Second, stock index futures adopt margin system. When trading stock index futures, it is not necessary to pay the full contract value, but only pay a certain proportion of funds as performance bond; At present, the China Stock Exchange needs to pay the full value of the shares. Because stock index futures are margin trading, the loss may even exceed the investment principal, which is different from stock trading.
Third, stock index futures contracts have an expiration date and cannot be held indefinitely. Under normal circumstances, the stock can be held all the time after buying, but the stock index futures contract has a clear expiration date. Therefore, trading stock index futures must pay attention to the contract expiration date to decide whether to close the position in advance or wait for the contract expiration for cash delivery.
Fourth, the number of shares in circulation of a single stock in the stock market is fixed, and the total number of shares does not change with the transaction except for additional issuance, share offering and allotment. The total number of positions in the futures market is variable, the capital inflow increases and the capital outflow decreases.
Fifth, in terms of settlement, stock index futures trading adopts the debt-free settlement system on the same day, and the exchange should settle the trading margin on the same day. If the account margin is insufficient, it must be replenished within the specified time, otherwise it may be forced to close the position; However, stock trading adopts full amount trading, which does not require investors to add funds, and does not settle the book profit and loss after buying the stock but before selling it.
6. Stock trading is T+ 1 trading; Stock index futures trading is T+0 trading. Open the position on the same day and close the position on the same day, which is not limited by time and has strong liquidity.