It has the following characteristics: the subject matter of stock index futures is the corresponding stock index. The quotation unit of stock index futures is the index point, and the value of the contract is expressed by the product of a contract multiplier and the stock index quotation. The delivery of stock index futures adopts cash delivery, that is, the position is settled in cash instead of stock delivery.
Futures trading rules
(1) classified application transaction code According to Article 54 of the Trading Rules of China Financial Futures Exchange, members and customers who meet the requirements of the China Securities Regulatory Commission and the Exchange can apply for customer numbers for different purposes such as hedging, arbitrage and speculative trading. A customer can have multiple trading codes such as hedging and arbitrage, while a general commodity exchange has only one code.
(2) Natural persons can apply for hedging quota. In the commodity market, natural persons may not apply for hedging quotas. The regulations issued by CICC in 2007 did not mention whether natural persons can apply for hedging quotas. However, the newly implemented "Hedging Management Measures" clarifies the relevant provisions on the application and approval of natural person hedging quota, which is an institutional innovation, increases the choice of tools for natural person risk management, and also reflects the increasingly fair supervision of China's securities market.
In addition, the Measures for Hedging Management also stipulates that the hedging amount is valid for 6 months from the date of approval and can be reused within the validity period. The approved hedging amount can be used for multi-month contracts. This revision changed the original sub-contract approval to approval by variety, which simplified the application and approval procedures for hedging, and also prevented investors from re-applying for hedging quota from the exchange because of the delisting of contracts, which helped to give full play to the hedging function of the futures market and improve hedging efficiency.
(3) Re-emphasize the new rules of multi-risk management system, draw lessons from the risk management experience of major countries and regions in the world, and combine with the current financial market situation in China to realize the multi-pronged approach of multi-risk management system. Specifically, it includes margin system, price limit system, position limit system, large position reporting system, compulsory liquidation system, compulsory lightening system, settlement guarantee system and risk warning system.