"When the stock index futures will be listed has not yet been finalized, and the opportunity will still be selected in mid-April, but April 19 is very promising." Another authoritative source, who asked not to be named, said that judging from the actual effect of the approval of stock index futures, the overall market operation is calm, customers' mentality is stable, investors generally have a rational understanding of stock index futures, their risk awareness is obviously enhanced, and their participation attitude is more cautious. After the listing of stock index futures, it will not have obvious directional influence on the stock market. It is expected that the specific listing schedule of stock index futures will not cause the stock market to rise or fall.
Statistics show that after the news that the stock index futures were approved by the State Council was announced, the Shanghai Composite Index rose by 0.52% and 0.88% in the first trading day and the following week respectively, and the constituent stocks of the index did not change significantly.
According to relevant sources, CICC has asked the software manufacturers responsible for providing technical back-office support for the commission stock index to complete all technical preparations before April 8, so as to ensure that it can be traded online at that time. At the same time, CICC is cooperating with the futures exchange and the margin monitoring center as soon as possible to conduct joint tests on trading, settlement and margin data submission in various markets.
In addition, CICC will organize members to conduct some targeted business tests and start emergency drills, which may also be carried out alternately in two days. It is reported that each test simulates two trading days, scheduled for Saturday and Sunday. The data on the first test day (Saturday) will be settled on the same day, and the test will be continued on the second test day (Sunday).
It is reported that up to now, the vast majority of domestic futures companies have completed the update and improvement of the software and hardware of stock index futures. In recent stock index futures simulation trading, the peak value of trading is only 7% of the data redundancy of some futures companies during stock index futures trading, which fully shows that futures companies can fully withstand the rising pressure of stock index futures trading volume in the later period.
The reporter also learned that many large domestic futures companies introduced or cooperated with multinational financial investment banks such as Goldman Sachs and Citibank to develop high-frequency trading systems and vigorously developed related products. In this regard, the person in charge of CICC told the reporter that in the later stage, special trading forms such as high-frequency trading will be treated differently depending on the operation of stock index futures to ensure fair, open and transparent market transactions.
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