The full name of stock index futures (SPIF) is stock index futures, which can also be called stock index futures and futures index. It refers to the standardized futures contract with the stock price index as the subject matter. The two parties agree to buy and sell the underlying index according to the size of the stock price index determined in advance at a future date, and settle the difference in cash after the expiration.

At present, there are three stock index periods listed in CICC, namely, Shanghai and Shenzhen 300 stock index futures, Shanghai and Shenzhen 50 stock index futures and CSI 500 stock index futures.

About the trading process: A complete trading process of stock index futures includes four links: account opening, trading, order placing, settlement, liquidation or delivery.

Open an account:

Investors need to sign risk statements and futures brokerage contracts with qualified futures companies and open futures accounts. At present, it takes more than 500 thousand to open an account.

After completing all formalities, the customer pays the deposit for opening an account as required. After the customer's funds arrive, futures trading can be carried out. But when the customer's margin is insufficient, it is necessary to add the margin in time, otherwise it will be forced to close the position. (Note: Higher leverage ratio is an important feature of stock index futures)

Transaction:

In principle, the trading of stock index futures is the same as that of securities, and centralized computer bidding is conducted according to the principle of price priority and time priority. Trading orders, like securities, have three kinds of orders: market order, limit orders order and cancellation order. Unlike securities, stock index futures are futures contracts, and the direction of buying and selling is very important, which is also a common mistake made by many stock investors when they do futures trading for the first time. Futures have two positions: long position and short position, which can be opened and closed in trading. Closing positions can also be divided into closing positions and over positions.

In the transaction, we should also pay attention to the terms of the contract. Generally speaking, there are four kinds of stock index futures contracts within half a year, namely, the spot month contract, the next month contract and the last two quarters contract. With the monthly delivery, the contract will be rolled forward once. For example, in September, there are four contracts: September,1October,1February and March of the following year, and the1October contract needs to be delivered at the end of1October.

Place an order:

Ordering refers to the behavior that investors send trading orders to futures companies before each transaction, explaining the type, direction, quantity and price of the contracts to be bought and sold.

Settlement:

Settlement refers to the business activities of calculating and distributing the trading margin, profit and loss, handling fees and other related funds of members and investors according to the trading results and relevant provisions of CICC.

Close or deliver:

Closing a position refers to the behavior of investors to end a transaction by buying or selling contracts of the same variety and quantity but in the opposite direction. Delivery refers to the behavior of investors in the form of cash settlement when the contract expires. The delivery of stock index futures is also different from stocks. Generally, stock investors are used to spot trading, and it is easy to ignore that stock index futures contracts need to be settled in cash at the contract delivery price of the day, so they need to hold non-spot monthly contracts to hold positions.