Customer groups: mainly include large investors with large positions in the spot market, as well as public funds, social security funds, insurance funds, large and small funds, etc. Although the relevant measures for these institutions to participate in stock index futures are still being formulated, these market entities are the biggest victims of systemic risks. If they are excluded from stock index futures, it will not be possible to reflect the avoidance of systemic risks by stock index futures from a macro level. The function is contrary to the purpose of launching stock index futures. Therefore, we believe that regulators will appropriately allow these institutions to participate in stock index futures to a certain extent, but mainly for hedging.
●QFII, private placement: Foreign funds participate in the Chinese market through qfii. Due to the systemic risks faced, there is a strong demand for hedging.
●Large investors, public funds, social security funds, and insurance funds: These entities have large amounts of funds and strong hedging intentions. In the 2008 bear market, public funds, for example, knew that there were systemic risks and their only option was to reduce their positions. However, national law stipulates that funds must maintain certain positions. As a result, public funds suffered losses across the board in 2008. I believe this is still fresh in their minds.
Market size: For large households, we define them as having funds of more than 10 million yuan. Currently, there are more than 18,000 households with account funds of more than 10 million yuan in the market. In November 2009, the circulating market value of A-shares held by public funds, social security funds and insurance funds was 3.3986 billion yuan. If 10% of the stock market value were to participate in hedging calculations, the value of the stock index futures contracts they would hold would be approximately 339.9 billion yuan. .
●Big and small non-profits: Judging from historical transactions, every time large and small non-profits reduce their holdings at a peak, market pressure will increase sharply. Holders of restricted shares also have to face the downside risk of their stocks after the ban is lifted. Therefore, their hedging needs are also larger. The marketing department can refer to the non-unlocked data of the following months every month to find customers who have needs in this area.
In short, the launch of stock index futures will bring great development opportunities to futures companies. Due to the high entry barriers, institutional investors are the main participants in stock index futures. In the process of marketing, futures companies should strive to discover their own commodity futures customers, and the ib business of securities firms should also actively guide stock investors who meet the market entry threshold. For institutional investors who focus on arbitrage, futures companies should strengthen the construction of their own hardware facilities and strive to meet their requirements; for institutional investors who focus on hedging, futures companies should strengthen hedging research and development and maintain Get in touch with these funds and try to get this part of the big funds.