Shanghai and Shenzhen 300, the SSE 50 stock index futures margins are adjusted up to 10% today
Stock Index futures will then be "loose" adjustments
China Financial Futures Exchange said yesterday that it has adjusted the Shanghai-ShenZhen 300, SSE 50 and CSI 500 shares index futures trading margins and adjusted the trading standard for stock index futures.
According to CICC, after settlement on December 3 this year, CSI 300 and SSE 50 stock index futures trading margin standards have been adjusted to 10% alike, and the CSI 500 share index futures trading margin standard has been adjusted to 15% equally; In the third part of the month, the regulatory standard for the excessive trading behavior of stock index futures will be adjusted to 50 contracts for the same contract. The number of open positions for hedging transactions is not eligible for this limit; Share index futures trading processes will be discontinued on December 3 this year. Fees are adjusted in 4.6 million of the standard transaction amount. This adjustment is a positive measure for optimizing the operation of stock index futures trading and promoting the market's effective work.
CICC's third "loose" arrangement
It is sensitized to note the market that since June 2015, after the unilateral major fluctuation in A-shares, CICC has begun to tighten policy. It is understood that from 7th September, 2015, CICC will increase margins for non-holding holding by 40%, and the closing fee will increase by 20% by 23%. At the same time, non-hedging customers & # 39; s single-day open trading volume of more than 10 lots are considered extraordinary trading behaviors.
Since then, CICC has reduced the futures rules twice in 2017 to increase trading activity and to promote the work of stock index futures. On February 17, 2017, the first lease was made. CICC announced that since February 17, regulatory standards for excessive trading in stock index futures have been arranged in the original 10 to 20 and hedging transactions have been opened. The number of warehouses is not subject to this limit; After the settlement of February 17, CSI 300, SSE 50 stock index futures, non-hedging trading margins are adjusted up to 20%, and CSI 500 stock index futures are adjusted to 30% of non-hedge trading trading margins. (Three product sets maintain position trading margins to keep 20% unchanged); Since 17 February, Shanghai and Shenzhen 300, SSE 50, CSI 500 stock index futures trading fees adjustment is adjusted to nine tenths of the transaction amount. Point two. Separated on September 18, 2017 CICC announced that on September 18, CSI 300 and SSE 50 stock index futures trading margins have been adjusted from 20% to 15% of the contract value; CSI 300, SSE 50, and CSI 500 stock index futures contracts were adjusted by reducing the transaction amount to 6.9% and 25%.
This time the third is seen as a "loose tie" adjustment. The obvious feature is that the share index futures trading margin and transaction fees are significantly lower than before. Over-the-counter over-the-counter regulatory standards have also been raised, and the stock has moved to the index futures market. Sex is improved much better than before.
One stock is linked to maintaining better foreign investment
On December 1, Feng Zinghai, vice chairman of China Securities Regulatory Commission gave a speech in the 14th China (Shenzhen) International Futures Conference. They will actively enable foreign investment in local futures companies and will encourage the integration of foreign institutions by QFII and RQFII. Participate in futures trading and get ready for stock index futures to resume normal trading. The so-called generalized trade, the market believes that this means that the stock index futures are completely reduced.
Some internal sources said, "There has already been a fall in late July, but due to the stock market crash, regulatory authorities had postponed the timetable. Regulators hoped to reduce stock index futures as quickly as possible, mainly to maintain a better Foreign investment in the stock. "
According to market analysis, after two "relaxation" last year, despite improved market liquidity, it still can not reach the risk management needs of more and more organizations, especially large organizations.
One of the futures company in East China said that "The stock index futures trading volume has decreased sharply, below 2%. The promotion of its general business will help restore market liquidity and it will be known as measures to reduce trading resistance and transaction intervention. Long term funding funds like insurance and social security can be done Year is a common need to act as financial hedging tool. "
The person involved in the charge of Shuanglong Investment believes that there has been a slight change in the exchange in order to find a balance between the exchange variation and excessive speculation speculation. It is scientifically and stable in terms of condition and it is also suitable for the development of stock index futures market.
Generalized trading boosts investors' sentiment
Market participants believe that the stock index futures have always been an important risk management tool in the capital market and the general index of the share index futures trading will be active market. Short-term and long-term stock index futures will bring good news.
Guo Feng, general manager of SDIC Anxine Futures, said that the generalization of the share index futures trading is favorable for the full play of stock index futures risk value, price discovery, and the three main tasks of asset allocation. There is a general need to resume trading of common stock futures contracts. Its inevitability
Zhang Nan, the researcher of Good Futures Financial Futures, said that in the short term there are three influences on the generalization of the stock index futures trading. First of all, the most direct impact is that it will increase the trading volume and positions of the stock index futures, which will increase market participation and activity of speculators. As the trading activity increases, the holdings of each variation will also increase. Second, the generalization of the stock index futures will greatly increase the market activity. Third, the generalization of stock index futures is favorable to boost investor sentiment.
Galaxy Futures believes that after three years of banning stock index futures, market trading volumes and positions have decreased sharply. Liquidity has decreased suddenly and market operations have not been effective enough. At present, the liquidity of the stock index futures market is obviously insufficient. Without sufficient market liquidity, the hedging demand of related institutions can not be understood and the index of stock index futures is difficult to play effectively.
Text / journalist Liu Shenliang