First, when individual investors predict the rise of the stock market, they can buy stocks to increase their positions, or they can buy stock index futures contracts. When the prediction is accurate, both methods are profitable. In contrast, the transaction cost of buying and selling stock index futures is relatively cheap.
Second, when individual investors predict that the stock market will fall, they can sell the existing stock spot or stock index futures contracts. Selling the spot is to turn the previous book profit into actual profit, which is a liquidation behavior. When the stock market really falls, it can no longer be profitable. Selling stock index futures contracts is a correct prediction of the future and a profit, and it is a kind of opening behavior. Because of the short selling mechanism, when the stock market falls, even if there is no stock in hand, you can make a profit by selling stock index futures contracts.
Third, for long-term investors who hold stocks, or investors who cannot sell stocks for some reason, when they are pessimistic about the short-term market prospects, they can continue to hold positions in the spot market by selling stock index futures, while locking in profits and transferring risks.
The condition of stock index futures account is that investors must meet three hard requirements if they want to participate in stock index futures:
1. The capital standard for investors to open an account is 500,000 yuan.
2. Investors who want to participate in stock index futures trading need to pass the stock index futures knowledge test. It is understood that the exam will be provided by CICC, and the futures company will be responsible for the specific operation, with a qualified score of 80 points.
3. Investors must have more than 20 simulated trading records of stock index futures, accumulated 10 trading days, or have more than 10 trading records of commodity futures in the last three years.
If investors meet the above conditions, they can join the stock index futures market.
The futures account process of stock index and the information required by customers are as follows:
1, original customer ID card;
2. Proof of financial assets: the minimum requirement is 500,000 yuan, and the content can be the total assets in the securities fund account or the bank deposit certificate. You also need a personal credit report issued by the People's Bank of China (local branch). If the financial assets exceed 6,543,800 yuan, there is no need for the People's Bank to issue a credit report;
3. The deposit in the futures account is 500,000 yuan, which must be transferable cash;
4. The experience of securities trading or futures trading proves that, in principle, five trading records are relatively safe;
5. Simulated trading experience of stock index futures (10 effective trading day, 20 transactions) or commodity futures trading certificate (10 transactions).
Postgraduate Entrance Examination Materials | Comprehensive Finance | 2016 Postgraduat