Available funds are the funds that investors can deposit in stock index futures accounts to withdraw cash and open new positions. According to the debt-free settlement system of the day and the control degree of the intra-day trial settlement wind, after the settlement, investors will change the available funds in their accounts due to the changes of floating profit and loss of positions, closing profit and loss, transaction costs and position margin. When the available funds are negative, investors should take corresponding measures in time to prevent the risk of forced liquidation.
There are two kinds of risks closely related to forced liquidation: puncture and abandonment. The so-called warehouse wear refers to the risk that the customer's rights and interests in the customer's account are negative, that is, the customer not only lost all the margin in the account before opening the position, but also owed money to the futures company, commonly known as short position. In the case that futures companies strictly implement the debt-free settlement system on the same day, cross-position events are not common, but they are also heard from time to time, because in the case of violent market fluctuations, customers' positions may be blocked on the stop-loss board quickly. If the next day, under the action of inertia, the market opens sharply, and the customer is in Man Cang the day before, there may be a warehouse-breaking event.
It is worth pointing out that after the stock index futures simulation trading begins, the media sometimes report that "customers can still trade xx million", and the penetration described here is not true, because these media mistakenly regard the situation that the available funds of customers are negative in the stock index futures simulation trading as penetration, and at this time, the customer's rights and interests are still positive, but the available funds are negative, and there is no penetration.
For example, if a customer deposits 300,000 yuan in a margin account, buys a 1 contract at 4000 points in the Shanghai and Shenzhen 300 index futures, and the futures company pays a margin of 12% (ignoring the transaction costs), then the opening margin and available funds are as follows:
Initial deposit = 4000× 300×/kloc-0 /× 0.12 =144000 yuan.
Available funds after opening = 300,000-144,000 =156,000 yuan.
Obviously, as long as the Shanghai and Shenzhen 300 index futures don't fall below 3000 points, customers won't wear positions, because when they fall from 4000 points to 3000 points, the falling point is 1000 points. According to the 300 yuan calculation of the Shanghai and Shenzhen 300 index futures contract, the customer's loss = 1, 000× 300 = 300,000 yuan, which is exactly equal to the customer's initial deposit. Of course, unless the market fluctuates violently, the risk control mechanism of futures companies generally will not let customers' positions go through liquidation. Under normal circumstances, when the customer's rights and interests can only reach the margin level charged by the exchange (that is, trigger a strong flat point), the futures company will issue a notice of insurance recovery to the customer and closely monitor the customer's account and market situation. When the customer's risk situation continues to deteriorate and there are no signs in the market that are conducive to the development of customer positions, the futures company will implement compulsory liquidation after fulfilling the necessary notification obligations.
Then, what is the point that the media said that "customers can still trade after wearing a position of xx million"? For the above customers, as long as the Shanghai and Shenzhen 300 index futures do not fall below 3409.438+0 points, the available funds in the customer's account are positive. Because at 3409. 1, the position margin was 122727.6 yuan (note that the position margin was reduced due to the decrease of points), but it fell from 4000 points to 3409. 1 point, and the customer lost/kloc-0 when it fell below 3409. 1.