The so-called stock index futures is a standardized futures contract with a certain stock index as the underlying asset. The price quoted by buyers and sellers is the stock index price level after a certain period of time. After the contract expires, the stock index futures will be delivered in the form of cash settlement. The CSI 300 Index is compiled and maintained by CSI Index Co., Ltd., with a total of 300 constituent stocks. The index draws lessons from the mature compilation concept of the international market, and adopts advanced technologies such as adjusting the rights and interests, filing at different levels, and adjusting the sample buffer. CICC's first stock index futures contract is based on the Shanghai and Shenzhen 300 Index.

From the analysis of the published rules and contract contents, there are ten points worth noting: First, the trading time is 15 minutes earlier than the stock market opening, and 15 minutes later, so investors can use futures index to manage risks. 2. The price limit is 10%, and the fuse is cancelled, which is consistent with the stock market. 3. The minimum trading margin is 8%, and the current first-hand contract margin is about 1.5-0.2 million yuan. Fourth, the delivery date is set on the third Friday of each month, which can avoid the fluctuation of the stock market at the end of the month. Five, in case of price limit, according to the principle of "liquidation priority, time priority" for matching transactions. 6. After the daily trading, the trading volume and positions of the top 20 settlement members with active contracts will be disclosed. 7. The position limit of a single non-hedging trading account is 65,438+000 lots, and the current position limit of a point account is about 654,380+05,000 yuan. 8. Under extreme market conditions, CICC can use the compulsory lightening system cautiously to control risks. Nine, natural persons can also participate in hedging. X. Rules reserve space for other innovative varieties such as options.