On the next trading day after the delivery date of the expired contract, the new monthly contract begins to be traded. The trading unit of the contract is the hand, and the contract transaction is carried out in an integer multiple of the trading unit.
The minimum order quantity for contract trading orders is 1 lot, the maximum order quantity for market orders is 50 lots, and the maximum order quantity for limit orders is 100 lots.
The contract adopts two trading methods: call auction and continuous bidding. Call auction time is 9: 10-9: 15 on each trading day, in which 9: 10-9: 14 is the time for instruction declaration and 9: 14 is the time for instruction matching.
Extended data:
strong function
risk aversion
The risk aversion of stock index futures is realized by hedging, and investors can avoid risks by operating in the opposite direction in the stock market and stock index futures market.
The risk of stock market can be divided into two parts: unsystematic risk and systemic risk. Nonsystematic risks can usually be minimized by diversification, while systemic risks are difficult to avoid by diversification.
Stock index futures have a short-selling mechanism. The introduction of stock index futures provides the market with a tool to hedge risks. Investors who are worried about the stock market decline can hedge the systemic risk of the overall stock market decline by selling stock index futures contracts, which is conducive to reducing the impact of collective selling on the stock market.
price discovery
Stock index futures have the function of discovering prices. Through the open and efficient bidding of many investors in the futures market, it is conducive to the formation of stock prices that can better reflect the true value of stocks. The futures market has the function of discovering prices. On the one hand, there are many participants in stock index futures trading, and the price formation contains price expectation information from all parties.
On the other hand, stock index futures have the advantages of low transaction cost, high leverage ratio and fast instruction execution. After receiving new market information, investors are more inclined to adjust their positions in the futures market, which also makes the stock index futures price respond to the information faster. ?
Reference source: Baidu Encyclopedia-Stock Index Futures Contract