Speculative positions are of course your positions.
Considering some details of entering the market, individual investors only have one customer number, and can open accounts in different futures members, but share one customer number. In order to prevent and crack down on market manipulation, besides designing futures contracts reasonably and perfecting the margin system, it is also necessary to implement the position limit system. Manipulation of the market is intuitively suppressed because your position is limited. While restraining speculative positions, relax hedging positions. Some asset management institutions have hedging needs. CICC's intention is to stabilize the market and make participants have strong risk tolerance and risk awareness. I think it is good for a new market, which is also a political need. Because financial innovation is not so mature in China, the risk awareness is too weak. There is no doubt that speculators are conducive to active markets. In the long run, speculative positions should be liberalized.
If you really need contracts with more than 100 lots, then according to this system, you have to apply for hedging positions. With the increase of your position, you can guide investors to avoid risks ~ ~ ~ ~ After that, big investors are registered and screened out.
In the Measures for Risk Control and Management of China Financial Futures Exchange, the position limit refers to the maximum position of a contract calculated unilaterally by members or customers according to the regulations of the exchange. If the same customer opens positions in different members, the positions of the customer under various accounts shall be calculated together.
For members or customers who really need to use stock index futures for hedging, they can apply to CICC for exemption from position restrictions and provide relevant supporting materials. CICC can decide whether to approve their requirements according to market conditions.
The specific position limit standard shall be implemented according to CICC regulations. Members and customers who meet or exceed the position limit may not open positions in the same direction.
There are three types of futures markets-speculators, arbitrageurs and hedgers.
We know that the spot relative to stock index futures is the stock market. The new Shanghai-Shenzhen 300 stock index futures contract, whose stock index is the Shanghai-Shenzhen 300 index, will generate new spot prices at the close of each trading day. This is also the basis of contract delivery. The function of futures market-price discovery and risk transfer, each trader comes to this market for different purposes. Arbitrators take advantage of the deviation between contracts, which is less risky and requires extremely professional trading systems and talents, which is beyond personal ability. Arbitrators can correct the price deviation in the market and make the price return to rationality. The exchange welcomes such large institutions to enter the market.
The manipulated market, although it seems that one party has obtained violence, is extremely destructive to the market.
Hedgers enter the market to hedge risks, that is, one holds spot and the other holds futures, locking in investment income, with little risk. The newly approved Shanghai and Shenzhen 300 stock index futures, more than 300 Shanghai and Shenzhen are large-cap stocks, and the holders of large orders are not just some institutions. Isn't the continuous issuance of index funds just the expansion of the market by institutional investors?
The risk of the above two types of traders is small, not the disappearance of risk, but the transfer of risk. Speculators bear the risks they transfer. This means high risk and high return. You have to understand that speculators are the most risky.
Simply holding futures contracts and not holding the corresponding securities portfolio will not offset the risks. If you lose, you will lose, and if you win, you will win. Unlike the first two traders, if you lose here, you can make money there, and the two sides can get even.
In view of the huge amount of funds needed for stock index futures, one point is 300 RMB, and the Shanghai and Shenzhen 300 points are at 3000 points, so it is a big fund club. It is hard for individual investors to bear.