How do retail investors buy and sell stock index futures? What are the conditions for participation?
The customer shall at least meet the following conditions: (1) having full capacity for civil conduct; (2) Having its own funds or other property suitable for futures trading, and being able to bear the risks of futures trading. (3) Having a fixed residence; (4) Comply with the relevant provisions of the state and industry. According to the relevant measures for the appropriateness management of stock index futures investors, investors must meet a number of conditions if they want to catch up with the first stock index futures account. First of all, the threshold for investors to open an account is 500,000 yuan. Secondly, investors who intend to participate in stock index futures trading need to pass the stock index futures knowledge test. It is understood that the exam will be provided by CICC, and the futures company will be responsible for the specific operation, with a qualified score of 80 points. Third, investors must have more than 20 simulated trading records of stock index futures in cumulative 10 trading days, or have more than 10 trading records of commodity futures in the last three years. To put it simply, in addition to institutions, future futures trading participants can be called "three-owned" investors, that is, people with money, anti-risk ability, maturity knowledge and practical trading experience. In addition to the above three hard requirements, investors must also conduct an evaluation that reflects their own comprehensive situation (CICC has been issued to all futures companies), and investors must get more than 70 points in the comprehensive evaluation to be considered "qualified". For investors with bad credit records, the futures company will deduct the corresponding score from the total score of investors' comprehensive evaluation according to the situation, and there is no upper limit for the deduction. According to the relevant regulations, in any of the following circumstances, they shall not become customers of futures brokerage companies: state organs and institutions; Staff of China Securities Regulatory Commission and its dispatched offices, futures exchanges, futures margin depository monitoring institutions and futures industry associations; It is forbidden to enter the securities and futures markets; Units that fail to provide proof documents for account opening; Other units and individuals prohibited from engaging in futures trading as stipulated by the China Securities Regulatory Commission. 2. Where can I open an account? Investors can open an account in the business department of a futures company, and the futures company must open an account for investors at the counter, and it is forbidden to open an account in different places. Investors are temporarily unable to open futures trading accounts in the sales department of securities companies. 3. What materials do I need to prepare to open an account? Stock index futures account needs to provide the following information: (1) copy of bank card or 1 scanned copy (2) scanned copy of ID card (electronic version) (if it is an old ID card, scan the front; If it is a new ID card, double-sided scanning) (3) Personal digital photo (more than 5 million pixels, the overall upper body size accounts for 60% of the total photos), and the front photo when signing the contract. (4) Individuals: the original ID card of the customer, and the customer's bank card or passbook. (5) Legal person: business license (original and photocopy), tax registration certificate (photocopy), organization code certificate (original and photocopy), original ID card of the legal representative of the organization or power of attorney of the legal person stamped with the official seal of the organization and the seal of the legal representative, original ID card of the account opening agent, bank account opening permit, ID card of the orderer, fund distributor and statement confirmer authorized by the organization. 4. Specific procedures for opening an account (1) The customer provides relevant documents and supporting materials. (2) A futures company shall issue a risk disclosure statement and futures trading rules to customers, explaining the risks and basic rules of futures trading to customers. On the basis of an accurate understanding of the risk disclosure and futures trading rules, customers should sign and seal the risk disclosure. Fill in the customer credit registration form and determine the transaction cost. (3) The futures brokerage institution and the customer both * * * sign a customer brokerage contract, which clarifies the rights and obligations of both parties and formally forms a cooperative relationship. (4) A futures brokerage institution shall provide customers with a special account for futures trading funds, which shall be separated from its own fund account. The customer must have a full deposit in the account before placing an order. 5. How much does it cost to open an account? The threshold for investors to open an account is 500,000 yuan. It's free. 6. Does opening an account mean starting a transaction? Opening an account does not mean that you can start trading. On the one hand, it requires a clear access policy for institutional investors. On the other hand, there must be a process to open an account. Only when the number of investors entering the market reaches a certain level can you start trading. According to relevant sources, the official transaction may be in March 18. 7. What risks should I pay attention to when opening an account? Trading investors should clearly understand the risks of buying and selling futures and options before entering the market. Exchange members must explain the nature and risks of futures and options to customers. Not every investor is suitable for buying and selling futures and options. Investors must measure their ability to withstand the risk of market fluctuations or bear losses. While understanding the relevant risks, investors should consult qualified futures practitioners, let them analyze whether futures and options products are suitable for your personal needs, and then make trading decisions. Investors should carefully read and understand the relevant risk disclosure documents before signing the relevant documents and opening an account, which are an integral part of the customer contract. 8. How will the futures company check the account opening? China's stock index futures has established an investor suitability system, which requires investors to meet three hard requirements in participating in stock index futures: First, the threshold for investors to open an account is 500,000 yuan. Secondly, investors who intend to participate in stock index futures trading need to pass the stock index futures knowledge test. It is understood that the exam will be provided by CICC, and the futures company will be responsible for the specific operation, with a qualified score of 80 points. Third, investors must have more than 20 simulated trading records of stock index futures in cumulative 10 trading days, or have more than 10 trading records of commodity futures in the last three years. To put it simply, in addition to institutions, future futures trading participants can be called "three-owned" investors, that is, people with money, anti-risk ability, maturity knowledge and practical trading experience. In addition to the above three hard requirements, investors must also make an evaluation that reflects their own comprehensive situation. Investors must get more than 70 points in the comprehensive evaluation to be considered "qualified". For investors with bad credit records, the futures company will deduct the corresponding score from the total score of investors' comprehensive evaluation according to the situation, and there is no upper limit for the deduction. 9. What is the current preparation of the futures company? The futures company started to test the stock index futures account at 65438 on1October 23rd, and conducted the second and third tests at 65438 on1October 30th and February 6th. According to the arrangement of CICC, the futures company has made an account opening forecast in advance and made an account opening plan to avoid centralized and surprise account opening. The futures company has made a detailed account opening plan and arranged enough manpower, space and corresponding information facilities. Regulators have repeatedly reminded futures companies to standardize the account opening process and not to relax the account opening standards and simplify the normal process in any form. In the process of opening an account, we should conscientiously do a good job in investor education and risk warning, and must not attract customers by reaching the account opening index, rewards, celebrations, rendering, persuasion, etc. In addition, CICC and CSRC will conduct on-site supervision and inspection, and require futures companies to submit dynamic information on customer account opening every day.