The Influence of Liberalization of Stock Index Futures on Stock Market
1, shorting can also make a profit, and the probability of unilateral rise or fall is reduced.
Due to the existence of short-selling mechanism, it may be difficult for A shares to appear again in the future, as in the first half of 20 15 and the first quarter of this year. The price and value of the stock will not deviate too far. For A-shares, short-term fluctuations may increase, but it is conducive to the long-term stable operation of the market.
It should be noted that the market environment is different now, the participation and main body of the stock index futures market is mainly hedging, and there is little chance of large-scale speculative trading. According to the regulatory needs, the relevant departments can also limit the opening of stock index futures. At present, the proportion of institutional investors is increasing, value investment is deeply rooted in people's hearts, and the market is mature, which is conducive to the function of stock index futures to avoid risks and discover value.
2. High-quality stocks are conducive to long-term investment and value investment.
In a short time, stock index futures will amplify market fluctuations, while in a long time, stock index futures are good for high-quality stocks, because stock index futures can hedge the stock spot and extend the holding period of investors. After the opening of stock index futures, investors will have risk hedging tools. After all, stock index futures are hedging tools. If investors' willingness and confidence to hold shares increase and the holding period increases, the frequency of stock trading will also decrease, and the turnover rate of the stock market will be significantly reduced.
For Public Offering of Fund, futures hedging can hedge the systemic risk of stock market decline, give full play to the advantages of stock selection, and provide new space for Public Offering of Fund's investment strategy and product design innovation. For example, funds such as Dongfanghong have long held high-quality stocks, because they are unwilling to sell stocks. In the face of systemic risks last year, there is basically no good way. After the liberalization of stock index futures, in that case, in theory, we can hedge some of the decline in spot by opening short positions on stock index futures and reduce the retracement.
At present, the proportion of selling stock index futures in Public Offering of Fund cannot exceed 20%, and it must be for the purpose of hedging. With the further liberalization in the future, fund managers can focus more on stock selection in the face of systemic risks with hedging tools.