After observation, it is found that many investors still don't know much about the Shanghai and Shenzhen 300 stock index futures contracts. Today, I will give you a brief introduction to the contract contents of the Shanghai and Shenzhen 300 stock index futures, as follows, for your reference.

Contract month

There are four contract months in Shanghai and Shenzhen 300 stock index futures, namely, the current month, the next month and the following two quarterly months, and the quarterly months refer to March, June, September and 65438+February. In other words, four contracts are traded at the same time. The last trading day of the Shanghai and Shenzhen 300 stock index futures contract is the third Friday of the contract expiration month (postponed in case of legal holidays), and the delivery date is the same as the last trading day.

All stock index futures contracts have an expiration date, which is the last trading day. Open positions at the end of the maturity date need to be delivered in cash, and the contract month refers to the month when the stock index futures contract is due for delivery. Here, investors are reminded to pay attention to two points: First, investors should choose whether to close their positions in advance or hold due delivery according to the purpose of holding positions in the final transaction, and must not buy stocks as some investors do for long-term investment. Second, the last trading day is the third Friday of the month when the contract expires, not the end of the month.

trait

Compared with stocks, stock index futures have several distinct characteristics, which are especially important for stock investors (1). Futures contracts are margin transactions and must be settled every day. Stock index futures contracts use margin trading. Generally, a contract can be bought and sold only by paying about 10- 15% of the contract face value. On the one hand, it improves the profit space, but on the other hand, it also brings risks, which requires daily settlement of profits and losses. (2) Futures contracts have an expiration date and cannot be held indefinitely. Stocks can be held all the time after buying, and the number of stocks will not decrease under normal circumstances. However, stock index futures have a fixed expiration date and will be delisted when it expires. Stock index futures contracts can be easily sold short and then repurchased after the price falls. It is ok to short stocks, but it is relatively difficult. Of course, once the price rises instead of falling after short selling, investors will face losses.

transmit

Cutting mode

The Shanghai and Shenzhen 300 stock index futures contracts adopt the cash delivery method, that is, when the contracts expire, according to the rules and procedures of the exchange, both parties to the transaction settle the cash difference according to the delivery settlement price, and there is no need to deliver a basket of stocks and other spot to settle the expired open contracts. The trading hours of Shanghai and Shenzhen 300 stock index futures are 9: 15- 1: 30,13: 00-15:15. Opening is 15 minutes earlier than stock trading, and closing is 65438 minutes later than stock trading. Remind investors that on the last trading day, the closing time of Shanghai and Shenzhen 300 stock index futures trading is the same as that of stock trading, both of which are 15: 00.

cash deposit

In actual transactions, the margin ratio may be higher, and the futures company will rise by several percentage points on the basis of the margin ratio stipulated by the exchange. The margin system is one of the important measures for the exchange to control market risks, and the exchange will adjust the margin ratio in a timely manner according to market risk conditions and other factors.

The minimum trading margin for Shanghai and Shenzhen 300 stock index futures contracts is 8% of the contract value. It is not difficult to see from here that the trading margin depends on the margin ratio and contract value. Therefore, the trading margin is the funds occupied by the contract and cannot be used for other purposes. Available funds cannot be negative, otherwise the trading margin is insufficient. If it is not made up within the prescribed time limit, it will face the risk of compulsory liquidation, and the losses caused by it will be borne by investors. The part of the investor's futures margin account where the balance of funds exceeds the trading margin is available, and investors can freely control it. Therefore, investors must always pay attention to the balance of funds in their futures margin accounts.

What investors need to pay special attention to here is that 15% is the minimum trading margin requirement, not the margin ratio in actual transactions in the future.

Delivery settlement

In the international market, stock index futures are all delivered in cash, and there are four main ways to determine the settlement price of delivery, namely: the closing price of the spot market on the last trading day; The average price of the spot market for a period of time on the previous trading day; On the delivery day, the volume is weighted for a period of time after the spot opening, and the average price cuts the special opening price of the spot market on that day. In order to prevent the risk of market manipulation more effectively, in the settlement rules of China Financial Futures Exchange, the settlement price of Shanghai and Shenzhen 300 stock index futures is the arithmetic average price of the last two hours of the last trading day of the underlying index.