Category: Money tips Release Date: 2007-04-12
To a particular stock market index, for example, assuming that there is an "12 index futures contracts expire at the end", which reported out the futures price is 1100 points. If most investors bullish on the market. If you think the future of this index, the "price" will be more than 1,100 points, you can buy the stock index futures. After the stock index futures continued to rise to a certain price, the assumption is 1150 points, then, you have two choices, either continue to hold your futures contracts to wait for it to possible future price could go up higher; or to present a new "price" , which is 1150 points, thus completing the open interest to sell the futures, you will receive a 50-point difference between the proceeds. Of course, in this index futures before the expiration of its "price" may also fall, you can also continue to hold open positions, or flesh.
Conversely, if you think in the future the spot market index to be dropped, then the stock index futures also will fall. Similarly to the above stock index futures, for example, suppose you think the future of stock index futures will fall below 1100 points, then you can stock index futures in order to sell the first 1100 points, unlocked the cells and, later, when the stock index futures prices really fall, for example, fell to 1050 points, you can choose to open positions, that is, in the 1050 point and buy the corresponding "stock index futures contracts" as the open interest, opening the granary is used to offset a previous contract, so that you earn 50 points difference.
This is a stock index futures trading.
However, when stock index futures contract expires, then no one can continue to hold, because when the futures have become a "spot", you must fulfill delivery.
Settlement of stock index futures: that based on your futures contracts held by the "price" and the current spot market, the actual "price" the price difference between the conduct Duotuishaobu, the equivalent of your position contract delivery that day's "spot price "liquidation. The "spot price" is the delivery settlement price.
The example above, if by the end of December due to expire, you hold to sell the contract if not liquidation, it is necessary for delivery of this contract. Suppose the contract's original 1100 Open Position point and point to the delivery, the stock index of spot market clearing price point position is 1130 points, you should pay a 30-point difference between the compensation, which means you lose 30 points. On the contrary, if the settlement price point when the index bit is 1050 points, then your selling price lower than the 50 points, you can get 50 points, subsidies, of course, later converted into the amount of dollars in your account, this Zhaobu process is initiated by clearing members through a computer automatically.
The so-called profit or loss of the "points" makes no sense, and must be converted into a points deficit to win a meaningful unit of currency. Converted into a specific number is determined by stock index futures contracts on a fixed multiplier. If the requirements of stock index futures contract multiplier is 100 yuan, but also that each point of the value of 100 yuan, then the profit is 50 points profit 5,000.
