likely to be more than test results. So, the capital account is below the curves of hedging losses of more conservative estimate results:

 Sustainable contract: passes derivatives of the ultimate form?

Two factors contribute to the capital of this curve. On the one hand, the most important factor in the user did not profit is calculated by currency income, bear wearing allocation, the user platform will be obtained through hedging losses in the user wearing EOS take fill passes when the price is down. On the other hand, in Jiancang short positions, long-term contract price is lower than the spot, with long-term contracts approaching maturity, long-term contract price and spot price gradually shrink, short contract losses greater than spot earnings.

To sum up, wearing a sharing mechanism of the derivatives market to a certain extent will reduce the credit derivatives market through activity and mobility, professional and effective and hinder the market, the market is difficult to play the function of the service industry, but the lack of effective mechanism of recovery in the global business exchange under the short term is difficult to change, the industry needs to find a better in the current situation, sustainable contract (Rolling Spot Futures) is a kind of current solutions.

4: more convenient and efficient sustainable contract passes derivatives

Through the credit market has its own characteristics, practitioners also put forward the corresponding solution, that is the shorter period of delivery contract and production warehouse allocation mechanism, but the existing solution still has its shortcomings, sustainable contract (Rolling Spot Futures) is a path in this case industry is now exploring.

4.1 contract: contract not sustainable rolling delivery

Sustainable contract is one kind of not the final delivery of futures contracts, the main form of the present contract is rolling (Rolling Spot Futures). Rolling is a contract settlement date and automatic extension of the futures contracts, each trading day settlement items, traders held contract positions will be automatically renewed at the end of the trading day. In addition, will exchange the assets of the cash flow, long funds to pay fees to the short, short to compensate the cost of capital. Combined with the rolling contract is actually equivalent to the automatic renewal of contracts and spot currency swap, the products originated in the 1993 years of Chicago commodity exchange (ChicagoMercantile, Exchange, CME) and the development of rolling Forex contracts in order to avoid the huge cost of the settlement with the bottom spot, appeared again after rolling gold futures contracts and other varieties, mainly for the online retail market no physical delivery service, demand for small investors. These contracts are relatively simple operation, do not need to consider the delivery and change positions and other steps, to the requirements of professional investors is relatively low, can use close to the spot and experience.

Sustainable contract for ordinary investors, in line with the blockchain assets non center concept, suitable passes the market situation. The use of perpetual contracts presented to investors, similar to the spot feeling, the cost of funds occupied daily settlement, clear, relatively more suitable for ordinary investors use. Non center is one of the core concept of block chain technology, holding relatively traditional financial markets through card assets is more dispersed, the proportion of ordinary investors is relatively large, continuous contract is well adapted to the reality of the market.

Sustainable contract prevents accumulation allocation effect of wearing the expectations of investors, increase the market activity. Delivery contract accumulated in the certain degree of sharing wearing will affect investors income to contract transaction expectations, thereby reducing the trading activity. Sustainable contract is essentially automatic extension of the daily delivery contract, even set up wearing a sharing mechanism, can also avoid the amount of accumulation in the daily or half day delivery period in its processing, the maximum degree of weakening its influence. This point of view, compared with the existing contract pattern, sustainable contract will bring a higher market activity.

To facilitate sustainable contract arbitrage and hedging, conducive to the introduction of institutional investors, improve market pricing mechanism. The time limit of the contract not sustainable, arbitrageurs use sustainable contract execution strategy, do not need to produce additional cost for warehouse about contract delivery has not spread to the expected direction of change, can increase the effectiveness of market pricing. Hedgers use continuous contracts can more easily select hedging time, avoid wearing a share to hedge the cumulative, or contract time is too short and repeated change positions. At the same time, sustainable contracts will be concentrated dispersion of previous transactions, and stock price is relatively stable, the use of derivatives in risk control of industrial capital will be able to better. Daily expenses and sustainable contract settlement funds automatic extension, to avoid the transaction costs for positions, contribute to the long-term investment in derivatives. At the same time, sustainable contract avoiding market segmentation, can solve the problem of institutional investors on the stock market liquidity concerns, convenient for institutional investors to participate in the market to pass card. It can be said that in the short term is difficult to change the market conditions, sustainable contracts to a certain extent, convenient arbitrage hedging and institutional investors, promote the mature market.

4.2 market development: just unfolding.

Generally, passes the first contract market sustainable in 2016 officially appeared in BitMEX, the Xing, starting in 2017, the current mainstream products is relatively BitMEX BTC sustainable exchange launched the contract. Since the birth of the product, its turnover increased, reached a peak in July 2018 to August, and the volatility of the market showing a positive relationship between the relatively obvious, relatively strong speculative. In the market the overall volume decline of the environment, sustainable contract volume BitMEX contrarian growth, showing strong vitality.

A number of major trading platform has been on-line or sustainable contract products in the pipeline. 2018 years 12 months 19 days, the OKEx line of sustainable contract products, currently supports BTC, ETH, EOS, LTC, XRP, BCH and TRX and other 9 varieties, the main contract products conform to the trend of sustainable exchange contract. On 24 May, Gate.io launched the BTC sustainable contract firm, then continue on the line ETH and other varieties. The on-line contract products in December 2018, Huobi group vice president Lan Jianzhong said that in the future in order to meet the needs of users will also launch a sustainable contract product.

 Sustainable contract: passes derivatives of the ultimate form?

 Sustainable contract: passes derivatives of the ultimate form?

Note appended´╝Ü

For some reason, some nouns in this paper label is not very accurate, such as: digital certificate, digital certificate, through currency, token, Crowdsale, currency, readers can contact us if you have any questions, to discuss.

This paper through the card Research Institute (ID:TokenRoll) original. Without authorization, prohibit unauthorized reprint. Please reply back [reprint] keywords

 Sustainable contract: passes derivatives of the ultimate form?

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