Category: Money tips Release Date: 2007-03-21
Source: Guangzhou Bandung
Abstract: The introduction of index futures impact on the market is not a bad one-way, or bullish, but at present the main market, most investors will not take advantage of the misunderstanding of the index futures to create a "big conspiracy." This column that most mistakes can often achievements in minority institutions market opportunities.
Introduction of index futures impact on the market is not a bad one-way, or bullish, but at present the main market, most investors will not take advantage of the misunderstanding of the index futures to create a "big conspiracy." This column that most mistakes can often achievements in minority institutions market opportunities.
A stock index futures market is not the actual impact of a one-way
This column believes that the impact of index futures on the market is not bad in one direction or the Lido, but rather a mechanism for binary game.
1, in theory, the impact of index futures on the market is not a one-way
Most people believe that, due to the introduction of index futures provided a short-mechanism, so its bad effects than bullish impact. But in fact, the introduction of index futures that could be bad can also be profitable.
The multi-index futures index futures can be bought at the same time to buy stocks (especially the index constituent stocks of the underlying stock index futures) to achieve the purpose of pushing up the index in the stock index futures and stock positions to achieve "win-win"; while the short side is the same In order to achieve a profit in the stock index futures can be purchased through a large number of heavyweight stock in the spot market, thereby suppressing a profit in the futures market. But generally require co-ordination of margin trading, that is, borrowing shares in the Securities Lending market, driving down prices in the spot market selling pushed down the index at a later time to buy back the stock return in the low to avoid excessive losses in the stock on the short futures on a large too little profit instead of an actual losses.
Therefore, theoretically speaking, the index futures can be bad, but is also bullish, and if you do not meet the margin trading system or the introduction of covered warrants, to do more, but is beneficial to short of. The introduction of index futures is mainly for the market mechanism to provide a binary game.
Two countries before and after introduction of the practical implications of
From East Asia, Taiwan, South Korea and other index futures introduction of the circumstances, are often launch of index futures before the market up; launch of the market fell. However, Japan, Europe and the United States and other countries Market breadth is not necessarily in strict accordance with this rule, such as the United States is the introduction of index futures fell nearly a year to appear.
But on the whole, the index futures market have given a certain degree of volatility in markets launched are generally brought before the broader market rose. As the management before and after the introduction of index futures market volatility triggered the possibility of considerable attention, and may be a mechanism to prevent (such as restrictions on positions), China's stock market will not necessarily repeat these situations.
3, the index futures to allow institutions to more complicated Game
On the one hand, institutional funds may be by means of futures and cash arbitrage mechanism, that is in the stock and the reverse operation ShangXi to lock in profits with each other to avoid risks; On the other hand, institutions are both the stock and futures markets can also Shangyuan with to the operation, in the stock and index futures on the dual profit so as to greatly increase their profits, of course, also need to bear greater risks.
In fact, the introduction of index futures will make the market more unpredictable, especially between the more complex game.
2, the index futures is the main bad for a "big conspiracy"?
The impact of index futures introduction is difficult to determine a simple, but not as most of the market is generally perceived as a bad. But the present situation, the index futures have been shaped into a one-way media bad, it would not be the main force had a "big conspiracy"?
Because the guidance of public opinion on the introduction of index futures will result in a variety of concerns about the market fell sharply higher, the market impact of the parties to the index futures bad attention has also been mobilized to an unprecedented height. And as time goes on, right after the introduction of index futures may be on the market impact of a variety of speculation, doubts and fears have been continuously strengthened, the index futures is more like a big whirlpool of psychological expectations, carrying, and to absorb the majority of investors in concerns, once its introduction may be short-term outbreaks. But this will not be the main force is expected to be guided through the media interested in, and its objective is turned down.
We believe that the market, most people mistake it is precisely an excellent opportunity. At present intention to use "index futures bad" Such an understanding would be most people into errors, just able to create market opportunities.
3, the index futures have implications for help or
This column that the excess liquidity, management's intentions on the market impact of the decision is a major factor in the direction of market development, while the index futures in the basic factors play fueled the help or feature.
It can be understood, if the context is awash with liquidity, high-end only to divert the capital into the stock market, that due to the existence of index futures may speed up the formation and development of this trend. Also if the index rose sharply due to a large number of futures was forced to sell at a loss single air pushed futures prices is more likely to boost the final Quotes crazy, index futures and become fueled the help or tools. Introduction of index futures, especially in the beginning due to the imperfections of the system, this situation is even more vulnerable.
On the contrary is true.
