pokerdecks| The CSRC promotes it! Science and Technology Innovation 50. GEM stock index futures and options are about to be developed and listed soon. How to change the market ecology?

Financial Associated Press, April 23 (Reporter Zhou Xiaoya) Kechuang 50, gem-related derivatives are actively promoting R & D and listingPokerdecksThe market demand needs to be met.

Recently, the "16 measures for the Capital Market to serve the High-level Development of Science and Technology Enterprises" issued by the CSRC mentioned to increase the innovation of financial products, including enriching the supply of derivatives from Science and Technology Innovation Board and gem, and actively promoting the R & D and listing of Sci-Tech 50, gem stock index futures and options.

In this regard, industry insiders believe that since the smooth listing and smooth operation of the four major stock index futures and three major stock index options, the innovative stock index futures and options proposed this time have further responded to the needs of the capital market and enriched the supply of derivatives of Science and Technology Innovation Board and gem. With the further enrichment and improvement of the financial derivatives system, it is also expected to attract more medium-and long-term funds to enter the market.

Help to further meet the demand for risk aversion

Lu Pinxian, investment and research manager of Minmetals Futures and options Division, believes that the R & D and listing of stock index futures and options on the growth Enterprise Market (gem) is an important measure to comprehensively deepen the reform of the capital market, make up for the shortage of innovative stock indexes in the market, help to further meet the needs of investors to avoid risks, improve and improve the stability mechanism of the capital market, and promote the steady and healthy development of the capital market.

In fact, stock index futures and stock index options arePokerdecksThe risk management tool of China's capital market is also an important part of the multi-level structure of the capital market. With the gradual expansion of China's stock market in recent years, how to effectively hedge these risks has become an important issue for investors.

A reporter from the Financial Associated Press learned that in the past, the main participants in listed stock index derivatives include public equity funds, private equity funds, foreign funds and other institutional and individual investors, and the trading purposes of institutional investors are mainly quantitative trading and risk hedging.

Prior to this, some public offerings said that although the current varieties have covered a considerable range in the stock market, public funds participate in the gem, Science and Technology Innovation Board can still list the corresponding wide-base stock index futures to help investors hedge their risks. We can also continue to arrange other stock index futures according to the real needs of the market to enrich the risk management tools available in the market.

Lu Pinxian analysis, as Kechuang 50 and gem index reflect innovative stocks in Shanghai and Shenzhen respectively, therefore, Kechuang 50 and gem index derivatives will enrich and improve various types of index derivatives in the market.

In addition, Kechuang 50 and gem stock index derivatives further improve the hedging tools of the capital market, providing investors with more hedging means to avoid the potential risks of the market. From the perspective of investment income, the launch of Kechuang 50 and gem stock index derivatives will provide more arbitrage space for investors, such as the arbitrage between Kechuang 50ETF options and Kechuang 50 stock index options, and the arbitrage between gem ETF options composite futures and gem stock index futures.

Listed stock index derivatives help to stabilize market volatility

Up to now, China has listed four kinds of stock index futures, including Shanghai 50 stock index futures, Shanghai and Shenzhen 1000 stock index futures, CSI 500 stock index futures and CSI 1000 stock index futures. There are three kinds of stock index options, including Shanghai 50 stock index options, CSI 300 stock index options and CSI 500 stock index options.

In addition, there are many broad-based ETF options, such as Kechuang 50ETF option, CSI 500ETF option, Shanghai and Shenzhen 300ETF option, Shanghai 50ETF option, Shenzhen 100ETF option, gem ETF option and so on.

The target of stock index futures and options listed by CICC, the CSI 300 index reflects the blue chip stocks in Shanghai and Shenzhen, the Shanghai 50 reflects the financial stocks dominated by Shanghai securities, banking and insurance, and the CSI 500 and CSI 1000 reflect the small and medium-sized stocks in Shanghai, Shenzhen and Shenzhen.

With the CSRC proposed to actively promote scientific and technological innovation 50, gem stock index futures and options R & D listing. The impact of stock index derivatives on the volatility of the underlying market has also attracted attention.

In this regard, Lu Pinxian explained that from the situation of listed stock index futures and stock index options, the volatility of the corresponding index increased slightly within a week and a month after the listing of CSI 300 stock index futures; while the volatility of the Shanghai 50 index and the CSI 1000 index increased and was more obvious in a week and a month after the corresponding stock index futures were listed, while the volatility of the CSI 1000 index decreased. After the listing of the three stock index options, the volatility of the corresponding index decreased in varying degrees.

In his view, the listing of stock index futures increases investment hedging tools, while the listing of options enriches the investment strategy, thus predicting that the listing of Kechuang 50, gem stock index futures and option derivatives has a certain impact on the underlying index market. at the same time, it also promotes the stable and healthy development of the capital market.

On the whole, the listed stock index futures and options operate smoothly and the trading is active. According to the data of the China Futures Association, the cumulative trading volume of the CICC in the first quarter of this year was 6171.Pokerdecks.99,000 hands, with a cumulative turnover of 43.Pokerdecks.55 trillion yuan, up 64.87% and 37.15% respectively over the same period last year, accounting for 4.09% and 35.07% of the national market, respectively.

On April 12 this year, the State Council issued several opinions on strengthening supervision and preventing risks to promote the high-quality development of the capital market. It is mentioned that we should improve the regulatory system for key businesses such as derivatives, margin trading and short selling; at the same time, it also emphasizes the further deepening of reform and opening up to better serve high-quality development, including the steady and orderly development of futures and derivatives markets.

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