the initial futures trading developed from the spot forward trading. The initial spot forward trading was a verbal commitment by both parties to deliver a certain amount of goods at a certain time. Later, with the expansion of the trading scope, the verbal commitment was gradually replaced by the sales contract. This kind of contract behavior is becoming more and more complicated, and it needs intermediary guarantee to supervise the delivery and payment of goods on time, so the royal exchange, the world's first commodity forward contract exchange, opened in London in 157, appeared. In order to adapt to the continuous development of commodity economy, in 1985, Chicago Grain Exchange introduced a standardized agreement called "futures contract" to replace the previous long-term contract. Using this standardized contract, the contract can be traded by hand, and the margin system has been gradually improved, so a futures market specializing in trading standardized contracts has been formed, and futures has become an investment and financial management tool for investors.
futures are characterized by small and broad, short selling and two-way money making, which is very risky, so China is very cautious in opening up futures trading. Futures speculation is very similar to the stock market, but there are obvious differences.
1. Betting on small stocks is a full transaction, that is, you can only buy as many stocks as you have, while futures is a margin system, that is, you can trade 1% only by paying 5% to 1% of the turnover. For example, if an investor has 1, yuan, he can buy 1, shares if he buys one share of 1 yuan, and he can clinch a commodity futures contract with 1, yuan if he invests in futures. This is a small fight.
2. Two-way trading stocks are one-way trading, and you can only buy stocks before you can sell them; Futures can be bought or sold first, which is a two-way transaction.
Third, time constraints There is no time limit for stock trading. If the quilt cover can be closed for a long time, and the futures must be delivered at maturity, otherwise the exchange will forcibly close the position or deliver it in kind.
iv. Profit and loss The actual return on stock investment has two parts, one is the market price difference, and the other is dividends, and the profit and loss of futures investment is the actual profit and loss in market transactions.
5. The futures with huge risks are characterized by high returns and high risks due to the restrictions of margin system, additional margin system and forced liquidation at maturity. In a sense, futures can make you rich overnight or poor in an instant, so investors should invest carefully.
money fund-a new financial investment product
Recently, the Southern Cash Increase Fund started to be issued in Mianyang. What is a money fund? Many citizens are still at a loss. Money market investment funds are known as "alternative savings" financial products. Up to now, 1 money market funds have been issued in the market, and their annual after-tax returns are stable between 2.34% and 3.5%, which is much higher than the 1.98% of one-year bank time deposits. At the same time, they have advantages over RMB financial management in terms of profitability, liquidity, risk and starting point, so they are subject to
money market fund is a kind of open-end fund, which only invests in money market instruments, including: cash, bank time deposits within one year (including one year), large deposit certificates, bonds with a remaining maturity of 397 days (including 397 days), bond repurchase with a maturity of one year (including one year), central bank bills with a maturity of less than one year (including one year),
Therefore, it is almost equivalent to the national credit, which is basically a steady profit without loss, and there is no interest tax. In addition, money market funds have five advantages: First, the starting point is low, so 1 yuan can purchase. 2. No transaction costs. Subscription and redemption transaction fees are free. Third, high liquidity. You can purchase and redeem at any time, and you can usually get the money on the second day of redemption. Fourth, pay dividends every day and compound interest income. Investment income is distributed daily, and cash income is automatically converted into fund shares on the 15th of each month, which is actually compound interest income. Fifth, information transparency. Daily announcement of income status, intuitive and timely. At the same time, its income increases with the increase of central bank interest.
Therefore, a money fund with the characteristics of "worry-free principal, convenient demand and regular income" is very suitable for units and individuals who pursue low risk, high liquidity and stable income. Investors can hold their valid certificates (ID card, military officer's card, passport) to purchase and redeem at banks or securities companies with consignment qualification.