When to go public has always been the focus of public debate. More interestingly, with the decline of the Shanghai Composite Index in the first half of this year, people's attitudes towards stock index futures have also changed greatly.
From the scourge of the past to the tools to save the market, all show intolerance. We try to review and expound these two main arguments, hoping to clarify some basic concepts and problems.
Listing or not listing theory
As if someone hasn't seen it yet.
Kung Fu Panda began to call for boycotting Hollywood, but there are still many people who hold a negative attitude because of the high risk of stock index futures. Of course, some serious people have analyzed the current situation of China stock market, saying that stock index futures may be acclimatized and become a tool for institutions to manipulate the market and exploit retail investors.
Is stock index futures risky? Compared with the current domestic commodity futures, the subject matter value of stock index futures contracts is about 700,000 yuan according to the current Shanghai and Shenzhen 300 Index, and the minimum trading margin is 10.
10000 yuan, while the most expensive Shanghai copper futures in China have a minimum margin of about 40000 yuan, and the cheapest commodity futures are corn, with a minimum margin of 1500.
If the trading volume of copper and corn is also increased to the contract value corresponding to the first-hand stock index futures, their margins are not much different. The only difference is that what is the price limit of stock index futures? 0%, what is the normal state of the goods? %-5%, in extreme market conditions, for investors who hold opposite positions and have smaller funds, the daily limit of stock index futures is higher.
It can be seen that the risk comes from your trading style and financial strength. If you trade first-hand stock index futures, the margin 1 ten thousand yuan, use 1,
There is not much difference in the margin of 10 thousand yuan for the first-hand corn transaction for a long time. Since the birth of the trading market, manipulation of stock index futures will also face this regulatory problem, but we have not seen most, especially developed countries, give up the market because of manipulation of the market. All walks of life agree with the function of the market and strive to prevent it from system construction.
Moreover, for stock index futures, the openness and two-way trading of its chips are a double-edged sword for individual investors, even if someone wants to manipulate the market.
Whether the funds have been misappropriated.
After the listing of stock index futures, it will divert funds from the A-share market, because some institutions, such as public foundations, will take out some money to preserve the value in the futures market.
Some individual investors will speculate. This view seems reasonable, and there are indeed market choices for institutions and individuals, but they look at this problem statically, that is, the funds in the market are relatively fixed.
It is very flexible regardless of the constant changes in the market. For funds and other institutions, they need a hedge market to keep their performance stable.
It is not a bull market that buys blindly, but a bear market that is in a daze and does nothing. In the long run, some institutions with good management and stable income can survive and get greater development. According to foreign statistics, stock index futures not only failed to divert funds from the main board market,
In a short period of time, the incremental funds in the two related markets continued to flood in, far exceeding our expectations.
Stock index futures is only a market tool, and its role is not worth exaggerating or belittling.
We should treat it with a normal heart and make corresponding preparations according to our actual situation. We can't wait until everything on earth is settled before going to the moon, to borrow a sentence Kennedy said when he testified in Congress about the moon landing plan.
Because then we will never go again!
Key words: Masukura (including stock pool), the minimum margin customization institution in the stock index futures market.
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