(1) and stock index futures (SPIF) are full-name stock index futures, also known as stock index futures and futures index, which refer to the stock price index as the subject matter.

In the standardized futures contract, 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 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. Stock index futures are a kind of futures, which can be roughly divided into two categories, commodity futures and financial futures.

(2) Stock index futures refer to financial futures contracts with the stock price index as the subject matter. In specific transactions, the value of stock index futures contracts is calculated by multiplying the index points by the unit amount specified in advance. For example, the Standard & Poor's Index stipulates that each point represents $500, and the Hang Seng Index in Hong Kong is HK$ 50. Generally, March, June, September and 65438+February are the cycle months of stock index contract trading, and some of them are traded every month of the year. The settlement is usually based on the closing index of the last trading day.

2, the difference between the two

Stock index futures trading has the characteristics of T+0 and margin leverage trading, so it is more risky than ordinary stock trading. It is suggested that novices can have an ideal return on investment by trading under the guidance of professional analysts.

This is particularly important for stock investors, specifically:

(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 daily.

Stock index futures contracts use margin trading,

Generally, you can buy and sell a contract only by paying about 10- 15% of the face value of the contract. On the one hand, it improves the profit margin, but on the other hand, it also brings risks, so you must settle the profit and loss every day. After buying the stock

Before the sale, the book profit and loss will not be settled. However, stock index futures are different. After the transaction, the contract held in hand should be settled at the settlement price every day, and the book profit can be withdrawn, but the book loss must be made up before the opening of the next day.

(that is, additional margin). And because it is a margin transaction, the loss may even exceed your investment principal, which is different from stock trading.

(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.

(4) The liquidity of the market is relatively high.

Research shows that the liquidity of stock index futures market is obviously higher than that of stock spot market. For example, 20 14

In, the trading volume of Shanghai and Shenzhen 300 stock index futures on China Financial Futures Exchange reached 163 trillion yuan, up by 16% year-on-year, while the trading volume of Shanghai and Shenzhen 300 stocks in 20 14 years was 27.5 trillion yuan (about the Shanghai and Shenzhen stock markets).

37% of the total stock trading), which shows that the liquidity of stock index futures is obviously higher than that of spot. [2]

(5) Stock index futures shall be delivered in cash.

Although the futures market is a derivative market based on the stock market, it is delivered in cash, that is, only the profit and loss are calculated at the time of delivery, and the physical object is not transferred. During the delivery of futures contracts, investors do not have to buy or sell the corresponding stocks to fulfill their contractual obligations, thus avoiding the phenomenon of "crowding" in the stock market during the delivery period.

(6) Stock index futures focus on macroeconomics.

Generally speaking, the stock index futures market focuses on buying and selling according to macroeconomic data, while the spot market focuses on buying and selling according to the situation of individual companies.

(7) T+0 trading of stock index futures and T+ 1 trading of stocks.

T+0 means buying on the same day and selling on the same day, without time and frequency restrictions, and T+ 1 means buying on the same day and selling on the next day. At present, all futures trading is T+0, and stock trading in most countries is also T+0. Due to historical reasons, China's stock market implements the T+ 1 trading system.