Stock index futures is a kind of futures with stock index as the trading object. The essence of stock index futures trading is the process of transferring the expected risk of the stock market price index to the futures market, and its risk is offset by the trading operations of investors who have different judgments on the stock market trend. Its main function is to find prices and hedge, so as to avoid systemic risks and investments in the stock market. This is a portfolio management strategy used by professional market participants. The face value of stock index futures contracts is usually calculated by multiplying the stock index value by a fixed amount. Assuming that the fixed amount is 100 yuan, the face value of each stock index futures contract is multiplied by the stock index at that time; Stock index futures have the characteristics of futures, which can be long or short. In other words, you can buy first and then sell, or you can sell first and then buy; Stock index futures are usually traded in the futures market, and the trading object is the stock index, not the stock; Stock index futures are cash delivery, not stocks; Stock index futures are more characterized by "small bets", so they are margin trading, unlike stock trading, which must be bought and sold with full funds; Investing in stock index futures, you can get involved in the stock market without holding stocks. Suppose: sell one share of the Shanghai Composite Index at 2000, close the position at 1600, and the trading margin is 10%. Transaction funds to be invested = 2000×100×10% = 20000 yuan. Profit after liquidation = (2000-65438 In addition to the general characteristics of financial futures, stock index futures also have their own characteristics. First, the trading object of stock index futures contracts is neither a specific physical object nor a specific financial instrument. It is an invisible index to measure the average price change level of various stocks. Second, the price of stock index futures contracts is formed by multiplying the number of stock index points by the artificially specified price of each point. Three, after the expiration of the stock index futures contract, the contract holder only needs to deliver or collect the cash corresponding to the difference between the stock index and the contract turnover index on the expiration date, and can close the transaction.
What is a short position?
The risks of stocks and futures are different, for example, there is a huge difference in the maximum amount of losses that investors may have. Experts said that it is very necessary for new investors in stock index futures to understand this.
Theoretically, the biggest loss of investing in stocks is 100%, that is, all the funds are lost, which basically does not happen in reality. However, there is a concept of short position in stock index futures, that is, it is not enough for investors to lose all their funds, and they still owe the futures company a deposit.
The so-called short position refers to the situation that the customer's rights and interests in the investor's margin account are negative under some special circumstances. When the market situation changes greatly, if most of the funds in the investor's margin account are occupied by trading margin, and the trading direction is opposite to the market trend, it is easy to explode the position because of the leverage effect of margin trading. If short positions lead to losses, and they are caused by investors, investors need to make up for the losses, otherwise they will face legal recourse.
Experts said that most of the explosions were related to improper fund management. In order to avoid this situation, it is necessary to control positions in particular, manage funds reasonably, and avoid possible Man Cang operations in stock trading; And unlike stock trading, investors must track the stock index futures market in time. Therefore, stock index futures are not suitable for all investors.