Category: Money tips Release Date: 2007-02-16
The early introduction of stock index futures, the new investors into the futures market, the number may increase substantially. To this end, Fang Sheng proposals, customer training phase, and not just talk about things, but rather the need to allow investors to fully understand the risks of futures trading where the only way they are not generated when the risk of transactions in the event of disputes. At the same time, in addition to futures companies must Kejin "good manager" role, the clients themselves as participants in the transaction should always pay attention to his position and risk, rather than the event of risks, pushing that they do not know, all blame to the futures company.
Reporter: In the last interview, you gave a detailed introduction of stock index futures market structure. Many investors would like to know that this settlement and trading structure of the prevention of financial futures trading system on the risk of effects?
Fang Sheng: At present, China's commodity futures markets and clearing classification does not matter, every one shoulder member companies are also trading and clearing functions, resulting in a more than 180 futures exchange at the same time facing the company's situation. However, futures companies vary greatly, exchanges with the competent authorities are sometimes due to lack of human and material resources, can not make a real-time futures trader effective monitoring, therefore, most likely due to one of the member companies of the risk of an accident occurred, but also affect the operation of the entire market and exchange's reputation, resulting in lack of trading liquidity, so that both buyers and sellers suffer.
To this end, in the financial futures, the international market, mostly adopted the above classification clearing system, in addition to restrictions on the basis of general criteria, the most important is based on the amount of each company's capital to ensure that the event of market risk, each clearing members to The average risk-sharing, rather than focus exclusively on the exchange, but also to ensure the smooth functioning of the market liquidity risk will not occur.
The most famous example is the October 1, 1987 the United States stock market crash, the futures market, many companies and individuals suffer huge losses while the collapse of the market risk of a serious incident took place. Then clearing members, especially the Morgan, to shoulder the responsibility for damages, the exchange was able to continue to operate. Otherwise, the closure of losing money, making money should be recovered to the Stock Exchange, the Stock Exchange itself is a very easy to spread risks.
Reporter: We know that stock index futures using margin trading, the securities market investors, which details need to pay attention?
Fang Sheng: stock index futures, commodity futures risk than the general large, because the factors affecting commodity prices, as well as the precipitating factor rather more than the stock, so the volatility of the stock of goods much larger than the degree, especially the regular session because some political and economic factors, caused by systemic risks. Another example of a weight of only the larger stocks, suddenly a management crisis, often also affect the broader market fell sharply. Therefore, the risk management aspects of stock index futures, commodity futures is bound to do better than rigorous.
To China's Taiwan Weighted index futures contract margin point of view, is divided into three-bond --- the original bond, maintenance margin and settlement deposit. Settlement is the exchange with the clearing members deposit the amount collected. The original deposit is a start to pay for each transaction, the amount required by the contract in hand, when the daily closing balance sheet gains and losses after the float below the maintenance margin, the futures companies will be recovered in after-hours notice given. But greater volatility in intraday intraday net worth less than the original margin of 30%, the futures company would be instantly "forced liquidation."
At present the original margin is about 8% of the value of the contract to maintain the original margin is 77%. According to the Taiwan weighted stock index futures rose 7% to calculate the daily limit restrictions, in general, the risk of customers wearing position is not significant. But the greatest fear is that the market systemic risk, continuous Change stop loss of mobility, whether customers or futures firms are unable to open positions played, when there will be a great risk. The United States, 9.11 as an example, when many customers holding more than a single heavy losses. Subsequently to the client's recovery, futures companies have also become a cumbersome issue.
Commodity futures markets, the Mainland is usually the practice, the customer as long as the net worth less than the exchange clearing margin, it will adopt a "forced liquidation" measures. This is a relatively small risk of futures companies, and require the majority of clients involved in commodity futures is more mature. Stock index futures who are interested in joining the "novice", and particularly the need for attention to this situation.
