There is basically no essential difference between index futures and ordinary commodity futures except for due delivery. Take a stock market as an example. Suppose it is 1 000 points at present, that is to say, the current "price" of this market index is 1 000 points, and there is now a "futures contract of this market index that expires at the end of February". If most investors in the market are bullish, the price of this index futures may have reached 65438+ at present. If you think the price of this index will exceed 1 100 at the end of 65438+February, maybe you will buy this stock index futures, that is, you promise to buy this market index at the price of 1 100 at the end of 65438+February. The index futures continued to rise to 1 150. At this time, you have two choices, either continue to hold your futures contract or sell the futures at the current new "price", namely 1 150. By this time, you have closed your position and gained 50 points. Of course, before the expiration of this index futures, its "price" may also fall, and you can continue to hold or close your position and cut your meat. However, when the index futures expire, no one can continue to hold them, because the futures at this time have become "spot" and you must buy or sell the index at the promised "price". According to the difference between the "price" of your futures contract and the current actual "price", refund more and make up less. For example, if the market index is actually 1 130 points when it expires at the end of February, you can get the price difference compensation of 30 points, which means you earn 30 points. On the contrary, if the index is 1050 points, you must take out 50 points to subsidize it, which means you lose 50 points. Of course, the so-called "points" of earning or losing are meaningless, and these points must be converted into meaningful monetary units. The specific conversion amount must be agreed in the index futures contract in advance, which is called the contract scale. If the scale of market index futures is 100 yuan, taking 1000 points as an example, the value of a contract is 100000 yuan. The difference between stock index futures trading and stock trading

Stock index futures contracts take the settlement price of the day as the basis for calculating the profit and loss of the day. The specific calculation formula is as follows: daily profit and loss = ∑ [(selling price-settlement price of the day) × selling quantity]+∑ [(settlement price of the day-buying price )× buying quantity]+(settlement price of the previous trading day-settlement price of the day) × (selling position of the previous trading day-buying position of the previous trading day). For example, an investor held a stock index futures contract 10 in the previous trading day, and the settlement price in the previous trading day was 1500 points. On that day, the investor bought 8 long positions in the contract at the transaction price of 1505, and sold 5 positions at the transaction price of 15 10. The settlement price of the day is 15 15, so the profit and loss of the day is calculated as follows:

Profit and loss of the day = (1510-1515) × 5+(15-1505 )× 8+(/)

If the contract multiplier of the contract is 300 yuan/point, the investor's profit and loss on that day is 205 points ×300 yuan/point =6 1500 yuan.