Category: Money Tips Date: 2005-12-19
Overseas listing of stock index futures are currently facing China's stock market, a troubled. Following the launch of Brunei's attempt to "China's reunification index" after the formal announcement listed on the Singapore Exchange FTSE Xinhua China A50 index futures. As the Singapore Exchange in product innovation has always been the most aggressive, so it becomes our greatest threat to the development of stock index futures rise of China's industry and management's attention and concern. The author of offshore stock index futures by analyzing the cases in different countries, local stock exchanges and the attitude and response, and the subsequent impact of the development of the derivatives market, and come to China's current stock index futures as a breakthrough in the development of a number of derivatives revelation.
1, offshore stock index futures market, the impact on the local market analysis The Singapore Exchange was established in December 1, 1999, by the Singapore International Monetary Exchange (SIMEX) and the Singapore Exchange (SES) merger. Singapore Exchange (SGX) is not only created a precedent for overseas listing of stock index futures, stock index futures are also currently has the largest variety of foreign exchange market. As of July 27, 2006 in Singapore Stock Exchange traded index futures contracts are eight kinds, of which 6 species are listed overseas contracts; there are four kinds of stock index options contracts, all listed overseas contracts.
Other countries in the snatch and the fight for pricing aspects of stock index futures, SGX create a classic case of many, of which the most influential is the first to launch the Nikkei 225 Index Futures and MSCI Taiwan index futures permit.
1, Singapore, the Nikkei 225 Index Futures The first overseas-listed stock index futures took place in September 3, 1986. The Japanese domestic financial derivatives on the stringent controls on trade, while Japan's economy is in a boom. Singapore International Monetary Exchange (SIMEX) to seize this opportunity, despite Japan's protests, the first to launch in Japan's Nikkei 225 index futures.
In May 1987, the Japanese managers to allow domestic investors trading SIMEX Nikkei 225 stock index futures. The incident that day, the Nikkei 225 index fell 1.01%. Since then, SIMEX Nikkei 225 stock index futures volume has developed rapidly. Two years later, September 3, 1988, the Japanese Stock Exchange launched its own board's Nikkei 225 stock index futures, index futures markets want to regain the initiative, and after that open markets, innovation, has been a positive the attitude of the face. In 1999, all by open outcry to electronic orders, trading volume expanded rapidly in 2004, the market share as high as 76%. They are also actively attract foreign investors and retail investors to participate in its stock index futures market, in 2004 foreign investment accounted for 45.4%, had equal shares with the dealer in Japan.
At the same time, the proportion of individual investors to participate has been since 2003 less than 1%, raised to 2.5% in the first half of this year, and plans to launch Mini Nikkei stock index futures (small Nikkei), to attract individual investment household. During this period although the volume has gone through a dark period of decline, but now has been out of the shadows, the average daily volume and open interest are steadily increasing. In recent years, the Nikkei futures in Osaka mobility more than the Nikkei futures in Singapore, mastered the futures trading species dominance. A total of 4 1 [2] [3] [4]
