The margin of Shanghai and Shenzhen 300 stock index futures requires buying and selling a single contract at least 500,000 yuan. In order to strengthen risk control, the revised business rules increase the minimum trading margin of stock index futures from 10% to 12%. At the same time, in order to ensure the pertinence of the margin adjustment level of the unilateral stock exchange, the restrictive provisions of the margin adjustment of the unilateral stock exchange were revised.

The revised draft stipulates that "if a futures contract has a unilateral market on a certain trading day, the exchange may raise the trading margin standard at the time of settlement on that day". The previous risk control measures stipulated: "If the cumulative increase or decrease in the same direction as that in Dt-1trading day is less than 16%, the trading margin standard of this contract will be charged at 12% when the Dt trading day is settled, and if it is higher than 12%, it will be charged according to the original standard".

At the same time, the revised draft also deleted the provisions of "Dt+ 1 trading day unilateral market margin has not returned to the normal standard" and "the trading margin standard is charged according to the normal standard when liquidation is carried out on the day of compulsory lightening".

Insiders also said that 12% is not the final margin collection standard for investors. According to the experience of commodity futures market, futures companies will levy 2 to 5 percentage points on this basis. According to the Shanghai and Shenzhen 300 Index, buying and selling a single contract needs at least10.5 million -0.2 million.

Extended data:

The Shanghai and Shenzhen 300 stock index futures contract, 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 published rules and contract content analysis, there are ten points worth noting:

1. Trading time is earlier than the opening of the stock market 15 minutes, and later than the closing 15 minutes. Investors can use futures indexes 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.

Baidu Encyclopedia-Shanghai and Shenzhen 300 Stock Index Futures Contract