Wednesday , December 1 2021

Stock index futures "loose" adjustments, normalized trading are increasing the market sense –


Shanghai and Shenzhen 300, SSE 50 stock index futures margin today set to 10%
Stock indices will later be "loose" adjustments

China Financial Futures Exchange said yesterday that the Shanghai-Shenzhen 300, SSE 50 and CSI 500 equities index transactions are set today and the stock index is setting the trading standard for futures contracts.

According to CICC, due to the agreement on December 3 this year, the CSI 300 and SSE 50 stock index transaction margin standards were set equal to 10% and the CSI 500 stock index transaction margin standard. 15 is set to equal; The regulatory standard for excess trading behavior of the stock index will be set to 50 contracts for a single contract from the 3rd of the month, the number of vacancies for hedging transactions from December 3 this year will not be subject to this limit. The wage standard is set at a rate of 4.6 per million of the transaction amount. This adjustment is a positive measure to optimize the transactions of stock market index transactions and to improve the effective function of the market.

The third "loose" setting of the CICC

Since June 2015, the market has pointed out that after unilateral major fluctuations in A-shares, the CICC has begun to tighten policy. As of September 7, 2015, it is understood that CICC will increase to 40% in non-holding margins and the closing fee will increase to 23% and this will increase by 20 times. At the same time, the single-day open trading volume of more than 10 lots of non-hedged customers is considered an abnormal trade behavior.

Since then, the CICC has loosened its futures rules in 2017 twice in order to improve its trading activities and promote equity index futures. The first relaxation took place on February 17, 2017. Since February 17, the CICC has announced that the stock index has been adjusted to 10 & lt; RTI ID = 0.0 & gt; 20 & lt; / RTI & gt; The number of storages is not subject to this limit, because according to the agreement on February 17, CSI 300, SSE 50 stock index non-hedge transaction margin set to 20% and CSI 500 stock index risk-free transaction margin 30% & # 39 is set. (The three product groups keep the transaction margin unchanged at 20%) Since February 17, the Shanghai and Shenzhen 300, SSE 50, CSI 500 stocks are adjusting to one of the nine ten thousandths of the transaction processing fee. The second relaxation took place on 18 September 2017. Since 18 September, CICC has announced that the CSI 300 and SSE 50 stock index benchmark margin standards have been adjusted to 15% from 20% of the contract value; The CSI 300, SSE 50 and CSI 500 stock futures contracts were set at a decline of 25% to 6.9% of the transaction amount.

This period can be seen as the third e loose connection ın setting: the open property is much lower than the previous one, the stock margin transaction margin and the transaction rate is higher, the benchmark over-the-counter standards are increased and the futures market of the stock index takes action. Sex has developed better than before.

A shares are loosely tied to better protect foreign investment.

Fang Xinghai, deputy chairman of the China Securities Regulatory Commission, made a speech at the 14th China (Shenzhen) International Futures Conference on 1 December, actively investing in foreign investments in domestic foreign investment companies and encouraging the integration of foreign institutions through QFII and RQFII will. Prepare for stock index futures to participate in futures and maintain normal trading. The market, which is called normalized trade, thinks that this means that the stock index can loosen its futures transactions completely.

"There was some loosening at the end of July, but the stock market collapse caused regulatory authorities to postpone this timeline. The regulators are hoping to better maintain the stock index as soon as possible. Foreign investment in A shares."

According to market analysis, although market liquidity has improved after two 'loosening' last year, it still cannot meet the risk management needs of more institutions, especially large institutions.

A person in a futures company in East China, "The trading volume of the stock index showed a sharp decline at a peak of less than 2%. Promoting normal trade as soon as possible will help recover liquidity in the market and trade Measures to reduce resistance and transaction intervention may be seen as long-term funds on the stock exchange, such as the stock market and social security, as a normal hedging instrument. dir

Shuanglong Investment's responsible person believes that it is a small fit to find the balance between the degree of liquidity and suppression of over-speculation. As a model, the scientific and stable index of stocks is helping to develop futures markets.

Normalized trade helps increase investor sentiment

Market participants believe that stock index futures are always an important risk management tool in the capital market and that normalization of stock index transactions will function as an active market. Short term and long term stock index futures will give good news.

Guo Feng, general manager of SDIC Anxin Futures, said that the normalization of the stock market index can play the three main functions of risk-avoidance, price-finding and asset allocation in the stock index term, and that the normal course of the stock index is normal to continue trading. Its inevitability.

Zhang Nan, a researcher in Guodu Futures Futures Futures, pointed out that there are three effects on the normalization of stock market index transactions in the short term. First and foremost, the most direct impact is the increase in the activities of market participants and speculators, an increase in the transaction volume and positions of the stock index, and as the trading activity increases, the owners of each diversity will also increase. Second, the normalization of the stock market index will greatly boost the stock market volatility. Third, normalization of the stock market index helps to increase investor sentiment.

Galaxy Futures believes that the market trading volume and positions fell sharply after three years of limitation of equity index futures, liquidity dropped suddenly and the market function could not be effectively executed. Currently, the liquidity of the stock index futures markets is clearly inadequate. Without sufficient market liquidity, the hedging request of the related institutions cannot be realized and the market function of the stock market index is difficult to execute effectively.

Text / reporter Liu Shenliang

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