Current location - Trademark Inquiry Complete Network - Futures platform - Is the trading volume of stock index futures measured unilaterally or bilaterally? What is a hand-changing transaction?
Is the trading volume of stock index futures measured unilaterally or bilaterally? What is a hand-changing transaction?
In the real-time market information released by the exchange, there are "volume" and "total position" columns. The meaning of "total position" has been explained above, and "volume" refers to the cumulative total number of transactions from the beginning of the day to the time. However, statistically, there are unilateral and bilateral differences. As we know, every transaction must be bought and sold, and the two are absolutely equal in quantity. For example, some people proposed to buy 10 CSI 300 index futures at 1300, while others proposed to sell 10 CSI 300 index futures at 1300. Results 10 clinched a deal. So, what's the total transaction amount? If calculated unilaterally, the turnover is 10 lots, and if calculated bilaterally, the turnover is 20 lots. Obviously, bilateral calculation is to add up the number of people on both sides of the transaction. Similarly, the bilateral statistics of "total position" are calculated by adding the open positions of long and short positions. Please note that in China's futures market, both "volume" and "total position" are bilateral statistics, while in foreign countries, they are basically unilateral statistics.

There are two kinds of hand-changing transactions: "long hand-changing" and "short hand-changing". When a trader who originally held a long position sells his position, but a new long position is opened and bought, it is called "long change of hands". And "short change hands" means that the trader who originally held a short position is buying and closing the position, but the new short position is selling. The following is an example to illustrate the relationship between the opening and closing of long and short positions and the volume and corresponding positions (assuming that the total volume has reached 5000 lots at the beginning of statistics and the total position is 80000 lots).