Customers who engage in hedging and arbitrage transactions are not subject to the 100-lot limit on unilateral positions

China Financial Futures Exchange disclosed yesterday that it has accepted and approved the first batch of hedging codes And the corresponding hedging amount, which means that investors will be able to hedge through the stock index futures market.

According to the relevant rules for stock index futures account opening and the "Hedging Management Measures", CFFEX has begun to accept customers' applications for stock index futures hedging codes and quotas, and recently approved the first batch of hedging applications Coding and hedging amounts. It is understood that the first batch of customers approved for hedging quotas include special legal persons (mainly securities firms) and general legal persons, as well as natural persons. The approved hedging quotas include both selling hedging quotas and buying hedging quotas.

In addition, in order to prevent market manipulation, stock index futures trading implements a position limit system. The unilateral position limit for customers who engage in speculative transactions is set to 100 lots on a single contract, while those who engage in hedging transactions and Clients holding positions in arbitrage trading are not subject to this restriction.

It is reported that the China Financial Futures Exchange issued the "Hedging Quota Application Guide" on May 7, which clarified the specific matters for customers to apply for hedging quotas. On the same day, the CFFEX also released the "Guidelines for the Management of Transaction Codes for Special Legal Person Institutions", indicating that institutional investors represented by securities firms and funds will be able to officially open accounts and participate in stock index futures trading.

According to regulatory regulations, the collective asset management business of securities firms can only participate in stock index futures trading for the purpose of hedging; the investment strategy of funds participating in stock index futures is mainly hedging, and speculation is strictly restricted.

A few days ago, GF Securities and CITIC Securities have successively announced that the board of directors has reviewed and approved the company’s proposal to participate in stock index futures trading. The company’s management can handle securities proprietary business and securities asset management business to participate in stock index futures trading. specific relevant procedures.

Analysts pointed out that the stock index futures will be listed for one month, during which the market transactions will be active, fully meeting the liquidity needs of hedging customers. It is expected that as more and more investors participate in value preservation, the market transaction structure will be further optimized.