The original futures trading developed from spot forward trading. The initial spot forward transaction is a verbal commitment by both parties to deliver a certain amount of goods at a certain time. Later, with the expansion of the scope of transactions, oral promises were gradually replaced by sales contracts. This kind of contract behavior is becoming more and more complicated, and it needs intermediary guarantee to supervise the timely delivery and payment of goods, so the Royal Exchange, the world's first commodity forward contract exchange opened by 1570 in London, appeared. In order to adapt to the continuous development of commodity economy, Chicago Grain Exchange introduced a standardized agreement called "futures contract" at 1985, which replaced the old forward contract. With this standardized contract, manual trading can be carried out, and the margin system is gradually improved, so a futures market specializing in standardized contract trading has been formed, and futures has become an investment and financial management tool for investors.
Characteristics of futures trading
1. Two-way futures trading: One of the biggest differences between futures trading and the stock market is that futures can be traded in two directions, and futures can be sold short or short. When the price rises, you can buy low and sell high, and when the price falls, you can sell high and make up low. Going long can make money, and shorting can also make money, so there is no bear market in futures.
In a bear market, the stock market will be depressed, while the futures market will remain unchanged and opportunities will still exist.
2. The cost of futures trading is low: countries that trade futures do not collect stamp duty and other taxes, and the only cost is the transaction fee. At present, the procedures of the three domestic exchanges are about two ten thousandths or three ten thousandths, plus the additional fees of brokers, and the unilateral handling fee is less than one thousandth of the transaction amount.
Low cost is the guarantee of success.
3, the leverage of futures trading:
Leverage principle is the charm of futures investment. You don't need to pay all the money to trade in the futures market. At present, domestic futures trading only needs to pay a deposit of 5% to obtain future trading rights.
Due to the use of margin, the original market has been enlarged ten times. We assume that the daily limit of copper price closes on a certain day (the daily limit in futures is only 3% of the last trading day), and the operation is correct. Our capital profit rate is as high as 60%(3%÷5%), which is six times the daily limit of the stock market.
You can only make money if you have a chance.
4. Double the trading opportunities of "T+0": Futures is a "T+0" transaction, which makes your capital use to the extreme. After grasping the trend, you can close your position at any time.
Convenient access can increase the safety of investment.
5. Futures is a zero-sum market but greater than a negative market: futures is a zero-sum market, and the futures market itself does not create profits. In a certain period of time, regardless of the transaction costs of capital entry and exit, the total amount of funds in the futures market remains unchanged, and the profits of market participants come from the losses of another trader.
The stock market has entered a bear market, the market price has shrunk dramatically, the dividends are meager, the state and enterprises absorb funds, and there is no short-selling mechanism. The total amount of funds in the stock market will show negative growth for a period of time, and the total profit is less than the loss.
Zero is always greater than a negative number.
The comprehensive policy of the country, the needs of economic development and the characteristics of futures all determine that futures have huge development space.
The full name of stock index futures is stock price index futures, which can also be called stock index futures and futures index. It refers to the standardized futures contract with the stock index as the subject matter. The two sides agreed that on a specific date in the future, they can buy and sell the underlying index according to the size of the stock index determined in advance. As a type of futures trading, stock index futures trading has basically the same characteristics and processes as ordinary commodity futures trading.
Basic characteristics of stock index futures
1. Stock index futures have the same characteristics as other financial futures and commodity futures.
Contract standardization. The standardization of futures contracts means that all the terms of futures contracts except the price are predetermined and have the characteristics of standardization. Futures trading is conducted by buying and selling standardized futures contracts.
Centralized trading. The futures market is a highly organized market, with strict management system, and futures trading is completed centrally in the futures exchange.
Hedging mechanism. Futures trading can end the performance responsibility through reverse hedging operation.
Daily debt-free settlement system. After the daily trading, the Exchange will adjust the margin accounts of each member according to the settlement price of the day to reflect the profit or loss of investors. If the price changes in a direction that is not conducive to investors' positions, investors must add margin after daily settlement. If the margin is insufficient, the investor's position may be forced to close.
Leverage effect. Stock index futures use margin trading. Since the amount of margin to be paid is determined according to the market value of the traded index futures, the exchange will decide whether to add margin or withdraw the excess according to the change of market price.
2. The uniqueness of stock index futures.
The subject matter of stock index futures is a specific stock index, and the quotation unit is the index point.
The value of a contract is expressed by the product of a currency multiplier and the quotation of a stock index.
The delivery of stock index futures adopts cash delivery, and the position is settled in cash instead of stock delivery.
The difference between stock index futures and commodity futures trading
The target index is different. The subject matter of stock index futures is a specific stock price index, not a real target asset; The object of commodity futures trading is goods with physical form.
Different delivery methods. Stock index futures are delivered in cash, and positions are settled in cash by clearing the difference on the delivery date; On the other hand, commodity futures are delivered in kind and settled by the transfer of physical ownership on the delivery date.
The standardization degree of contract expiration date is different. The maturity date of stock index futures contracts is standardized, generally in March, June, September, 65438+February, etc. The maturity date of commodity futures contracts varies according to the characteristics of commodities.
The cost of holding is different. The holding cost of stock index futures is mainly financing cost, and there is no physical storage cost. The stock you hold sometimes pays dividends. If the dividend exceeds the financing cost, there will be holding income. The holding cost of commodity futures includes storage cost, transportation cost and financing cost. The holding cost of stock index futures is lower than that of commodity futures.
Speculation is different. Stock index futures are more sensitive to external factors than commodity futures, and the price fluctuates more frequently and violently, so stock index futures are more speculative than commodity futures.
Future education:
I understand that futures, as an investment and financial management tool, is as risky as other investments, and it is very risky. It requires investors to have good knowledge theory, market analysis and forecasting ability, invest reasonably and avoid risks to the greatest extent, so risk education is very important.
Futures are crazy, too It may make you a millionaire overnight, but on the contrary, it may make you poor. Because it involves long-term realization, you need to have enough financial support.