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Does the Bull and Bear Certificate belong to securities and futures?
Does not belong to futures. The so-called Bull Bear Certificate is a brand-new investment product launched by the Hong Kong Stock Exchange on June 12, 2006, and it is a structural product that reflects the performance of related assets. This is a choice. Bull and Bear Certificate is a structured product, which can track the performance of related assets without paying the full amount of assets actually purchased.

The differences between option trading and futures trading are as follows: First, when both parties to the option trading sign or close the contract, the option buyer must pay the option fee to the option seller, such as 2 yuan or 3 yuan per share, while the two parties to the futures trading do not have any economic relationship when signing or closing the contract. Secondly, the option trading agreement itself belongs to spot trading, and the purchase and sale of options and the payment of option fees are carried out simultaneously. (Slightly different from spot trading, spot trading has not been settled after delivery, and stock trading is agreed in the future. If no transaction is made after delivery, the stock will be bought and sold within the validity period agreed in the future agreement. ) and the delivery of futures trading is carried out within the agreed delivery period. Third, the legal relationship between the two parties to the option transaction will not be dissolved immediately after delivery, because although the rights have been transferred, the realization of the option will be in the future, and the legal relationship between the two parties will only end when the agreement expires, while the legal relationship between the two parties to the futures transaction will be dissolved after delivery. Fourth, during the delivery period of option trading, the option buyer does not undertake any obligation and decides whether to implement the agreement according to the change of stock price. If the situation changes unfavorably, the requirements for the option holder can be waived, and the obligations for the agreement holder are only borne by the option seller, while the two parties to the futures trading assume obligations for each other within the validity period of the agreement. Fifth, the agreement holder of option trading can transfer and sell the agreement. No matter how many times it is transferred, the ultimate holder of the agreement has the right to ask the seller of the option to implement the agreement within the validity period, and neither party to the futures trading agreement has the right to transfer it. Sixth, the maximum risk of investment options is directly proportional to the fluctuation of stock price, and the greater the fluctuation of stock price, the greater the risk.