The full name of stock index futures is stock price index futures, which can also be called stock index futures and futures index. It refers to the standardized futures contract with the stock index as the subject matter. The two sides agreed that on a specific date in the future, they can buy and sell the underlying index according to the size of the stock index determined in advance. As a type of futures trading, stock index futures trading has basically the same characteristics and processes as ordinary commodity futures trading.

Basic characteristics of stock index futures

1. Stock index futures have the same characteristics as other financial futures and commodity futures.

Contract standardization. The standardization of futures contracts means that all the terms of futures contracts except the price are predetermined and have the characteristics of standardization. Futures trading is conducted by buying and selling standardized futures contracts.

Centralized trading. The futures market is a highly organized market, with strict management system, and futures trading is completed centrally in the futures exchange.

Hedging mechanism. Futures trading can end the performance responsibility through reverse hedging operation.

Daily debt-free settlement system. After the daily trading, the Exchange will adjust the margin accounts of each member according to the settlement price of the day to reflect the profit or loss of investors. If the price changes in a direction that is not conducive to investors' positions, investors must add margin after daily settlement. If the margin is insufficient, the investor's position may be forced to close.

Leverage effect. Stock index futures use margin trading. Since the amount of margin to be paid is determined according to the market value of the traded index futures, the exchange will decide whether to add margin or withdraw the excess according to the change of market price.

2. The uniqueness of stock index futures.

The subject matter of stock index futures is a specific stock index, and the quotation unit is the index point.

The value of a contract is expressed by the product of a currency multiplier and the quotation of a stock index.

The delivery of stock index futures adopts cash delivery, and the position is settled in cash instead of stock delivery.

The difference between stock index futures and commodity futures trading

The target index is different. The subject matter of stock index futures is a specific stock price index, not a real target asset; The object of commodity futures trading is goods with physical form.

Different delivery methods. Stock index futures are delivered in cash, and positions are settled in cash by clearing the difference on the delivery date; On the other hand, commodity futures are delivered in kind and settled by the transfer of physical ownership on the delivery date.

The standardization degree of contract expiration date is different. The maturity date of stock index futures contracts is standardized, generally in March, June, September, 65438+February, etc. The maturity date of commodity futures contracts varies according to the characteristics of commodities.

The cost of holding is different. The holding cost of stock index futures is mainly financing cost, and there is no physical storage cost. The stock you hold sometimes pays dividends. If the dividend exceeds the financing cost, there will be holding income. The holding cost of commodity futures includes storage cost, transportation cost and financing cost. The holding cost of stock index futures is lower than that of commodity futures.

Speculation is different. Stock index futures are more sensitive to external factors than commodity futures, and the price fluctuates more frequently and violently, so stock index futures are more speculative than commodity futures.

future

The history of futures:

The future in English is the future, which evolved from the word "future". It means that both parties to the transaction don't have to deliver the physical object at the initial stage of buying and selling, but agree to deliver the physical object at some time in the future, so China people call it "futures".

The original futures trading developed from spot forward trading. The initial spot forward transaction is a verbal commitment by both parties to deliver a certain amount of goods at a certain time. Later, with the expansion of the scope of transactions, oral promises were gradually replaced by sales contracts. This kind of contract behavior is becoming more and more complicated, and it needs intermediary guarantee to supervise the timely delivery and payment of goods, so the Royal Exchange, the world's first commodity forward contract exchange opened by 1570 in London, appeared. In order to adapt to the continuous development of commodity economy, Chicago Grain Exchange introduced a standardized agreement called "futures contract" at 1985, which replaced the old forward contract. With this standardized contract, manual trading can be carried out, and the margin system is gradually improved, so a futures market specializing in standardized contract trading has been formed, and futures has become an investment and financial management tool for investors.

The basic concept of futures:

Futures is a standardized contract and a unified and long-term "commodity" contract. Buying and selling futures contracts is actually a promise to buy or sell a certain number of "commodities" in the future ("commodities" can be physical commodities such as soybeans and copper, as well as financial products such as stock indexes and foreign exchange). Strictly speaking, futures is not a commodity, but a standardized commodity contract, which stipulates that both parties to the transaction will trade a specific commodity or financial asset in the future according to the contract content. Futures trading is a trading method relative to spot trading, which is developed on the basis of spot trading and is an organized trading method by buying and selling standardized futures contracts on futures exchanges. The object of futures trading is not the commodity itself, but the standardized contract of the commodity.

Let me give you a small example in life to help you understand. For example, if you go to a flower shop to buy flowers, buy them now and pay them now, which is a spot transaction; If it is agreed to pay and deliver on the birthday two months later, it is a forward transaction. The emergence of futures trading is derived from spot trading and forward trading, and developed on the basis of forward trading. The futures contract mentioned above is actually a standardized forward contract. That is to say, the type, quality, quantity, delivery time and place of the goods (the subject matter of the contract) are agreed in advance in the contract, so that the buyer and the seller will not dispute the quality, quantity, delivery place and time of the goods.

The main features of futures contracts are:

A. The commodity variety, quantity, quality, grade, delivery time and delivery place of a futures contract are established and standardized, and the only variable is the price. The standards of futures contracts are usually designed by futures exchanges and listed by national regulatory agencies.

B. Futures contracts are concluded under the organization of the futures exchange and have legal effect, and prices are generated through public bidding in the trading hall of the exchange; Most foreign countries adopt public bidding, while our country adopts computer trading.

C the performance of futures contracts is guaranteed by the exchange, and private transactions are not allowed.

D futures contracts can fulfill or cancel their contractual obligations through settlement of spot or hedging transactions.

Stock index futures /view/ 168929.htm

Futures /view/2348.html