The full name is the concept of stock index futures and price index futures. Stock index refers to the subject matter of standardized futures contracts. Both parties agree to trade the subject matter index according to the predetermined stock index on a specific date in the future.
-The trading unit of search index futures is equal to the underlying index multiplied by the foreign exchange management value of each point. When reporting directly, the stock index futures market usually represents the value of the underlying index by the minimum price change of an index point. Because the stock index itself does not exist in any physical form, the stock price index ends the transaction with cash settlement. In cash settlement, the open contract held to the maturity date will automatically cancel the maturity date. On the basis of the final settlement price of the settlement price of the previous trading day, the buyer and the seller calculate the difference between the profit and loss amount through the debit card or credit card margin account and settle the transaction record.
-Searching for stock index futures is to meet people's control risks in the stock market, especially the systemic risks that need to be generated. The reason why the stock price index can avoid the risk of spot trading is mainly because it changes the direction represented by the stock price index and the price change level of the whole stock market. The price changes of most stocks are in the same direction as the stock price index. Therefore, in the spot market, the stock index futures market operates in reverse, and the risk in the stock market can be offset by adjusting the β coefficient.
Two. Stock index futures
1982 In February 2009, the origin Kansas Agricultural Products Exchange officially launched the world's first stock index futures, and the global stock index futures continued to emerge, covering almost all benchmark indexes.
The famous stock price index futures contracts include: Standard & Poor's 500 stock indexes, new york Stock Exchange composite stock index, KCBT value line composite average stock price index, and Chicago Board of Trade major market indexes.
Three. Xinhua FTSE China 25 index futures listed on Hang Seng China Stock Exchange: overseas China stock index futures.
In the existing international market, four Chinese stock index futures, state-owned enterprise index futures and Xinhua FTSE A50 index futures are traded in CBOE, and the China CSI 300 index futures will be launched soon. 1, H-share index futures (Hang Seng China Enterprises Index Futures)-Middle East H-share index futures was launched on the Hong Kong Stock Exchange on February 8, 2003, with a total of 32 constituent stocks. Each point is worth HK$ 50, and the contract value is HK$ 370,000, calculated according to the index of 7,400 points. 2. Xinhua FTSE China 25 Index Futures.
On May 23rd, 2005, HKEx launched the FTSE China 25 Index futures and options. Each point is worth HK$ 50. According to the index, 12000 points, and the contract value is HK$ 600,000. 3. American stock index futures Chicago Board Options Exchange China.
On June 65438+1October 65438+August 2004, the company launched China's first stock index futures product in the American stock market. The China index of China's stock index futures on the Chicago Board Options Exchange is based on the value of 20 points 100 yuan, and the benchmark index of constituent stock index calculated according to this index is equal to the market value of 360 points and 36,000 US dollars. 4. Singapore Xinhua FTSE China A50 Index Futures.
In order to curb the top 50 companies with the largest market value in China A-share market, many international investors regard this index as an accurate measure of China market. According to the index point of 565,438+000, contracts with a value of $65,438+00 per point and a total value of more than $50,000.
Four. Basic characteristics of stock index futures
-Looking for contracts with the same characteristics as financial futures such as stock index futures and commodity futures.
Standardization: Standardized futures contracts are characterized by price determination, and all terms of futures contracts are predetermined and standardized. Futures trading through standardized futures contracts.
Centralized trading: The futures market is a highly organized market with strict management system and futures trading as the center.
Hedging mechanism: end the hedging business through the reverse performance responsibility of futures.
Daily debt settlement system: at the end of the trading day, the transaction price is adjusted according to each member of the settlement margin account to reflect the investor's profit or loss. If the price is not conducive to the position changed by the investor, the investor will have to add margin after the daily settlement. If the margin is insufficient, the investor's position may be closed.
Leverage effect: using stock index futures for margin trading. As for the amount of margin to be paid, it is determined according to the index futures traded, and whether to add margin or withdraw excess part is determined according to the market value of price changes in the foreign exchange market. 2. Unique characteristics of stock index futures.
The spot index of the underlying index futures is specific, and the quotation unit is the index point. value
A contract is expressed by multiplying a certain currency by a stock index quotation multiplier.
Stock index futures are settled in cash, but the price difference is settled in cash to complete the transaction, and no stock is delivered.
Five. function
Stock index futures
1 hedging: refers to investors buying or selling stock index futures contracts to compensate the actual losses caused by stock price changes in the spot market. Stock hedging is divided into the following five categories:
Multi-position hedging: If stock buyers buy stocks, they can use the stock index futures contract to hedge at a specified time in the future, so as to establish a long-term stock index futures contract, and use the rising stock price and income after the stock index futures contract (the market trend is unfavorable) to make up for the losses in the high-priced spot market.
Short hedging: If the stock holder predicts that the interest rate will rise in the future, which will lead to the stock price falling, you can transfer the long-term stocks held by him through such stock index futures contracts and hedge them in the futures market to make up for the loss of stock positions with short profit shelf life.
Circulation intertemporal hedging: refers to selling and buying stock index futures contracts in two different months at the same time, so as to make use of the differences between different months to make opposite profits in futures trading. For intertemporal transactions, investors should pay attention to the difference of one month.
Cross-hedging: When a company issues shares, it is generally entrusted by the issuing investment bank. For example, trust and investment banks issue shares, which are temporary organizations of joint-stock investment banks and then sold to investors. Generally, the consortium guarantee company issues shares at the net issue price, or tries its best to sell shares, so this problem also has certain risks. In order to reduce risk, stock index futures can be used to preserve value.
Cross-market hedging: Cross-market stock index futures trading means that investors have two similar stock index futures in two different futures markets at the same time, and they use different interests. 2. Profit from speculation
Short selling stock index futures contracts: speculators buy stock index futures contracts to take advantage of the profits generated by price fluctuations. When an investor predicts that the stock index will rise, he buys a monthly contract for stock index futures delivery. Once the forecast is accurate and the stock market rises to a certain height, he will change the price caused by the price difference between the stock index futures contracts he bought and sold before, that is, when to buy at a low price and when to sell at a high price, and the profit that investors can get.
Short selling-selling stock index futures contracts: the purpose of speculators selling stock index futures contracts is to obtain price changes and profits. Speculators predicted that the price of stock index futures would fall, so they sold the monthly contract of stock index futures delivery in advance. Once the forecast is accurate, the market falls, and then he sells futures contracts and buys them again, earning a contract difference of 2.