The so-called futures generally refers to futures contracts, which are standardized contracts made by futures exchanges and agreed to deliver a certain number of subject matter at a specific time and place in the future. This subject matter, also known as the underlying asset, can be a commodity, such as copper or crude oil, a financial instrument, such as foreign exchange and bonds, or a financial indicator, such as three-month interbank offered rate or stock index. If the buyer of a futures contract holds the contract until the expiration date, he is obliged to purchase the subject matter corresponding to the futures contract; If the seller of a futures contract holds the contract until it expires, he is obliged to sell the subject matter corresponding to the futures contract (some futures contracts do not make physical delivery when they expire, but settle the difference, for example, the expiration of stock index futures refers to the final settlement of the futures contract in the opponent according to a certain average value of the spot index). Of course, traders of futures contracts can also choose to reverse the transaction before the contract expires to offset this obligation. The broad concept of futures also includes option contracts traded on exchanges. Most futures exchanges list both futures and options.

The future in English is the future, which evolved from the word "future". It means that both parties to the transaction don't have to deliver the physical object at the initial stage of buying and selling, but agree to deliver the physical object at some time in the future, so China people call it "futures".

The original futures trading developed from spot forward trading. The initial spot forward transaction is a verbal commitment by both parties to deliver a certain amount of goods at a certain time. Later, with the expansion of the scope of transactions, oral promises were gradually replaced by sales contracts. This kind of contract behavior is becoming more and more complicated, which requires the guarantee of intermediary agencies to supervise the timely delivery and payment of goods. Therefore, the Royal Exchange, the world's first commodity forward contract exchange, opened in London on 157 1. In order to adapt to the continuous development of commodity economy, Chicago Grain Exchange introduced a standardized agreement called "futures contract" on 1865, which replaced the old forward contract. With this standardized contract, manual trading can be carried out, and the margin system is gradually improved, so a futures market specializing in buying and selling standardized contracts has been formed. Futures has become an investment and financial management tool for investors, and it is a futures trading contract for commodities with stock index as the target.

There is basically no essential difference between index futures and ordinary commodity futures except for due delivery. Take a stock market as an example. Suppose it is 1 000 points at present, that is to say, the current "price" of this market index is 1 000 points, and there is now a "futures contract of this market index that expires at the end of February". If most investors in the market are bullish, the price of this index futures may have reached 65438+ at present. If you think the price of this index will exceed 1 100 at the end of 65438+February, maybe you will buy this stock index futures, that is, you promise to buy this market index at the price of 1 100 at the end of 65438+February. The index futures continued to rise to 1 150. At this time, you have two choices, either continue to hold your futures contract or sell the futures at the current new "price", namely 1 150. By this time, you have closed your position and gained 50 points. Of course, before the expiration of this index futures, its "price" may also fall, and you can continue to hold or close your position and cut your meat.

However, when the index futures expire, no one can continue to hold them, because the futures at this time have become "spot" and you must buy or sell the index at the promised "price". According to the difference between the "price" of your futures contract and the current actual "price", refund more and make up less. For example, if the market index is actually 1 130 points when it expires at the end of February, you can get the price difference compensation of 30 points, which means you earn 30 points. On the contrary, if the index is 1050 points, you must take out 50 points to subsidize it, which means you lose 50 points.

Of course, the so-called "points" of earning or losing are meaningless, and these points must be converted into meaningful monetary units. The specific conversion amount must be agreed in the index futures contract in advance, which is called the contract scale. If the scale of market index futures is 100 yuan, taking 1000 points as an example, the value of a contract is 100000 yuan. Warrant refers to the securities issued by the issuer of the index or a third party other than it, and the agreed holder has the right to buy or sell the underlying securities from the issuer at the agreed price within a specific period or a specific maturity date, or to collect the securities with the settlement difference by cash settlement.

The essence of warrants reflects the contractual relationship between the issuer and the holder. After paying a certain amount of money to the warrant issuer, the holder obtains a right from the issuer. This right enables the holder to buy/sell a certain amount of assets from the warrant issuer at an agreed price on a specific date or within a specific period in the future. The warrants for buying stocks are called call warrants, and the warrants for selling stocks are called put warrants (or put warrants). Warrants are divided into European warrants, American warrants and Bermuda warrants. The so-called European warrants are warrants that can only be exercised on the due date. The so-called American warrants are warrants that can be exercised at any time before the expiration date. The so-called Bermuda warrant means that the holder can buy and sell the underlying securities on a set number of days or an agreed maturity date. The holder obtains a right, not a responsibility, and has the right to decide whether to perform the contract, while the issuer has only the obligation to be executed. Therefore, in order to obtain this right, investors must pay a certain price (royalties). The difference between warrants (in fact, all options) and forwards or futures is that the former holder is not a responsibility, but a right, while the latter holder is responsible for executing the sales contract signed by both parties, that is, it must be traded in the relevant asset market designated by the securities company at a specified future time and at a specified price. The so-called "margin trading" means that securities companies provide margin trading for investors. In short, financing means borrowing money to buy securities; Securities lending is selling securities and then returning them as securities, that is, short selling.

On the market: the short-term impact is not great, and the long-term trading activity is enhanced.

The initial funds entering the market are quite limited, which has little direct impact on the market. Because credit funds are traded more frequently in the market, trading will become more active.

For brokers: three aspects of influence

1) Increase the spread income.

2) Increase commission income.

3) It can attract more customers.

For the fund: the short-term impact can be ignored.

During the pilot period, the margin financing and securities lending business does not involve refinancing funds, and the fund cannot obtain additional income by lending securities to brokers. Therefore, in the short term, the impact of margin trading on the fund can be ignored.

For ordinary investors: provide leveraged investment tools.

Margin trading provides leveraged investment tools for ordinary investors and makes it possible for them to make profits by selling margin trading in the falling market.

Implicit risk

High-valued fund heavyweights will also have certain downside risks in the short term;

Stocks bought by investors in financing are prone to "forced liquidation" similar to futures trading in a falling market;

Insider trading and market abuse have become easier, exacerbating market turmoil;

Margin leveraged trading not only magnifies the gains, but also magnifies the losses.