股指期货(国外英语资料).doc

股指期货(国外英语资料) The concept, function and pricing of stock index futures 2006-10-30 09:52 East Hailong network The so-called stock index futures, that is, the stock index as the subject of futures. The two parties deal with the stock index price level after a certain period and deliver the goods through cash settlement. There are several very distinctive characteristics of stock index futures compared with stocks, which are particularly important for stock investors: 1, futures contracts have expiration date and can not be held indefinitely. Stocks can be held until they are bought, and the stock will not decrease in normal circumstances. But the stock index futures have a fixed maturity, the maturity will be delisted. Therefore the transaction of stock index futures can not be like the sale of shares, trading on the matter, must pay attention to the expiration date, in order to decide in advance taking positions, or wait for the expiration of the contract (in the stock index futures is a cash settlement, does not require the actual delivery of the stock), or head to the next month. 2, futures contracts are margin transactions and must be settled daily The stock index futures contract trading margin, generally as long as the pay contract value of approximately 10-15% funds can trade a contract, it has improved the profitability of space, but on the other hand, the risk will also increase, so must the daily settlement of profit and loss. When buying stocks, the profits and losses are not settled before they are sold. But stock index futures are different, every day after the transaction in accordance with the settlement price of the hand held in the settlement of the contract, the book profit can be carried away, but the book loss second days before opening, you must make up (ie additional margin). And because of margin trading, the amount of loss may even exceed your investment principal, which is different from stock trading. 3, futures contracts may be short selling