The essence of stock index futures trading is the process of transferring the expected risk of the stock market price index to the futures market, and its risk is offset by the trading operations of investors who have different judgments on the stock market trend.
Its main function is to find prices and hedge, so as to avoid systemic risks and investments in the stock market. This is a portfolio management strategy used by professional market participants.
The face value of stock index futures contracts is usually calculated by multiplying the stock index value by a fixed amount. Assuming that the fixed amount is 100 yuan, the face value of each stock index futures contract is multiplied by the stock index at that time;
Stock index futures have the commonness of futures, which can be long or short. In other words, you can buy first and then sell, or you can sell first and then buy;
Stock index futures are usually traded in the futures market, and the trading object is the stock market index, not the stock;
Stock index futures are cash delivery, not stocks; Stock index futures are more characterized by "small bets", so they are margin trading, unlike stock trading, which must be bought and sold with full funds;
Investing in stock index futures, you can get involved in the stock market without holding stocks. Suppose: sell one share of the Shanghai Composite Index at 2000, close the position at 1600, and the trading margin is 10%. Transaction funds to be invested = 2000×100×10% = 20000 yuan. Profit after liquidation = (2000-65438
What are the characteristics of stock index futures? In addition to the general characteristics of financial futures, stock index futures also have their own characteristics.
First, the trading object of stock index futures contracts is neither a specific physical object nor a specific financial instrument. It is an invisible index to measure the average price change level of various stocks.
Second, the price of stock index futures contracts is formed by multiplying the number of stock index points by the artificially specified price of each point.
Three, after the expiration of the stock index futures contract, the contract holder only needs to deliver or collect the cash corresponding to the difference between the stock index and the contract turnover index on the expiration date, and can close the transaction.
What is margin financing and securities lending? Refers to the business activities of securities companies that lend funds to investors to buy securities or lend securities to investors to sell.
Specifically, it refers to borrowing funds or securities from securities companies in the form of mortgage deposits for market transactions. For example, when the price of securities is low, pay a deposit to borrow funds from securities companies to buy securities, so as to sell them after the price of securities rises, and earn the difference while returning the borrowed funds from securities companies; Pay the deposit when the securities price is high, borrow securities from securities companies and sell them, so as to buy back similar securities at a low price after the securities price goes down, and earn the difference while returning the borrowed securities from securities companies. Therefore, in essence, margin financing and securities lending should belong to margin leveraged trading mode, and investors can engage in both long-term trading and short-term trading.
Margin trading is divided into two categories: margin trading and margin trading. Investors borrow money from securities companies to buy securities, which is a financing transaction; Investors borrow securities from securities companies and sell them as securities lending transactions.
Financing can expand your business scale. For example, if you are optimistic about a stock and want to intervene in a big way, you can borrow money from a brokerage firm to buy stocks. When the stock rises to the target price, you can sell the stock to repay the loan, thus amplifying your income. Securities lending creates conditions for you to make money by shorting a stock. When you are bearish on a stock, you can borrow the stock from a brokerage company and sell it. After it falls, you can buy stocks and pay the difference to the brokers.
1, margin trading strategy
Open credit securities and capital accounts first.
According to the explanation of the detailed rules of margin financing and securities lending, investors who participate in margin financing and securities lending transactions must first pass the credit investigation of relevant pilot brokers. Investors who fail to meet the credit requirements of the pilot brokers, have been engaged in securities trading at the brokerage outlets for less than half a year, the transaction settlement funds have not been included in the third-party depository, have insufficient experience in securities investment, lack the ability to bear risks, and have a record of major default are not allowed to participate in the margin financing and securities lending business.
Before an investor borrows and sells securities from a securities company, he shall sign a contract for margin trading and a risk disclosure statement for margin trading, and entrust the securities company to open a credit securities account and a credit fund account. Investors can only choose a brokerage firm to sign a margin financing and securities lending contract, and can only entrust a brokerage firm to open a credit securities account in a securities market.
The selling price of securities lending shall not be lower than the recent transaction price.
The declared price of short selling by investors shall not be lower than the latest trading price of the securities; If there is no transaction on that day, the declared price of short selling shall not be lower than the previous closing price. If an investor sells the same securities held in a securities account owned or controlled by him during the period of securities lending, the price of the securities sold shall not be lower than the latest transaction price except for the part exceeding the amount of securities lending.
Selling securities funds must give priority to repaying financing arrears.
After financing to buy securities, investors can repay the incorporated funds through direct repayment or repayment by selling securities. If the investor repays the integrated funds by direct repayment, it shall be handled in accordance with the agreement with the brokerage firm; If the funds are repaid by selling securities, the investor entrusts the brokerage firm to sell securities through its credit securities account, and the funds obtained by the investor from selling securities are directly transferred to the special financing account of the brokerage firm at the time of settlement. Investors who sell securities in credit securities accounts must give priority to repaying their financing arrears.
After investors sell securities by short selling, they can repay the integrated securities directly or by buying and returning securities. Where an investor repays the integrated securities by directly repaying the securities, it shall be handled in accordance with the agreement with the securities broker and the relevant provisions of the registration and settlement institution designated by the exchange. If bonds are repaid by buying bonds and repaying bonds, investors entrust brokers to buy securities through their credit securities accounts. At the time of settlement, the registration and settlement institution directly transfers the securities bought by investors into the special securities account for securities lending by brokers.