Although CICC has relaxed the temporary trading restrictions of stock index futures twice since last year, the trading volume and positions in the stock index futures market have been enlarged and the discount of futures index has been improved, the stock index futures market still cannot meet the normal risk management of asset management institutions and the needs of residents for maintaining and increasing wealth. It is precisely because it is difficult for stock index futures to effectively play its "flood discharge channel" function, investors can not effectively hedge risks, and constantly "cut meat and decompress", which makes A shares bottom out again and again, and stock index futures further expand the premium.
In Liu's view, futures and options are the best risk management tools. Just like insurance in daily life, they can effectively hedge market risks when the market has enough activity and investors. "The further expansion of the discount on stock index futures means that the market liquidity is insufficient, just as the premium in the insurance market is higher, which means an increase in risk. If we want to reduce the' premium', we need sufficient liquidity in the market, which requires more traders who can provide liquidity to participate. " Liu said:
In view of this, he called for further "loosening" the temporary trading restrictions of stock index futures, improving the liquidity of the market, and making the stock index futures market operate effectively, thus making the capital market run more smoothly.
Liu has always believed that the temporary trading restrictions on stock index futures will be further "loosened" or even completely "lifted". Especially today when China's capital market is gradually opening to the outside world, he thinks that the temporary trading restrictions of stock index futures can be completely "revoked".
"The inclusion of A-shares in the MSCI index is not only a milestone in the opening up of China's capital market, but also will gradually increase the allocation ratio of foreign investors to the A-share market. In view of the fact that foreign investors are accustomed to managing investment risks through derivatives such as stock index futures, the temporary trading restrictions of stock index futures in the future will be further relaxed. " Liu believes that not only that, but also new trading varieties and tools will be added to enhance the international competitiveness and attractiveness of China's capital market.
It is understood that CICC is currently promoting the research and development and listing of stock index option products. In this regard, Liu said that the asset management industry has been waiting for stock index options for a long time.
"If stock index futures is a' gold-extracting solution' and can separate alpha and beta in stocks, then stock index options are more like' mask aligner', which can further divide and refine risks and derive more strategies. On this basis, relevant institutions can innovate products with different risks and benefits to meet the more diversified needs of investors. " Liu said: