Why is the transaction fee of stock index futures so high?
The calculation formula of stock index futures transaction fee is as follows: first-hand stock index futures fee = transaction price * contract multiplier * valuation futures fee rate. The handling fee of stock index futures exchange is 0.25 ‰, and the operating cost of futures companies needs to be increased by 0. 1 to 0.5 ‰. Therefore, the minimum handling fee for stock index futures can reach 0.26 ‰, while that for Class A futures companies is generally 0.28 ‰.
The calculation method of stock index futures commission is as follows:
According to the calculation formula of the first-hand stock index futures commission = transaction price * contract multiplier * valuation futures commission rate, firstly, the contract multipliers of different stock index futures trading varieties are different, specifically: SSE 50(IH) contract multiplier is 300 yuan/point; Shanghai and Shenzhen 300(IF) contract multiplier is 300 yuan/point; The multiplier of CSI 500(IC) contract is 200 yuan/point; The multiplier of CSI 1000(IM) contract is 200 yuan/point.
Taking CSI 1000 stock index futures as an example, according to the regulations of the exchange, the contract fee standard of CSI 1000 stock index futures is tentatively set at 0.23 ‰ of the transaction amount; The transaction fee standard of Pingjincang is 3.45 ‰ of the transaction amount. The declaration fee is 1 yuan, and the declaration refers to buying, selling and revoking the entrustment. If the transaction price of CSI 1000 stock index futures is 70 18.8 yuan, then:
1 fee for first-hand CSI 1000 stock index futures = 7018.8× 0.000023× 200 = 32.29 yuan;
The handling fee for closing the first-hand CSI 1000 stock index futures within 2 days = 7018.8× 0.000345× 200 = 484.30 yuan.
It should be noted that the commission rate of the first-hand CSI 1000 stock index futures is different from that of the first-hand CSI 1000 valuation futures.
It should be noted that futures commission = exchange commission+futures company commission, and futures company commission can be flexibly adjusted later. Therefore, investors trading stock index futures in different futures companies will generate different commissions.