2. Short position exchange: the original short position buys and closes the position, and the new long position sells and opens the position, and the position remains unchanged.
3. Double exchange: Purchase orders and sales orders are transferred at the same time.
Stock index futures refer to standardized futures contracts with stock price index as the subject matter. Both parties agree that on a specific date in the future, they can buy and sell the underlying index according to the size of the stock price index determined in advance, and then settle the difference in cash after the expiration. As a type of futures trading, stock index futures trading has basically the same characteristics and processes as ordinary commodity futures trading.
Extended data
Characteristics and influence of stock index futures
1. Futures contracts have an expiration date and cannot be held indefinitely.
Stocks can be held all the time after buying, and the number of stocks will not decrease under normal circumstances. However, stock index futures have a fixed maturity date and must be closed or delivered at maturity. Therefore, trading stock index futures cannot be the same as buying and selling stocks. We must pay attention to the expiration date of the contract to decide whether to close the position or wait for the expiration of the contract for cash settlement and delivery.
2. Futures contracts are margin transactions and must be settled every day.
Stock index futures contracts use margin trading. Generally, a contract can be bought and sold only by paying about 10- 15% of the contract face value. On the one hand, it improves the profit space, but on the other hand, it also brings risks, which requires daily settlement of profits and losses.
3. Futures contracts can be sold short.
Stock index futures contracts can be easily sold short and then repurchased after the price falls. It is ok to short stocks, but it is relatively difficult. Of course, once the price rises instead of falling after short selling, investors will face losses.
Baidu encyclopedia-stock index futures