China 's stock index trading patterns of term loans and concept of operations
|School||Southwestern University of Finance and Economics|
|Keywords||Concept of operations Trading patterns Stock index futures Stock index futures Financial derivative products Variety of transactions China's securities market Securities market main Institutional investors International financial markets|
The rapid expansion and the rapid development of financial derivatives trading products and trading volume, has become the most significant contemporary international financial markets, the most important feature. Since 1972, the first financial futures contracts listed, the variety of financial derivative products has reached 12, depending on the goods depends on the financial foundation, can be divided into three types of transactions, that is, the interest rate class, currency, equity The stock indexes Class. Stock index futures' dissertation">Stock index futures is the innovation of the 1980s, the international financial markets, as a powerful tool for investors to manage stock market risk, and become the most popular on the international financial markets, financial futures, occupies an important position in the derivatives trading . Stock index futures based on stock index futures for the transaction subject matter, both buyers and sellers under the prior agreement, agree to a standardized protocol to an agreed price at a specific time in the future trading of stock index. In the 1970s, Western countries by the impact of the oil crisis, the economic development is very unstable, volatile interest rates, led to the market volatility of the stock market price, the investors an urgent need for a way to effectively circumvent the risk of financial instruments of the assets should be preserved. As a result, the stock index futures emerged. In 1982, the first stock index futures contracts - Value Line average number of stock index futures contracts in Kansas Futures Exchange was born, thus opening up the first stock index derivatives. Stock index futures as a derivative financial products, with low transaction costs, leverage rate and liquidity is a powerful tool to circumvent the spot market system risk, and therefore that is widely welcomed by investors since its inception, the securities market The run also brought a great deal of economic effects, and increase market depth and liquidity of the spot market, to stimulate the development of the spot market. Especially after the 1990s, with the improvement of the degree of internationalization of the global financial markets, institutional investors gradually become the dominant force in the financial markets, which put forward higher requirements on risk management tools and instruments. In this context, the use of stock index futures is more prevalent in many developed countries and some developing countries have launched stock index futures, making it become a developed securities markets and emerging stock markets competing to develop innovative trading products, and the formation of the world The wave of stock index futures. With the continuous expansion of China's securities market scale and growth of institutional investors in recent years, both investors and theoretical workers, calls for the introduction of stock index futures on the Mainland increasingly high. It should be said that China's stock market over the past 10 years in the price of the total trading volume, the number of listed companies, the operation of the infrastructure is already beginning to take shape, the initial formation of the basic operational structure of the modern securities market, but the development process is still extensive growth stage, after the development goals should be functional expand, improve market various functions to expand the depth and breadth of the market, the stock price run market diversification and trading varieties, the ultimate goal is to establish an effective stock market, while The successful introduction of stock index futures is an important part of the major theoretical breakthrough and practical value. However, the creation of the stock index futures market needs just one hand. In the history of our financial futures have also made some attempts. Treasury futures business launched in 1992, stock index futures trading center in Hainan Securities offer launched in 1993, but due to various reasons, has died at birth. When the country to discuss the re-introduction of stock index futures, and not in order to give full play to its economic function in the development of the former trading pattern and operational framework must be reasonably designed to avoid a repeat of the past to open financial futures exchange in China \Not close to rectify the mistake. For the design of the stock index futures, relates to the division of the market system. Contract design, transaction clearing operations, risk management system, and a series of complex systems and technical problems, which we must first solve the problem is reasonable to determine the mode of transaction. Therefore, this paper clarify the significance of stock index futures on the development of the securities market in China, the first of China's stock index futures trading mode idea that the launch of stock index futures in the country, must be integrated model in the Stock Exchange. This idea, the author of China's stock index futures operation mechanism in depth. Overall, the operating mechanism of the stock index futures contains part of the trading, settlement and risk control three constitute an organic unity of the whole, in which the design of the contract is the foundation and core of the stock index futures, and epitomizes stock index futures trading, clearing, risk management and requirements in determining the transaction mode, the basic content of stock index futures contracts for the detailed design. On the idea of ??the specific mechanism of the stock index futures, the author in order to ensure fair, efficient and orderly market, to control and reduce the systemic risk the principle of starting from trading operations, liquidation operations and risk management. This paper is divided into five chapters, each chapter reads as follows: the first chapter of the stock index futures and China's securities market innovation in this chapter is to start from the course of development of the foreign stock index futures, elucidate the function of stock index futures, the two securities markets expand, and from China's securities the innovative power of the main players in the market and the futures market, the main point of view, demonstrates the necessity of the stock index futures in China's development, the importance of the introduction of stock index futures on the development of China's securities market. If the Commodity Futures Trading spontaneous, then norms, then the stock index futures is repeated thinking and rational design of crystallization. When the financial market development to a certain stage, resulting in the need for financial derivatives, commodity futures market price discovery and risk management features to give people enough inspiration. The same economic function of stock index futures trading is that by providing risk transfer and price discovery mechanism, thereby improving the efficiency of the stock market. From the current situation in China, for a long time, which restricts me?