2. Stock index futures trading is based on the need to manage and avoid systemic risks. The purpose of participating in stock index futures trading is to undertake, transfer or manage certain risks with certain monetary investment. In this trading activity, the stock price index is only a reflection of the risk of the development and change of the stock market at a specific time in the future, or a carrier. The stock price index basically represents the trend and range of stock price changes in the whole market, and the stock price index at each time point reflects the risk of the stock market at that particular time point. This risk can be quantified as monetary value.
I. Rules
1, trading time is 15 minutes earlier than the opening of the stock market and 15 minutes later. Investors can use futures indexes to manage risks.
2. The price limit range is 10%, and the fuse is cancelled, which is consistent with the stock market.
3. The minimum transaction margin collection standard is 12%. Assuming that the Shanghai and Shenzhen 300 Index is 2,200 points and the margin ratio is 12%, the margin required for first-hand trading is 2,300 * 300 *12% = 82,800 yuan, and after the rate adjustment, it needs 69,000 yuan, with a decrease of 654,000 yuan per hand.
The delivery date is set on the third Friday of each month, which can avoid the fluctuation of the stock market at the end of the month.
5. In case of price limit, the transaction shall be conducted according to the principle of "liquidation priority and time priority".
6. After the daily trading, the trading volume and positions of the top 20 settlement members with active contracts will be disclosed.
7. The position limit of a single non-hedging trading account is 100 lots.
8. Under extreme market conditions, CICC can use the compulsory lightening system cautiously to control risks.
9. Natural persons can also participate in hedging.
10, and the rules reserve space for other innovative varieties such as options.
Second, deposits.
1, in order to strengthen risk control, the revised business rules raise the minimum trading margin collection standard of stock index futures from 10% to 12%. At the same time, in order to ensure the pertinence of the margin adjustment level of the unilateral stock exchange, the restrictive provisions of the margin adjustment of the unilateral stock exchange were revised.
2. The revised draft stipulates that "when a futures contract has a unilateral market on a certain trading day, the exchange may raise the trading margin standard at the time of settlement on that day". The previous risk control measures stipulated: "If the cumulative increase or decrease in the same direction as that in Dt-1trading day is less than 16%, the trading margin standard of this contract will be charged at 12% when the Dt trading day is settled, and if it is higher than 12%, it will be charged according to the original standard". At the same time, the revised draft also deleted the provisions of "Dt+ 1 trading day unilateral market margin has not returned to the normal standard" and "the trading margin standard is charged according to the normal standard when liquidation is carried out on the day of compulsory lightening".
3. Industry insiders also said that 12% is not the final margin collection standard for investors. According to the experience of commodity futures market, futures companies will levy 2 to 5 percentage points on this basis. According to the Shanghai and Shenzhen 300 Index, buying and selling a single contract needs at least10.5 million -0.2 million.