Based on the Shanghai and Shenzhen 300 Index, China's stock index futures began to operate in Shanghai Stock Exchange in 2002 and officially listed on April 8, 2005. The contract multiplier refers to the monetary amount represented by an index point. For example, the multiplier of the Shanghai and Shenzhen 300 index futures is 300, which means that if the futures price changes by one point, the rights and interests of holding a contract will change 300 yuan. The contract multiplier determines the size of the contract, determines the level of market liquidity, and then determines the structure of investors participating in contract transactions. The contract value represents the value represented by the contract. The price of stock index futures, like the underlying index, is expressed by index points, so the value of a stock index futures contract is expressed as the stock index futures price multiplied by the contract multiplier. Quotation unit refers to the minimum difference between the buying price and selling price of stock index futures, and it is also the minimum fluctuation point of futures contracts. The market price should be equal to the integer multiple of the minimum quotation unit. The minimum quotation unit has a great influence on the liquidity of the contract. Generally speaking, the minimum quotation unit is too small, which will complicate the transaction, increase the transaction cost and reduce the profit opportunities of market makers and day traders; If the setting is too large, it will increase the transaction difficulty of buyers and sellers, affect the activity of the market, and is not conducive to the normal operation of arbitrage and hedging.
Due delivery is an important guarantee to ensure the convergence of futures prices and spot prices. The months of most international stock index futures contracts are defined as the last two consecutive months and the next two quarterly months. Futures are margin trading-traders can hold futures contracts only by paying a certain percentage of the contract value.
In addition to the above, investors also need to pay attention to the fact that the stock index futures market has a final delivery date. Stock index futures are delivered in cash. For commodity futures contracts, investors need to deliver goods or pay for goods. At present, the global stock index futures are all settled in cash, that is, after the contract expires, the profit and loss can be calculated according to the final settlement price and the funds can be transferred.