When the investors learn the basic knowledge of futures, they should understand the important content of the trading rules of stock index futures. According to the relevant regulations made by the financial futures exchange, the following is a detailed introduction to the main trading rules of stock index futures and some related issues.
First, let’s take a look at the basic provisions of stock index futures trading. Stock index futures trading takes CSI 300 as the trading target, and each index point is set at 300 yuan. The margin level charged by the exchange is 10% of the contract value, and the daily limit is plus or minus 10%. The last trading day of the contract shall be the third Friday of the month when the contract expires. The opening price is the transaction price generated by aggregate bidding within 5 minutes before the opening of the contract. The closing price is the last transaction price of the contract trading day, and the settlement price on that day is the weighted average price of the last 1 hour of trading volume of the contract. The final settlement price of the contract is the arithmetic average price of all index points in the last 2 hours of the last trading day of the spot index. These are the basic futures knowledge that investors need to know.
According to the relevant regulations of the exchange, the price of each index point is 300 yuan, and the value of each contract is 300 yuan multiplied by the actual number of points of the contract. For example, if the contract is worth 4,000 points and 300 yuan is multiplied by 4,000, each contract is worth 1.2 million yuan. In addition, the exchange requires a margin of 10 percent of the face value of the contract, which means investors need to pay 120, 000 yuan to buy or sell a 1.2 million yuan stock index futures contract.
The third is the method of cash delivery of stock index futures. According to the relevant regulations of the exchange, stock index futures contracts are delivered in cash. Delivery price is the arithmetic average price of all index points in the last two hours of the last trading day of the contract to maturity. At the time of delivery, the difference between the price at which an investor buys and sells an index futures contract and the delivery price is the amount of cash an investor needs to deliver. If the investor buys at a price lower than the delivery price, the difference is the gain the investor receives on the delivery. If the investor pays more than the delivery price, the difference is the amount the investor has to pay for the delivery. By the same token, if the selling price of the investor is higher than the delivery price, the difference is the profit the investor should get in the delivery. If the investor’s offer price falls below the delivery price, the spread is the amount the investor has to pay in the settlement.