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.
The characteristics of futures are small and wide, short-selling, two-way money-making, and high risk. Therefore, China is very cautious about the opening of futures trading. Futures speculation is very similar to the stock market, but there are also obvious differences.
First, large-cap stocks are traded in full, that is, you can only buy as many shares as you have, while the futures system is a margin system, that is, you only need to pay 5% to 10% of the turnover to trade 100%. For example, if an investor has 1 10,000 yuan, he can buy 1000 shares if he buys1000 yuan, and he can clinch a commodity futures contract with110,000 yuan by investing in futures, that is, taking small bets and making big ones.
Second, the two-way trading of stocks is one-way. Only by buying stocks first can you sell them. Futures can be bought or sold first, which is a two-way transaction.
Third, time limit There is no time limit for stock trading. If the quilt cover can be closed for a long time, and the futures must be delivered at maturity, otherwise the exchange will force the liquidation or physical delivery.
4. Profit and loss The actual income of stock investment has two parts, one is the market price difference, the other is the dividend, and the profit and loss of futures investment is the actual profit and loss in market transactions.
5. The futures with huge risks are characterized by high returns and high risks due to the implementation of the margin system, the additional margin system and the restriction of compulsory liquidation at maturity. In a sense, futures can make you rich overnight, or you may be penniless in an instant, so investors should invest carefully.
Monetary Fund —— A New Product of Financial Investment
Recently, the Southern Cash Increase Fund began to be issued in Mianyang. What is a money fund? Many citizens are still at a loss. Money market investment funds are called "financial products that can replace savings". Up to now, 10 money market funds have been issued in the market, and their annual after-tax rate of return is stable between 2.34% and 3.5%, which is much higher than 1.98% of one-year time deposits of banks. At the same time, in terms of profitability, liquidity, risks and risks,
Money market fund is a kind of open-end fund, which only invests in money market instruments, including: cash, bank time deposits within one year (including one year), certificates of deposit, bonds with a remaining maturity of 397 days (including 397 days), bond repurchase with a maturity of one year (including one year), central bank bills with a maturity of one year (including one year), China Securities Regulatory Commission and China People's Bank.
Therefore, it is almost equivalent to national credit, basically making a steady profit without loss, and there is no interest tax. In addition, money market funds have five advantages: first, the starting point is low, and you can buy them at 1000 yuan. 2. There is no transaction cost. Subscription and redemption transaction fees are free. Third, high liquidity. You can purchase and redeem at any time, and you can get the money by redeeming the next day. Fourth, pay dividends every day and compound interest income. Investment income is distributed daily, and the monthly cash income of 15 is automatically converted into fund shares, which is actually compound interest income. Fifth, information transparency. Announce the income status daily, intuitive and timely. At the same time, its income increases with the increase of central bank interest.
Therefore, the money fund with the characteristics of "worry-free principal, convenient demand and regular income" is very suitable for units and individuals pursuing low risk, high liquidity and stable income. Investors can hold their valid certificates (ID card, military officer's card, passport) to buy and redeem at a bank or securities company with agency qualification.
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