The 5-year treasury bond futures contract has been listed and traded since Friday, September 6, 20 13.

II. Listing Contract and Listing Benchmark Price

The first listing contracts of 5-year treasury bonds futures are 201312 (TF1312), 201April (TF 1403) and 201March.

Three. Deliverable national debt and conversion factor

The deliverable treasury bonds and conversion coefficient of a 5-year treasury bond futures contract shall be announced by the exchange before the contract is listed and traded.

Four. Trading margin and price limit range.

In order to strictly control the market risk in the initial stage of listing, the trading margin of each contract of 5-year treasury bond futures is tentatively set at 3% of the contract value, 4% of the contract value from the settlement of the previous trading day in the middle of one month before the delivery month, and 5% of the contract value from the settlement of the previous trading day in the late month before the delivery month. On the first day of listing, the price of each contract is limited to 4% of the benchmark price.

Verb (abbreviation for verb) related expenses

The handling fee standard for 5-year treasury bond futures contracts is tentatively set at 3 yuan per lot, and the delivery fee standard is 5 yuan per lot. The transaction ownership adjusts the handling fee standard according to the market operation.

Extended data

First, there are obvious differences between the treasury bond futures market and the stock market in terms of basic participants and operation modes.

The participants in the treasury bond futures market are closely related to the spot market, mainly financial institutions such as commercial banks, insurance companies, securities companies and fund companies, as well as other professional institutional investors and legal person investors, which are quite different from the stock market. In addition, treasury bonds futures are highly professional and have a high technical threshold. China implements a strict investor suitability system, and the participation of small and medium-sized retail investors is limited.

Second, treasury bond futures are more suitable for institutional investors to participate.

Judging from the price fluctuation characteristics and product risk attributes of treasury bonds futures, the price fluctuation of treasury bonds futures is small. For example, the maximum daily fluctuations of 5-year treasury bonds and 7-year treasury bonds in the market recently are far below 2%. So it is more suitable for institutional investors to participate.

3. Treasury futures are based on the spot of treasury bonds, and their prices are ultimately determined by the spot market.

The factors affecting the stock market are complicated, including the reflection of economic operation, the comprehensive influence of multiple factors such as capital supply and demand, investors' psychological expectations and so on. The listing of treasury bonds futures will not change these factors, so it will not affect the policy expectations and basic trends of the stock market. The empirical research in the international market also shows that the listed treasury bond futures have little influence on the normal operation and trend of the stock market.

4. Treasury bond futures are highly professional, with small fluctuations in the initial stage of listing and limited participants.

Judging from the practice of the Shanghai and Shenzhen 300 stock index futures market, the market has been running for more than three years and the trading is more active, but the stock margin in the market is only about 20 billion yuan; Compared with stock index futures, treasury bonds futures have strong professionalism and small fluctuation, and the number of participants in the initial stage of listing is limited. The participation of institutional investors requires a process, and the margin scale may be lower than that of stock index futures, which will not obviously divert the stock market funds, and will not aggravate the shortage of funds in the money market.

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