When a futures contract reaches the delivery date, it will be delivered according to the exchange's regulations, mainly divided into physical delivery and cash delivery:

Physical delivery: Refers to the buyer and seller settling open contracts by transferring ownership of the underlying asset of the futures contract when the contract expires.

Cash delivery: Refers to calculating the profit and loss of open contracts based on the settlement price at expiration, completing delivery through cash payment, without involving physical transfer.

Currently, BiyaPay only supports cash delivery and does not support physical delivery. To avoid physical delivery risks, the platform will execute forced liquidation on related positions based on the first notice day or last trading day in the contract information until the position is zero.

Forced liquidation rules:

To avoid delivery risks, the platform will execute forced liquidation on positions approaching delivery at specific times based on contract type and position direction. The specific rules are as follows:

1. Physical delivery products

Long positions: Starting from T-7 calendar days before the earlier of the first notice day and the last trading day, checks will be executed and positions will be gradually liquidated at the opening of each trading day during T-7 to T-1. (If there is no first notice day, the last trading day shall prevail)

Short positions: Starting from T-7 calendar days before the last trading day, checks will be executed and positions will be gradually liquidated at the opening of each trading day during T-7 to T-1.

1. Cash delivery products

No forced liquidation will be executed. The contract is supported to enter the delivery process and automatically settle positions through cash settlement.