China stands for stock index futures and price index futures. Stock index refers to the subject matter of standardized futures contracts. The two sides agreed on a specific future date and traded related indexes according to the predetermined stock price index. Click to view the details. The trading unit of stock index futures is equal to the value of the underlying index multiplied by the exchange value of each point. When the stock index futures market reports directly, the minimum price change is often represented by a specific index point. Because the stock index itself has no physical existence, the stock index ends the transaction with cash settlement. On the basis of cash settlement, if it has not been liquidated and written off until the maturity date, the buyer and the seller will compare the difference between the settlement price of the previous trading day and the final settlement price for calculating the profit and loss amount, and automatically invalidate the settlement transaction record of the margin account through the debit card or credit card contract. Click to view detailed stock index futures to meet people's demand for controlling stock market risks, especially systemic risks. The reason why the stock price index can avoid the risk of stock trading is mainly because the ever-changing stock price index represents the direction and price change level of the whole stock market, and most stock prices change in the same direction as the Shanghai Stock Exchange Index. Therefore, in the reverse operation of spot market and stock price index futures market and the adjustment of β coefficient, we can offset the risks faced by the stock market.
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Two. Stock index futures
China 65438+ Kansas Stock Exchange originated from the official launch of the world's first stock index futures in February, 1982. Since then, global stock index futures have emerged continuously, covering almost all benchmark indexes. Click to view the details. The famous stock price index futures contracts are: Standard & Poor's 500 Stock Index, new york Stock Exchange Composite Stock Index, KCBT Value Line Composite Average Index and CBOT Major Market Index.
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Three. On the Hong Kong Stock Exchange, Hang Seng listed Xinhua FTSE China 25 index futures: overseas Chinese stock index futures.
There are four Chinese stock index futures in China, namely, China Enterprise Index Futures and China Stock Index Futures listed on CBOE, Xinhua FTSE A50 Index Futures listed on Singapore Stock Exchange, and the upcoming China CSI 300 Index Futures. 1.h-share index futures (Hang Seng China Enterprises Index Futures) Click to view the details. H-share index futures was launched on February 8, 2003 through the Hong Kong Stock Exchange, with a total of 32 constituent stocks. Each point is worth HK$ 50 yuan. According to the index of 7400 points, the contract is worth HK$ 370,000. 2. Xinhua FTSE China 25 Index Futures. Click to view the FTSE China 25 Index futures and options launched by the Hong Kong Stock Exchange on May 23rd, 2005. Each point is worth HK$ 50 yuan. According to the index, the contract value of 12000 is HK$ 600,000. 3. American stock index futures CBOE China Click to view details. On1October 8th, 2004, 10, the electronic trading market of Chicago Board Options Exchange launched the first American stock market with stock index futures products in China. According to China index CBOE, the index of China's stock index futures is divided equally, with 20 constituent stocks. Each point is a market value index, worth $65,438+000, calculated according to the contract of 360 points and $36,000. 4. Singapore Xinhua FTSE China A50 index futures, click to view the detailed market value of the top 50 companies in China A-share market. Many international investors regard this index as an accurate measure of the China market. Value per point 10 yuan. Calculated by 565,438+000 points, the contract value is about 50,000 USD.
China IV. Stock index futures and other financial futures.
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1. Common functions and basic features Commodity futures contracts Click to view detailed specifications: The characteristic of standardized futures contracts is price determination, and all terms of futures contracts are predetermined. Futures trading through standardized futures contracts. Click to view the details of centralized trading: the futures market is a highly organized market, and futures are completed in a centralized management system. Click to view the detailed hedging mechanism: futures end the hedging business with the other party's performance responsibility. Click to view the detailed non-daily debt settlement system: in daily transactions, the transaction price is adjusted according to the settlement date of each member's margin account to reflect the investor's profit or loss. If the price is not conducive to changing the direction of the position held by the investor, the investor must make a deposit the next day after settlement. If the deposit is insufficient, the investor can forcibly close the position. Click to view the detailed leverage effect: using margin financing and stock index futures. Since the amount of margin to be paid is based on the market value determined by the open index futures, the exchange will decide whether to add margin or withdraw the excess according to the change of market price. 2. Stock index futures held by stock index futures, click to see that the detailed subject matter is a specific stock index and the unique characteristics of the quotation number of this index point. Click to view the detailed contract value of the representatives of frequency doubling products in a currency and stock index market. Click to view the detailed cash settlement of stock index futures, but through the settlement of cash settlement status differences, but do not close the stock.
China V. Functions
Stock index futures
China 1. Hedging: refers to investors buying or selling stock index futures contracts to compensate for the actual losses caused by price changes in the spot market. Hedging is mainly divided into the following five types of stocks: click to view the detailed long hedging: if people are willing to buy stocks in the specified time in the future, they can use the stock index futures contract to hedge the long rise of the stock index futures contract (the unfavorable market trend is in his direction), and the stock price and income will make up for the losses in the spot market after the stock index futures contract. Click to view detailed short hedging: If investors predict that the interest rate will rise in the future, which will lead to the stock price falling, they can hedge the loss of spot short stock positions by selling stock index futures contracts to their long-term stocks and futures market profits. Click to view detailed circulating inter-period hedging: it refers to selling stock index futures contracts in two different months at the same time and buying them in different months. The price difference advantage between them is opposite to the profit of futures trading. In intertemporal transactions, investors pay attention to the differences this month. Click to view the detailed cross-hedging problem: when a company issues shares, it is generally entrusted by an investment bank. For example, trust and investment banks issue shares, which are temporarily organized by investment banking consortia and then sold to the investing public. The consortium issuing company will generally guarantee the net price of the issue or do its best to promote the sales of inventory points, so there are certain risks in this issue. In order to reduce risks, we can use stock index futures to hedge inflation. Click to view detailed cross-market hedging: As a city-wide investor, stock index futures trade in two different futures markets and two similar stock index futures in reverse, and the difference between them is regarded as qualified. 2. Speculation, click to view detailed short selling to buy stock index futures contracts: the purpose of speculators buying stock index futures contracts is to take advantage of the profits generated by price fluctuations. When an investor predicts that the stock index will rise, he buys a monthly contract for stock index futures delivery. Once the forecast is accurate and the stock market rises to a certain height, he will sell the stock index futures contract he bought before, that is, when the price is low, the price and the selling price are high, and the investor can change the price through the difference between the profits obtained. Click to view the details of short selling stock index futures contracts: speculators sell stock index futures contracts for profit due to price changes. Speculators predict that the price of stock index futures will fall. He sold the monthly contract for stock index futures delivery in advance. Once the forecast is accurate, the stock market will fall. Then he once sold the futures contract, then bought it, and earned a profit contract after two months.