First, the stock index futures trading adopts the margin system, and the margin rate is generally 10% ~ 15%, with high leverage; And stocks are all cash transactions.
situation
An investor invests in the stock market and buys shares worth 6.5438+0 million yuan. When the stock rises 10%, he gains 100000 yuan, and the yield is only 10%. If investors enter the stock index futures market with the same funds at the same time, because futures are margin transactions, if the margin rate is 10% and the leverage ratio is 10, they can use 100000 yuan to buy stock index futures contracts with a value of100000 yuan. When the futures contract rises by 10%, the investor gains10 million yuan, and the yield is10%. On the other hand, when the stock falls 10%, the investor will lose 100000 yuan, and the loss range is only 10%, which will not make him into trouble. However, in the stock index futures market, when the futures contract falls by 10%, the value drops from 100000 yuan to 9 million yuan, then the investor loses 1000000 yuan, and the margin loss is exhausted, and the loss rate is 100%. Therefore, if the same money is used to make stocks and futures, the gains or risks are very different.
Second, in terms of trading methods, stock index futures can be bought first and then sold, or sold first and then bought; And stocks can only be bought first and then sold. That is, stock index futures can be sold short. When the overall trend of the stock market is expected to show a downward trend in the future, investors can take the initiative instead of passively waiting for the stock market to bottom out, so that investors can also make a difference in the falling market.
Thirdly, in terms of settlement, stock index futures trading adopts the method of debt-free settlement on the same day. If the investor's account is insufficient on that day, he must make up the funds before the opening of the next trading day, otherwise he may be forced to close his position. Because stocks are traded in full, no matter how big the losses are, investors do not need to add margin, and before selling stocks, the book gains and losses are not settled on a daily basis, but settled once after selling stocks. If you buy a stock, you can "hold" it indefinitely, or wait for the day when you "untie it". In the stock index futures market, if the market situation is opposite to the investor's position, which leads to the loss of the position, investors can't expect to wait indefinitely for "liquidation" like buying stocks, and sometimes they can't stop losses decisively.
Fourth, stock index futures are due for delivery, and investors cannot hold them indefinitely; There is no maturity requirement for stock delivery.
Fifth, the two trading systems are quite different. Stock index futures trading has the system of compulsory lightening and compulsory liquidation; And stocks don't.
Sixth, buying and selling stock index futures has many benefits that cannot be obtained by buying and selling individual stocks. Individual investors are often worried about the difficulty of stock selection, without insider information reference and full and comprehensive technical analysis and fundamental analysis. Compared with institutional investors, it is also at an absolute disadvantage in terms of funds. Therefore, it is a good choice to obtain the average income synchronized with the broader market, and its specific method is securities indexed investment. Buying and selling stock index futures is a kind of securities indexed investment, and the income is synchronous with the market trend.