Futures, abbreviated as SPIF in English, refers to stock price index futures, also known as stock price index futures and futures, and refers to standardized futures contracts with stock price index as the subject matter. Both parties agree that the target index can be bought and sold according to the size of the stock price index determined in advance on a specific date in the future. Dayou Stock Index Futures Analyst Net points out that the two sides are trading the stock index price level after a certain period of time, and the delivery is carried out through the cash settlement difference. As a type of futures trading, stock index futures trading and general commodity futures trading have basically the same characteristics and processes.
Stock index futures are a kind of futures. Futures can be roughly divided into two categories: commodity futures and financial futures.
1、 Transaction time. The opening trading is 15 minutes in the morning, and the closing trading is 15 minutes in the evening.
2、 Price limit. Consistent with the stock market, circuit breakers were cancelled by 10%. The maximum daily price fluctuation is limited to ± 10% of the settlement price of the previous trading day. The range of this limit is consistent with the spot market.
3、 Deposit. Buying and selling a single contract requires at least 150000 yuan of capital. In order to strengthen risk control, the revised version of the business rules has raised the charging standard for the minimum trading margin of stock index futures from 10% to 12%. At the same time, in order to ensure the pertinence of the unilateral market exchange in adjusting the margin level, the restrictions on the unilateral market exchange in adjusting the margin have been revised.
4、 Closing Date. Scheduled on the third Friday of each month
Avoid month end fluctuations. According to the provisions of the CSI 300 Stock Index Futures Contract (Draft for Comments), the final trading date and delivery date are "the third Friday of the contract expiration month, which will be postponed in case of national statutory holidays". According to
The third Friday of each month is basically in the middle of the month, sometimes even on the 14th and 15th of the month. This is different from foreign stock index futures which are usually delivered at the end of the month.
5、 Bidding transaction. Trading on the up and down limit "priority is given to closing positions with pending orders". The continuous competitive trading of stock index futures is carried out according to the principle of "price priority and time priority", which is similar to the A-share market;
However, when encountering the extreme market of the limit price, the order to declare at the limit price shall be carried out in accordance with the principle of "closing position first, time first". This is because the stock index futures adopt two-way trading, and investors can open both long positions and short positions.
6、 Information disclosure. Fund and insurance positions may be "hidden". After any stock index futures contract is listed for trading, as long as its unilateral position reaches more than 10000, it will be regarded as an "active month contract". The trading volume and position of the top 20 settlement members of active month contracts will be disclosed after the daily trading of CFE is completed.
7、 Position limit. The limit of a single account is about 15 million yuan. In order to further strengthen risk control and prevent price manipulation, China Financial Exchange will limit the position of a single stock index futures trading account for non hedging transactions
The original 600 hands were adjusted to 100 hands. If calculated at the current point, the face value of each contract is 1 million yuan, and the margin ratio is 15%, the limit amount of a single trading account is about 15 million yuan.
8、 Compulsory reduction. Under extreme market conditions, China Financial Exchange cautiously used compulsory position reduction. Drawing on the experience of domestic futures market in dealing with extreme market conditions, China Financial Exchange reserved the right to take strong measures in case of continuous up and down limit
The system of position reduction means that the trading closing order is the one declared at the daily limit price, and the trading is automatically matched with the profitable customer of the contract at the daily limit price according to the position proportion.
9、 Hedging. Individual investors can also apply for hedging. In order to promote the function of hedging and improve the efficiency of hedging, the revised business rules simplify the procedures of hedging application and approval, and change the unit of hedging application and approval from contract approval to variety approval.
