China Financial Futures Exchange is scheduled to officially accept customers' applications for opening stock index futures trading codes at 9: 00 on February 22, 20 10. Recently, a series of rules and regulations on stock index futures have been implemented. This means that stock index futures trading will become a reality in China. Coincidentally, the Shanghai and Shenzhen Stock Exchanges officially issued the Notice on the List of the underlying securities and the scope of margin financing and securities lending at the initial stage of the pilot, which stipulated the scope, conversion rate and related matters of the underlying securities and margin financing and securities lending (collateral) at the initial stage of the pilot, which marked the further acceleration of the launch of margin financing and securities lending in China. Recently, some friends are asking and playing with financial leverage, and they all need to pay a certain percentage of the deposit! What is the difference between stock index futures and margin financing and securities lending? What is the relationship between them? First, stock index futures will definitely be launched before margin financing and securities lending. First of all, I think stock index futures must be launched before margin financing and securities lending. If stock index futures are not introduced first, the securities lending business will not be valued by brokers. To lend stocks to investors, brokers must first buy stocks in the market; Investors who sell securities by short selling must be bearish on stocks. At this time, brokers, as lenders, have to face the risk of falling stock prices, so this business is not very attractive to brokers. After the introduction of stock index futures, the securities lending business is expected to develop. Brokers can sell index futures in the futures market and buy index stocks in proportion in the stock market to avoid the risk of market price fluctuation. These index stocks can be used for securities lending business and lent to investors for sale. 2. What is the difference between stock index futures and margin financing and securities lending? 1. Different themes. The trading object of stock index futures is a futures contract with the stock price index (CSI 300) as the subject matter, which is betting on the direction and position of the future index; The object of margin financing and securities lending is a single stock or ETF and other products, which means you only need to pay attention to the rise and fall of a stock in Shenzhen Stock Exchange Index and Shanghai Stock Exchange 50 Index! 2. The difference in the nature of the transaction: both parties to the stock index futures transaction are margin transactions, which are also leveraged operations for the exchange, so the futures exchange also has to bear certain risks; Margin trading is a kind of lending behavior of investors. The subject matter is still a spot full-volume transaction, which has leverage for investors and no leverage for exchanges. Investors can use bond fund stocks as collateral. The exchange does not need to bear the performance risk. 3. Who will decide the margin ratio? The profit rate of stock futures is determined by CICC. The margin ratio of margin financing and securities lending is generally stipulated by the securities regulatory authorities, and the margin ratio is definitely higher than the stock index futures trading margin 12%. 4. Differences in financing costs. Stock index futures have an enlarged leverage on investors. However, it does not amplify the financial cost of investors. However, because margin financing and securities lending is a kind of lending behavior, there is bound to be a problem of high and low interest, and it is necessary to pay considerable interest, which undoubtedly increases the financial cost of investors. 3. What does the gradual introduction of stock index futures and margin financing and securities lending mean? It means that the big makers in the stock market can not only use stock index futures tools in the futures market, but also carry out margin financing and securities lending in the spot market. Margin trading will once again isolate ordinary investors, and the entry threshold for investors is also low. So much money can make use of their rich experience, their cash loans and future positions to operate with ease, thus increasing the space for stock index fluctuations. For example, large funds can be sold by short selling, while shorting the stock index. Both sides benefit. You can also buy by financing, do multiple stock index futures at the same time, and play various tricks. Small and medium-sized investors who can't reach the threshold can't escape from being stuck in a high position, seeing the great opportunities in life at a low position and having no money to buy them. Even if small and medium-sized investors want to play with a little money, they are out because they are not proficient in the rules of the game. I have read many reports about the mature markets at home and abroad after the introduction of stock index futures and margin financing and securities lending. I think the long-term internal cause that really determines the trend of the stock market is the intrinsic value of its stock, and the valuation level of the market when the stock index futures are launched is the benchmark to determine the stock index futures. At present, the valuation around 3000 points is still too high!