The Functions Of Stock Index Futures Will Shrink Greatly.

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I'm afraid no financial product has a huge controversy like stock index futures.

Since the beginning of the year, there have been various opinions. When the launch was launched, some public opinions were put on the hat of "stock market decline", so that after many years, only one index product was traded.

It is difficult to encounter this year's big market. Many people made profits with the help of stock index futures for a while. Only then did they get some positive evaluations. Two new products were also released.

The reason why some people are unhappy with stock index futures and even propose to close it is that in the current domestic securities market, people are accustomed to doing more unilaterally rather than two-way operations, especially if they have.

But short selling of stocks is still very difficult.

But it didn't last long, with the June.

With the beginning of the collapse, various doubts about stock index futures have become more and more popular. Some even put it in a bid to shut down stock index futures.

That is to say, in such an environment, CICC has to constantly adjust the trading rules of stock index futures. Until last week, the number of opening positions on a single account was limited to 10 hands last week, and the closing fee increased to 0.023% on the same day, and the margin ratio of non guaranteed loans rose to 40%.

People comment that under such strict restrictions, the functions of stock index futures will shrink greatly.

The introduction of stock index futures provides a realistic short selling tool.

At the same time, because management encourages more institutions to participate in stock index futures trading in the form of hedging, under actual conditions, hedging is often done on spot and short in futures, which leads to a more concentrated force on the index side, especially when the stock market falls.

After the stock market slump in June, a large number of financing outlets were eager to leave the field, which resulted in the stock price falling to the limit.

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In this round of stock market crash, the loss of Book Wealth and real wealth of all listed companies, various institutions and all shareholders can be calculated and calculated in various ways.

However, it is impossible to calculate the impact and blow on all shareholders and urban strata.

People seem to have undergone a tremendous social earthquake.

The original investment idea, confidence in the government, and the feeling of stocks were suddenly blown away by a huge gust of wind.

After decades of experience, old shareholders encountered new phenomena and problems that they could not understand.

And the young middle class, who has been displaced by the capital, has been killed, broken and overwhelmed.

First, the ability and trust of the relevant departments of the government declined significantly.

In the past stock market crash, as long as the relevant departments of the government hold meetings and save the market, even if they only say a few phone calls and speeches to help raise the stock market, the stock market will stop rising. If there are several big profits policies, what will encourage the social security fund to enter the market, and the stock market will go up.

This time, the government and the relevant departments almost used all the resources of the administrative, economic, capital and even national security departments to rescue the market, and issued a great advantage over any period. However, to this day, the effect is still not obvious.

This phenomenon is not seen in the past 20 years since the emergence of the Shanghai and Shenzhen stock markets. It is worth pondering.

When several executives of CITIC Securities rescue market were investigated, when the chairman of the SFC's assistant was the leader of the rescue market, when he was investigated for serious violation of discipline, the greatest damage was the public credibility and proper management ability of the relevant government departments.

Second, the stock market crash has severely weakened the confidence of the vast majority of investors in the new normal of China's economic reform and economic development.

Since the beginning of this year, China's economic growth has reached 7%. This growth rate is completely normal in the process of heavy industry and manufacturing to service industry and high-tech pformation, and is definitely higher than most countries in the United States, Europe and Japan.

The one-off adjustment and depreciation of the RMB against the US dollar and the depreciation trend of the RMB exchange rate are not the same thing at all.

However, with the advent of the stock market crash, there has been a series of negative emotions about China's economy and the trend of RMB exchange rate.

Many experts in the media have exaggerated the stock market crisis, the RMB crisis and China's economic crisis.

Whether the United States has increased interest rates and other external environment has been digesting China and its neighboring countries for two years.

A country with a favorable balance of payments and a country whose economic growth rate is above the average level all think that the RMB will depreciate.

The stock market crash is a serious blow to the confidence of the Chinese people.

Third, the stock market crash has caused confusion in the valuation of stock prices.

Many state-owned enterprises in China can change their fundamentals through restructuring. Many listed companies of private enterprises can also change their fundamentals through various reorganizations, because too many enterprises and projects to be listed can not be listed through the registration system.

Therefore, the stock price valuation of these companies can not be based on the existing financial data.

In addition, the banks' large financial stocks, even if their growth rate is declining or even zero, their dividend rate also exceeds the savings base rate.

The share price has been adjusted, but everyone's attitude is not recognized.

Fear and fear are the sequelae of the stock market crash, which will last for several months.