Stock index futures account means that investors open stock index futures accounts and capital accounts, but they must meet the following conditions: the balance of available funds in the margin account for five consecutive trading days before applying for opening an account is not less than RMB 500,000. Have the basic knowledge of stock index futures, and pass the relevant tests, and the test scores should generally reach 80 points or above. Accumulated 10 trading days, more than 20 simulated trading records of stock index futures, or more than 10 trading records of commodity futures in the last three years. There are no serious bad credit records, and there are no laws, administrative regulations, rules and business rules of the exchange that prohibit or restrict stock index futures trading. It should be noted that investors should carry valid ID cards and bank cards. The bank card is preferably a first-class bank card, and the ID card is valid for more than half a year.
The types of financial futures include foreign exchange futures, interest rate futures (including medium-and long-term bonds and short-term interest rates), stock index futures (such as the Financial Times Index in Britain, the Nikkei Average Index in Japan and the Hang Seng Index in Hong Kong) and stock futures (such as individual stock futures and 25 global stock futures).
Financial futures include individual stock futures, stock index futures, loan currency futures and interest rate futures. Because futures are standardized transactions in the market, its mark-to-market system determines that the theoretical value of futures at any time point is zero, that is, the quotation of futures is equivalent to the agreed price of forward contracts, so the quotation of futures is theoretically equal to the forward price of the underlying assets. However, due to the provisions of the trading system, the theoretical quotation needs to be adjusted on the basis of the forward price. For example, interest rate futures are divided into short-term interest rate futures and medium-and long-term interest rate futures. Short-term interest rate futures are usually based on agreement deposits. In the United States, Eurodollar futures are more active. The underlying assets are three-month Eurodollar deposits, and the quotation is 100- the agreed interest rate.
Long-term interest rate futures are usually based on government bonds and quoted at a net price. In order to prevent the impact of futures delivery on the price of a single bond, medium-and long-term interest rate futures usually choose a virtual bond as the target for quotation, and the final delivery can choose one of the actual bonds that meet certain conditions for delivery, which is called deliverable bonds. For example, the 5-year treasury bond futures that started trading in China on 20 13 are fictitious treasury bonds with a maturity of 3% in coupon rate, while the bonds that can be used for maturity delivery are book-entry interest-bearing treasury bonds with a remaining maturity of 4 to 7 years. These trading systems lead to the need to adjust the quotation of interest rate futures on the basis of forward prices.