1, under the cash delivery method, each open contract will be closed automatically when it is settled on the due date. That is to say, on the expiration date of the contract, the short party does not need to deliver the funds of the stock portfolio or the total contract value, but only needs to calculate the profit and loss amount of both parties according to the delivery settlement price, and settle the transaction by directly transferring the profit and loss between the margin accounts of both parties.
2. Cash delivery and debt-free day settlement are essentially the same, with two differences: First, the settlement price is calculated in different ways; Second, after cash delivery, the positions of both long and short positions will be closed automatically, and the positions of both sides will be retained after debt-free settlement on the same day. Because the settlement price of delivery is calculated according to the spot price at that time in some agreed way, the delivery of stock index futures makes the stock index futures price and spot price closer and closer when the contract expires.
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1. Stock index futures is the abbreviation of stock price index futures, which refers to standardized futures contracts with stock index as the subject matter. The two sides agreed to buy and sell the underlying index according to the pre-determined stock index size on a certain day, and settle the difference in cash after the expiration. Futures account conditions of stock index: capital of 500,000 yuan; Pass the stock index futures knowledge test; Accumulated 10 trading days, there are more than 20 simulated trading records of stock index futures, or there are more than 10 trading records of commodity futures in three years.
2. Futures are divided into commodity futures and financial futures. The subject matter of commodity futures is physical objects, such as crude oil, gold, silver, copper, aluminum, sugar, wheat and rice. The subject matter of financial futures is immaterial, such as stock price index, interest rate and exchange rate. And stock index futures are futures contracts with the stock price index as the subject matter. The popular understanding is the price quiz game with the stock price index as the object. You can buy up (term: long) or buy down (term: short). A bull is called a bull and a bear is called a bear. Both the bull and the bear pay a margin of 10%-40% to buy and sell stock index futures contracts (the specific margin amount is stipulated by China Financial Futures Exchange), and then calculate the profit and loss according to the price of 300 yuan at each index point. Every time the index rises by one point, the bulls gain 300 yuan.
3. Avoid investment risks When investors are not optimistic about the stock market, they can short the futures through the hedging function of stock index futures and lock in the book profit of the stock, so that they don't have to throw out the stocks they hold, causing a panic decline in the stock market and reducing the volatility of the stock market. Stock index futures can reduce the daily average amplitude and monthly average amplitude of the stock market and restrain the irrational fluctuation of the stock market. For example, in the five years before the introduction of stock index futures, the average daily amplitude of the Shanghai and Shenzhen 300 Index was 2.5 1% and the average monthly amplitude was 14.9%, and in the five years after the introduction, the average daily amplitude was 1.95% and the average monthly amplitude was 10.7%, both of which showed obvious declines.