Exchange-traded futures
Record trades on an identified listed future and follow the net position. P&L comes from trade history and market prices, through a workflow distinct from OTC contracts.
How it works
Select the exact contract and record buy/sell trades in whole contracts. The contract specification supplies currency, size and quote scaling. Purchases or sales increasing the same exposure update its weighted average price; opposite trades realize P&L on the closed quantity. A trade can also reverse the position.
Key contract terms
- Listed contract and expiry
- Buy/sell direction
- Whole number of contracts
- Trade date and execution price
- Contract currency, size and quote scale
Payoff: the contractual result
Unrealized P&L = signed remaining contracts × (normalized market price − average open price) × the contract's monetary value per normalized price unit. Closing trades realize the corresponding difference. A short position reverses the sign. Total P&L combines realized and unrealized amounts; a future does not need an option-like NPV.
A simple example
Three long contracts have an average normalized price of 100 and a monetary value of USD 50 per price unit. At a market price of 104, unrealized P&L is 3 × (104 − 100) × 50 = USD 600.
Illustrative amounts exclude fees and currency conversion. A payoff is distinct from the instrument's value before maturity.
Lifecycle
- First trade
- Further trades / partial closes
- Contract expiry
- Final settlement price
Effect of an opposite trade
Reduce or close
An opposite trade realizes P&L on the offset quantity. The remainder stays open; an equal quantity closes the position.
Reverse the position
An opposite trade larger than the open quantity closes that exposure and opens the excess in the other direction.
- Record one or more trades on the same listed contract. Trades build its net position and average entry price.
- An opposite trade closes all or part of the open quantity and realizes the corresponding P&L. If larger than the open quantity, it also opens an opposite remainder.
- Further trades can increase, reduce, close or reverse the position. Corrections and cancellations preserve the trade history and rebuild the position.
- Any quantity still open at expiry requires the exact expiration settlement to finalize its result. Missing settlement data leaves finalization pending; the application does not manage margin payments or physical delivery.
Using this instrument in OTCValue
Only configured contracts with compatible specifications and available prices can be valued. Exact expiry settlement may come from a confirmed observation or an eligible organization-scoped manual entry. Portfolio conversion needs FX data. The application records your trades; it does not place orders, operate margin accounts or organize physical delivery.