Myth 1: I think the trading hours of treasury bonds futures are consistent with the spot market.
The trading hours of China government bond futures and spot market are not exactly the same. The trading hours of treasury bonds futures are: 9:15 ~1:30 (first quarter) and 13: 00 ~ 15 (second quarter), and the last trading day is 9: 65438. But generally speaking, the trading hours of China's exchange bond market are 9: 30 ~1:30,13: 00 ~15: 00; The trading hours of the inter-bank bond market are from 9: 00 to 12: 00 and from 13: 30 to 16: 30.
Myth 2: think that the settlement price of treasury bonds futures on the same day is the closing price.
The settlement price of treasury bond futures on the same day refers to the average price of the transaction price in the last hour of the contract weighted by the volume, and the calculation result is retained to three decimal places.
The closing price of treasury bonds futures refers to the last transaction price on the day of the contract.
Myth 3: think that the last trading day of treasury bond futures is at the end of the month.
According to China's national conditions, because China's capital market is prone to abnormal fluctuations at the end of the quarter, in order to avoid the late of each quarter and ensure the safe and smooth delivery of treasury bonds futures, the last trading day of treasury bonds futures is set on the second Friday of the contract expiration month.
Myth 4: It is considered that treasury bonds futures are similar to stock index futures in cash delivery.
Treasury bond futures are delivered in kind. When the contract is delivered by physical delivery, the bonds available for delivery include a series of eligible national debts with different coupon rate and maturities. The price between deliverable treasury bonds and nominal standard bonds is converted by a conversion ratio, which is the so-called conversion factor, similar to the concepts of premium and discount when commodity futures are delivered.
Myth # 5: I think treasury bond futures are more suitable for retail investors because of the low margin.
On the surface, compared with stock index futures, the threshold of treasury bond futures trading is not high, but investors need to meet the requirements of appropriate system. Generally speaking, if investors want to participate in treasury bond futures trading, they must not only have a threshold of 500,000 yuan to open an account, but also pass relevant qualification tests, that is, they need to have certain professional knowledge. In addition, because the price fluctuation of treasury bond futures is much smaller than that of stock index futures, the main function of treasury bond futures is to provide a risk management tool, so treasury bond futures are not particularly suitable for retail investors who usually make trend investments.
Myth 6: I think there is no need to stare at treasury bonds futures every day after opening.
In the stock market, investors usually don't have to stare at the disk all the time after buying stocks, and they can even hold them for a long time. However, investors need to have enough time to watch bond futures trading.
Because the treasury bond futures adopt the margin trading system, the margin ratio is low, which not only magnifies the gains but also magnifies the losses. Once the market is unfavorable, investors face considerable risks.