China reporter, a brokerage firm, learned from people familiar with the matter that the leaders of the regulatory authorities revealed at the training course for the chairman and general manager of the first futures company on 20 18 this morning that the stock index futures trading is about to return to normal, and all futures companies can make relevant preparations. However, the person familiar with the matter said that the regulatory authorities did not mention a clear timetable.
Limited influence of stock index futures
Stock index futures trading is restricted, dating back to the abnormal fluctuation period of the stock market in the middle of 20 15. China Financial Futures Exchange announced a series of tightening measures.
2015 On the evening of September 2nd, CICC announced that it would increase the margin of open futures contracts to 40% and the liquidation fee to 23/10000, a full increase of 20 times from September 7th, 2065 438+05. At the same time, the single product trading volume of non-hedging customers in a single day exceeds 10 lots, which is regarded as abnormal trading behavior.
Under such restrictions, the liquidity of the stock index futures market suddenly declined, and therefore there have been many "Oolong Finger" incidents caused by insufficient liquidity.
For example, on the morning of May 3 1 and May 20 16 10: 42, IF 1606, the main contract of Shanghai and Shenzhen 300 stock index futures, suddenly plunged to 2732.4, hitting the limit under the weight of nearly 700 empty orders, and then quickly covering positions. On the evening of the same day, CICC released the investigation results, saying that it was the hedging customer who sold the commission at the market price of 398 lots, which triggered a technical sell-off in the market.
On the afternoon of March17,2065438 and IH 1703, the main contract of SSE 50 stock index futures, which has been in a calm trend, suddenly plunged in intraday trading, and the price dropped from around 2348 to 2 128.6, approaching the daily limit. Then it quickly returned to the normal price and closed smoothly, closing at 2349.0, closing down 0.05%.
On July 20 19 17, a similar situation happened again. An asset management customer bought the 18 contract of the Shanghai and Shenzhen 300 stock index futures IF 1708, and immediately hit the contract price to the daily limit.
20 17 has been loosened twice.
Under the repeated appeals of market participants, stock index futures finally ushered in two loosening on 20 17.
The first loosening was on February, 2065438 17. CICC announced that under the unified deployment of the China Securities Regulatory Commission, on the basis of comprehensively evaluating market risks and actively improving regulatory arrangements, CICC decided to adjust relevant trading arrangements in a safe and orderly manner in accordance with the principle of "giving full play to functions, dynamically adjusting, strengthening supervision and preventing risks":
First, since February 17, 2065438, the supervision standard for intraday over-trading of stock index futures has been adjusted from the original 10 to 20 lots, and the number of positions opened in hedging transactions is not subject to this limit;
Second, since the settlement on February 17, 2065438, the margin for non-hedging trading of Shanghai and Shenzhen 300 and SSE 50 stock index futures has been adjusted to 20%, and the margin for non-hedging trading of CSI 500 stock index futures has been adjusted to 30% (the margin for hedging trading of three products remains unchanged at 20%);
Iii. From February 20 17, the handling fee for futures trading of Shanghai and Shenzhen 300, SSE 50 and CSI 500 stock indexes will be adjusted to 9.2 ‰ of the transaction amount.
The second loosening occurred on September 20 15 17. In two notices issued in succession, CICC announced that starting from Monday, September 18, 1965, the handling fee standard for closing stock index futures contracts of Shanghai and Shenzhen 300, SSE 50 and CSI 500 will be adjusted to 6.9 ‰ of the transaction amount. Previously, the handling fee standard was 9.2 ‰ of the transaction amount, which means that the handling fee for this transaction was lowered by 25%.
In addition, the trading margin standard for the Shanghai and Shenzhen 300 and SSE 50 stock index futures contracts has been adjusted from 20% of the current contract value to 15%, which has also been implemented since September 8, 2065438. The margin reduction is also 25%.
The regulatory authorities have reported many times this year.
It is worth noting that since 20 18, the regulatory authorities have also publicly mentioned stock index futures trading.
On June 14, Fang Xinghai, Vice Chairman of the China Securities Regulatory Commission, mentioned during the "20 18 Lujiazui Forum" that conditions would be created to allow foreign investors to participate in stock index futures.
On the morning of May 30th, Hu Zheng, Chairman of CICC, also introduced the current situation and development plan of the stock index futures market at the 15th Shanghai Derivatives Market Forum.
Hu Zheng pointed out at that time that CICC continued to improve the market trading rules, optimize the participant structure and promote the market function of stock index futures. In recent years, the proportion of trading positions in the stock index futures market has remained stable, and the investor structure has become increasingly reasonable. Financial licensees represented by self-operated securities, private equity funds, QFII and RQFII have become the most important participants in the market, accounting for nearly 70% of the market.
He said that at present, the transaction cost of domestic stock index futures is still high, the market liquidity needs to be further improved, and the market function is limited to some extent, so it is difficult to fully meet the needs of investors' risk management. Judging from the experience of the development of the world capital market, stock index futures are the most basic, mature and active financial derivatives and an indispensable risk management tool for any powerful capital market.
Industry experts: It is expected that the trading restrictions of stock index futures will be further "relaxed"
In the first half of this year, under the influence of the continuous deleveraging in China and the complicated situation in the international market, negative market sentiment rose, A shares continued to fluctuate and bottomed out, and the performance of related asset management products was generally unsatisfactory. The reason is that Liu, executive director of Shanghai North Bund Absolute Income Investment Society and visiting professor of Shanghai University of Finance and Economics, who participated in the design of Shanghai and Shenzhen 300 stock index futures, believes that this is related to the temporary trading restrictions of stock index futures.
Although CICC has relaxed the temporary trading restrictions of stock index futures twice since last year, the trading volume and positions in the stock index futures market have been enlarged and the discount of futures index has been improved, the stock index futures market still cannot meet the normal risk management of asset management institutions and the needs of residents for maintaining and increasing wealth. It is precisely because it is difficult for stock index futures to effectively play its "flood discharge channel" function, investors can not effectively hedge risks, and constantly "cut meat and decompress", which makes A shares bottom out again and again, and stock index futures further expand the premium.
In Liu's view, futures and options are the best risk management tools. Just like insurance in daily life, they can effectively hedge market risks when the market has enough activity and investors. "The further expansion of the discount on stock index futures means that the market liquidity is insufficient, just as the premium in the insurance market is higher, which means an increase in risk. If we want to reduce the' premium', we need sufficient liquidity in the market, which requires more traders who can provide liquidity to participate. " Liu said:
In view of this, he called for further "loosening" the temporary trading restrictions of stock index futures, improving the liquidity of the market, and making the stock index futures market operate effectively, thus making the capital market run more smoothly.
Liu has always believed that the temporary trading restrictions on stock index futures will be further "loosened" or even completely "lifted". Especially today when China's capital market is gradually opening to the outside world, he thinks that the temporary trading restrictions of stock index futures can be completely "revoked".
"The inclusion of A-shares in the MSCI index is not only a milestone in the opening up of China's capital market, but also will gradually increase the allocation ratio of foreign investors to the A-share market. In view of the fact that foreign investors are accustomed to managing investment risks through derivatives such as stock index futures, the temporary trading restrictions of stock index futures in the future will be further relaxed. " Liu believes that not only that, but also new trading varieties and tools will be added to enhance the international competitiveness and attractiveness of China's capital market.
It is understood that CICC is currently promoting the research and development and listing of stock index option products. In this regard, Liu said that the asset management industry has been waiting for stock index options for a long time.
"If stock index futures is a' gold-extracting solution' and can separate alpha and beta in stocks, then stock index options are more like' mask aligner', which can further divide and refine risks and derive more strategies. On this basis, relevant institutions can innovate products with different risks and benefits to meet the more diversified needs of investors. " Liu said: (Source: Futures Daily)