IC CSI 500 stock index futures, the first index point in 200 yuan. At present, the deposits of IF and IH are 1 1%, and IC is 13%. Suppose the current IF index point is 4900 points, and the fund for making primary IF is: 4900 (index point) *300 yuan. ...
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:
Futures is a trading contract that is bought and sold before the agreed price. Futures trading is divided into speculation and delivery. Speculation earns the difference by buying low and selling high or buying high and selling low. Delivery is a transaction that is executed in the future by locking the transaction price in advance. Taking gold futures as an example, the price of gold is 12 1 1 USD/oz. Party A and Party B signed a gold futures contract with the delivery date of 20 16070 1. Party A is the buyer and Party B is the seller. If the 20 16070 1 contract expires, the gold price will reach 1300 USD/oz, and Party B still needs to pay 1238.
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 non-physical, such as stock price index, interest rate and exchange rate.
Stock index futures are futures contracts with the stock price index as the subject matter. Popular understanding is a price quiz game with the stock price index as the object, which can buy up (term: long) or buy down (term: short). Niu Jiao cattle, bears are called bears, and bulls and bears each pay a deposit of 65,438+00%-40% to buy and sell stock index futures contracts (the specific deposit amount is determined by Zhongcai).
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 and the bears lose 300 yuan. Every time the index drops by one point, the bears gain 300 yuan and the bulls lose 300 yuan. This 300 yuan/point is called the price multiplier, and the price multipliers in different countries are different.
There are stock index futures in more than 40 countries around the world, including US Standard & Poor's 500 stock index futures of US$ 250, Nasdaq 100 index futures of US$ 0/00, Frankfurt index futures of Germany of 5 euros, London Financial Times 100 index futures of 25 pounds, and Hong Kong Hang Seng index futures of HK$ 50. There are three stock index futures contracts in China, namely the Shanghai and Shenzhen 300 stock index futures of IF. CSI 500 stock index futures IC and SSE 50 stock index futures IH each have four contracts, one for the current month, one for the next month and two quarterly and monthly contracts. For example, the listed Shanghai and Shenzhen 300 stock index futures contracts are IF 1604, IF 1605, IF 1606 and IF 16 respectively.
IF is IndexFutures, IF 1604 is the contract of the current month, referring to the contract delivered on the third Friday of April 20 16, IF 1605 is the contract of next month, referring to the contract delivered on the third Friday of May 20 1606, and IF 1606. Refers to the contract delivered on the third Friday of June 20 16, and IF 1609 refers to the contract delivered on the third Friday of September 20 16.
Futures trading is divided into short selling and long selling. Short selling is to sell before buying, and long selling is to buy before selling. For example, the Shanghai and Shenzhen 300 futures index 20 17 1030 9:36 is 4030 points, and the price is expected to fall.
So I sold a stock index futures contract, and the margin ratio was 15%, so the margin occupied was 4030 * 300 *15% =181350 yuan, and there was still some balance * * in my account, totaling 200001. Then the profit is (4030 -3960) *300 yuan/point =2 1000 yuan, and the yield is 21000/200000 =10.5%. The price is expected to rise later.
So I bought a stock index futures contract, and the price reached 3990 at 13:23. I choose to sell my position, so the profit is (3990 -3960 points) *300 yuan/point =9000 yuan, and the yield is 4.5%. Two operations, full-day yield 15%, but the one that goes in the opposite direction.