It is understood that stock index futures have several distinct characteristics compared with stocks, which is particularly important for stock investors:
1. Futures contracts have an expiration date and cannot be held indefinitely;
2. Futures contracts are margin transactions and must be settled every day;
3. Futures contracts can be sold short;
4. The liquidity of the market is high;
5. Implement cash delivery.
Specifically, for speculators, unlike buying and selling stocks, investing in stock index futures is an opportunity as long as there is price fluctuation. For hedgers, the greatest value of stock index futures lies in the hedging function of bear market. If you can't make your ideas accept shorting, you will definitely miss many trading opportunities.
If investors want to buy stocks, they must use 100% of the funds, while stock index futures trading adopts the margin system, so they can buy and sell contracts with less funds that are several times larger than the margin. At present, the primary contract drawn up by the gold stock index futures contract is calculated by multiplying the points of the recent Shanghai and Shenzhen 300 Index by the 300 yuan of each point, and the value is nearly 600,000 yuan. According to the margin ratio of 10%, the funds needed for first-hand trading must be 60,000 yuan.
& gt& gt Stock Index Futures Trading Process
Step 1: Open an account.
Futures trading must be conducted in the exchange, and only exchange members can conduct on-site trading. Ordinary investors must open an account in a futures brokerage company with membership, sign a futures brokerage contract with the company, pay the deposit for opening an account, and entrust the transaction.
Step 2: Book the fund.
After opening an account and before trading, investors should pay the deposit for opening an account. The futures brokerage company will deposit the margin into the customer account stipulated in the futures brokerage contract for the customer to conduct futures trading. The margin charged by the futures brokerage company to the customer belongs to the customer; A futures brokerage company shall deposit the margin in the futures exchange for its clients and conduct transaction settlement, and it is strictly prohibited to use it for other purposes. At present, futures companies implement closed management of customer deposits.
Step 3: Place an order.
After paying the deposit for opening an account, you can issue trading instructions to the futures brokerage company for trading. Note that you must conduct a mock transaction before the formal transaction.
Step 4: Bidding transaction
When buying and selling futures contracts, both parties need to pay a small sum of money to the clearing house as a performance bond, which is called a deposit. Buying a contract for the first time is called building a long position, and selling a contract for the first time is called building a short position.
Step 5: Settlement
After the end of each trading day, the futures brokerage company shall settle accounts for investors, including the investors' profits and losses of the day, trading fees and trading deposits. If the investor's margin after settlement is less than the specified amount, the futures brokerage company will ask the investor to add margin. If the investor cannot add enough margin, the futures brokerage company can force the liquidation.
Step 6: Close the position.
Investors buy or sell contracts with the same variety and quantity but opposite trading directions to settle futures trading behavior.
Step 7: Delivery
More cash delivery is used. When the contract expires, investors can also choose not to deliver, hedge, sell the contract they bought first in advance, or buy the contract they sold first, or end futures trading and relieve the obligation of due delivery.