Article 54 of the Trading Rules of China Financial Futures Exchange stipulates that members and customers who meet the requirements of China Securities Regulatory Commission and the Exchange may apply for customer numbers for different purposes such as hedging, arbitrage and speculation. A customer can have multiple trading codes such as hedging and arbitrage, while a general commodity exchange has only one code.
Second, natural persons can apply for hedging quotas.
In the commodity market, natural persons are not allowed to apply for hedging quotas, and the rules issued by CICC in 2007 did not mention whether natural persons can apply for hedging quotas. However, the newly implemented hedging management method clarifies the relevant provisions on the application and approval of natural person hedging quota, which is an innovation in the system, increases the tools for natural person to manage risks, and also reflects the increasingly fair supervision of China's securities market.
In addition, the Measures for Hedging Management also stipulates that the hedging amount is valid for 6 months from the date of approval and can be reused within the validity period. The approved hedging amount can be used for multi-month contracts. This revision changed the original sub-contract approval to approval by variety, which simplified the application and approval procedures for hedging, and also prevented investors from re-applying for hedging quota from the exchange because of the delisting of contracts, which helped to give full play to the hedging function of the futures market and improve hedging efficiency.
Third, pay equal attention to multiple risk management systems.
The new regulations draw lessons from the risk management experience of major countries and regions in the world, and combine the current situation of China's financial market to realize a multi-risk management system. Specifically, it includes margin system, price limit system, position limit system, large position reporting system, compulsory liquidation system, compulsory lightening system, settlement guarantee system and risk warning system.
Among them, the minimum trading margin of stock index futures is raised from 10% to 12%. In addition to being lower than the KOSPI 200 index of South Korea and the NIFTY index of India, it is also significantly higher than the initial margin ratio of emerging markets such as the United States, Japan and the United Kingdom. It is generally believed that reducing the position limit standard from 600 lots to 100 lots can better control the initial risk of stock index futures trading. The lower the margin ratio, the higher the leverage amplification function of futures, from 10 times to about 8 times now, which greatly reduces the risk degree of stock index futures. Significantly reducing the position limit is to limit large households to manipulate the market by taking advantage of capital, and to urge large households to surface and accept effective supervision by relevant institutions.
Through the formulation and revision of these hot rules, it is not difficult to find three concepts instilled by CSRC and CICC in the process of launching stock index futures: perfecting risk management and control, strengthening regulatory measures and strengthening market functions. Among them, risk management and control is undoubtedly the top priority. The initial rule setting of stock index futures is undoubtedly aimed at "stability", so it is inevitable to sacrifice market liquidity to some extent.
Opening principle of futures index
The trading principle of stock index futures originates from the stock market, and the investment method is also aimed at earning the spread income. Considering that stock index futures are financial futures, the futures properties in contract design are obvious. If investors only use the methods and skills of operating stocks in the past to trade futures index, there will be some operational misunderstandings. Therefore, according to the trading characteristics of traditional commodity futures and the multiple attributes of stock index futures, the author summarizes some strategies for opening positions in stock index futures.
The first principle of opening a position is to follow the trend. Regardless of the short-term trading in the day or the medium-term investment plan, the direction of opening positions should be operated according to the trend. Before opening a position, you should first judge the trend. The usual method is to browse the important financial news of the day before the opening, and judge whether its influence on the market trend of the day is good or bad by judging the important information. It can also be combined with technical analysis to judge the general trend of the current date, and then determine the opening direction of the day. If the rising trend of futures index is obvious, the direction of opening positions should be mainly long, and you can open positions to see more when the intraday callback is made. In the current situation of stagflation of the index, it is not appropriate to rush to the top. On the other hand, if the futures point downward with a high probability, every high rebound in the session is a good opportunity to open a position, but it is not advisable to blindly chase the rebound after stopping the decline, because the risk of grabbing the rebound in the downward trend is greater, and if the judgment is wrong, it will bring greater losses to investors. If it is difficult to judge the market trend of the day, it is not appropriate to enter the market easily with the idea of shocking the market and waiting and seeing.
The second principle of building positions is pyramid trading. Considering that the unique leverage effect of stock index futures will amplify risks and benefits at the same time, it is particularly important to open positions reasonably according to the capital situation in trading, which is as important as judging the market trend. Experience shows that when the position is overweight or Man Cang operates, the futures contract price fluctuates randomly, and the fluctuation of dozens of points will lead to insufficient margin, resulting in unexpected stop loss or short position, which will have an extremely bad impact on investors' trading mentality. Pyramid trading is to add positions when the market is profitable according to the scale of funds, but the proportion of adding positions needs to be gradually reduced to achieve the purpose of strictly controlling positions.
The last principle of opening a position is risk management. The most effective strategy to control risks in futures trading is to set a stop-loss point, and when the exit point is triggered, the liquidation exit is strictly implemented. The purpose of this operation is to lock in profits and limit losses within a reasonable range. When setting the exit point, the profit and loss ratio can be adjusted according to the investor's risk preference and risk tolerance; You can also use the signals given by technical indicators such as morphological destruction and crossing of moving averages as liquidation points through market analysis. Because futures trading is a high-risk and high-return financial investment activity, when other trading strategies conflict with risk management strategies, risk management strategies should be the main one.