Category: Money tips Release Date: 2006-04-28
As China's stock index futures products, is coming, investors also need to deepen their understanding of the product. To date, many investors still believe that stock-index futures is just a high-leveraged speculative tool. If the stock index futures is merely a speculation tool, then how can we explain the global stock index futures products in the history of the development, some products well received by investors, trading volume growing, and some products have the launch of the few people is interested then?
Stock Index Futures First, a risk management tool. Hedging function is the primary function of stock index futures, speculation and arbitrage is only an auxiliary function only. It is precisely because of this, like the S & P500 index futures, Euro DJ-STOXX50 index futures because of the underlying index of stocks to track a large number of investment funds, these funds out of preservation needs, frequently trading the corresponding index futures, these two products trading volume growing.
So how ordinary investors to engage in stock index futures investment risk management? First of all, investors bought the stock to confirm that stock index futures, one of the constituent stocks of the underlying index. In nearly more than 160 kinds of stock index futures product, which the vast majority of products are the component index of the underlying index, and only a few products, the underlying index is a comprehensive index, such as the Taiwan Futures Exchange Taiwan card Weighted Composite Index Futures, Sydney Hong Kong Futures Exchange's All Ordinaries index futures. I believe China's first launch of index futures is to choose stocks index as the subject, instead of going into the Shenzhen Composite Index as a benchmark Shanghai Composite Index, or the underlying transaction.
If the product is first launched on the SSE 50 index futures, investors use this product if you want stock investment risk management, it is necessary to confirm the purchase of the stock is on the SSE 50 Index, one of the constituent stocks. Of course, if investors holdings in stocks is not on the SSE 50 Index constituent stocks can also use the SSE 50 Index futures for risk management, but the effect was much more backward.
Second, the investor will use some of the analysis of stock investment software targets. These indicators are mainly fluctuations in the rate of return, correlation and so on. If investors hold a variety of equity portfolio, to calculate the portfolio over a period of time and the corresponding fluctuations in the rate of return to calculate the underlying index over a period of time and the corresponding fluctuations in the rate of return on equity portfolio and the calculation of the correlation between the underlying index and so on. Only in this way, investors can be on the equity portfolio and the underlying index of the relationship between a quantitative grasp.
If investors calculate the underlying index equity portfolio and the correlation coefficient is 0.9, indicating that investors hold the stock portfolio volatility and the volatility of the SSE 50 Index is closely related to.
In this case, if the investors in the next SSE 50 Index to be dropped, but because of the equity portfolio held by a relatively high rate of annual dividends rather than selling, investors can sell the appropriate number of SSE 50 Index futures, to circumvent the index fell at the same time led to the portfolio of the phenomenon involved.
Third, investors need to in the securities or futures firm professionals under the guidance of how to calculate how many need to sell index futures. While most investors will find that selling stock index futures to hedge against market decline in systemic risk, but how many actually have to sell the index futures was more suitable for the majority of investors could hardly be calculated. In this case, investors can open an account through which the securities or futures firm professional advice.
Finally, investors need to understand the stock index futures margin and a daily non-debt clearing system. As the stock index futures is the daily use of margin trading and non-debt settlement, investors who used to sell stock index futures hedging strategy, we must be prepared to appropriate the funds as a deposit.
Under normal circumstances, a minimum brokerage firm trading margin requirements, the assumption that the value of stock index futures contract 10%. If I had an investor to sell stock index futures contracts with a value of 10 million, then the investors should at least have to pay 10,000 yuan as a deposit transaction. But only the preparation of these funds were not enough, if index is not running the expected direction to investors, then investors hold positions in futures contracts to sell the loss occurs.
For example, the index rose 2%, investors lost 2,000 yuan, trade margin only 8,000 yuan. Brokerage firm will call to tell you, need to make up 2200 yuan deposit, because at this time of the contract value of 102,000 yuan. If you do not pay the deposit, brokerage firms will be forced to hold positions open positions. Then the investor's hands, no insurance, even if the future market was really down, you can only accept the reality of the loss of the equity portfolio!
