1. The amount of funds in the futures account shall not be less than 500,000 yuan (as evidenced by the statement of the last trading day stamped with the special seal for settlement of the futures company, and verified and assisted by the general account opening company).
2. I have participated in the study of the basic knowledge of stock index futures, and I need to pass the relevant written test of CICC (the account opening specialist will provide a written test questionnaire before opening an account, and both parties will sign it after reaching the requirement of 80 points or above).
3.3 years' experience in participating in commodity futures 10 trading or operating records of more than 20 transactions in stock index futures simulation trading 10 trading days (when opening an account, we will make on-site inquiry or provide proof materials of the statement stamped with the special seal of the futures company for verification and assistance).
4. No bad credit record, and passed the investor's suitability review and evaluation.
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.
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.
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, a contract can be bought and sold only by paying about 10- 15% of the contract face value. On the one hand, it improves the profit space, but on the other hand, it also brings risks, which requires daily settlement of profits and losses. After buying a stock, the book profit and loss are not settled before selling.
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 (that is, additional margin) must be made up before the opening of the next day. 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, in 20 14, the trading volume of Shanghai and Shenzhen 300 stock index futures on China Financial Futures Exchange reached 163 trillion yuan, up 16% year-on-year, while the trading volume of Shanghai and Shenzhen 300 stocks in 20 14 was 27. 5 trillion yuan (about 37% of the total stock transactions in Shanghai and Shenzhen stock markets), which shows that the liquidity of stock index futures is obviously higher than that of spot.
(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.