Futures contracts based on stock index are called stock index futures. Due to the uniqueness of its subject matter, it determines its unique trading rules: 1. Trading unit In stock index futures trading, the trading unit of a contract is expressed by the product of a certain amount of money and the underlying index. In addition, this amount is determined by the contract. Therefore, the futures market only quotes through the points of the underlying index of each contract. For example, the main market index futures contract listed on CBOT stipulates that the trading unit is the product of $250 and the main market index. Therefore, if the main market indexes in the futures market are quoted at 465,438+00 points, it means that the value of a contract is 65,438+002,500 dollars. If the index of major markets rises by 20 points, it means that the value of a contract has increased by 5000 dollars.

2. The minimum change price (i.e. a scale) of stock index futures is usually expressed by an index point. Such as s& etc.; The minimum change price of P500 index futures is 0.05 index points. Because the value of each index point is $500, the minimum price change is $25 for each contract, which means that the minimum price change in the transaction is $25 for each contract.

3. Daily price fluctuation limit Since the stock market crash of 1987+00 in June, most exchanges have stipulated daily price fluctuation limits for their listed stock index futures contracts, but the regulations of each exchange are different. This difference lies not only in the scope of restriction, but also in the way of restriction. At the same time, tribal tigers often limit daily price fluctuations according to specific circumstances.

4. Cash settlement is an important feature that distinguishes stock index futures trading from other futures trading. Under the cash settlement method, each open contract will be automatically cancelled on the maturity date. In other words, the trader compares the contract value at the time of transaction and settlement to calculate the profit and loss and make cash settlement.

(2) CBOT main market index futures contract specification trading unit 250× minimum change price of main market index point 0.05 index point (65,438+02.50 USD per contract). The daily price fluctuation limit is not higher than the settlement price of the previous trading day by 80 index points. Not less than the settlement price of the previous trading day. For the first three consecutive months of the contract month and the last three months with the cycle of March, June, September and 65438+February, the trading time is from 8: 00 a.m.15 to 3: 00 p.m.15 (Chicago time), and the settlement is made daily according to the closing price of major market index futures on the last trading day.

I am from Shenyang Mid-term Jiahe Futures Company, which belongs to the Mid-term Group and is the largest futures company group in China. The Group and its subsidiaries have professional research teams. If you have more information about futures, please contact me: QQ 18668 158.