1, Shanghai and Shenzhen 300 stock indexes The Shanghai and Shenzhen 300 index compiled by China Securities Index Company was officially released on April 8, 2005. The benchmark date of the Shanghai and Shenzhen 300 Index is 65438+February 3, 20041,and the benchmark date is 1000 points. The Shanghai and Shenzhen 300 Index selects 300 A shares as samples, including Shanghai Stock Exchange 179 and Shenzhen Stock Exchange 12 1. The sample of the Shanghai and Shenzhen 300 Index covers about 60% of the market value of the Shanghai and Shenzhen markets, which has a good market representation. As a commodity.
2. Shanghai and Shenzhen 300 stock index futures are futures products with the Shanghai and Shenzhen 300 index as the subject matter launched by China Financial Futures Exchange on April 10.
In the international market, stock index futures are all delivered in cash, and there are four main ways to determine the settlement price of delivery, namely: the average price of the spot market for a period of time on the last trading day; The closing price of the spot market on the last trading day; Special opening price of spot market on delivery date; The weighted average price of trading volume within a period of time after the spot opening on the delivery date. In order to prevent the risk of market manipulation more effectively, in the settlement rules of China Financial Futures Exchange, the settlement price of Shanghai and Shenzhen 300 stock index futures is the arithmetic average price of the last two hours of the last trading day of the underlying index. Trading ownership adjusts the settlement price of stock index futures according to market conditions. The civil liability of a futures company for violating the obligation of strictly executing investors' trading instructions;
(1) Liability with unclear agreement on the way of issuing trading orders. In the disciplinary contract signed between the futures company and the investor, there is no agreement or explicit agreement on the way to issue trading orders, and the futures company cannot prove that its trading is carried out in accordance with the investor's trading orders, and the futures company shall be responsible for the losses caused by the trading. The futures company can prove that its futures trading is in accordance with the instructions of investors or their customers, and the futures company will not bear the losses caused thereby.
(2) The responsibility of the futures company to execute the instructions of the non-trustee. The futures company has the obligation to strictly examine the entrustment of the trustee. A futures company shall not execute the instructions of a third party other than the investor or the trustee. If a futures company executes trading orders of non-trustees and causes losses to investors, it shall be liable for compensation.
(three) the futures company's responsibility to execute the investor's defect instructions. For defective orders, futures companies can ask investors for further clarification before implementation. If a futures company executes a defective instruction and causes losses to investors, the futures company shall be liable for compensation.
(four) the responsibility of the futures company to execute the investor's trading instructions incorrectly. Where a futures company wrongly executes an investor's trading instruction, the trading consequences shall be borne by the futures company, except those recognized by the investor.
(five) the futures company's responsibility for improperly delaying the execution of investors' trading instructions. Where a futures company improperly delays the execution of investors' trading orders, causing losses to investors, and thus causing economic losses to investors, the futures company shall bear the corresponding liability for compensation.