Stock Index Futures Or "Deregulation" Future Market Is Worth Looking Forward To.

Recently, according to media reports, CICC has considered relaxing the restrictions on stock index futures trading, or will stipulate in many aspects, such as paction restrictions, margin ratios, fees and so on.

Affected by this news, China's mid day trading ended, Hongye shares closed down, hi-tech development and other futures stocks rose.

For the domestic asset management industry, the reopening of stock index futures will enrich the market investment strategy and reduce institutional outsourcing.

Risks.

In response to the rumor, CICC responded that there was no news in this respect, and the plan was not clear.

However, since last year, there has been a call for deregulation of stock index futures.

Bodao investment Mo Taishan said that due to restrictions on stock index futures, many quantitative hedge funds were unable to enter the market.

From the perspective of giving full play to the financing function of the stock market and guiding the long-term capital to enter the market, it is suggested that the hedge fund should be encouraged to participate in the stock index futures, and the relevant restrictions should be relaxed.

After preliminary calculation, once

The relaxation of trading restrictions, only the existing quantification of hedging products' resurrection, will drive 2000 - 300 billion yuan into the stock market.

Once the stock index futures are reopened, it will be a big profit for domestic quantitative funds.

Data show that in 2015, China's total wealth reached 130 trillion yuan, double that of 2010.

Based on the prediction of existing data, the scale will double again in 5 years.

Meanwhile,

The assets of management grew faster and increased by more than 30% per year, which created a favorable external environment for quantifying the development of the hedging industry.

However, in the process of quantifying the development of hedge funds in China, there is a problem that can not be ignored, that is, domestic hedging tools are very limited, especially the restriction on stock index futures, which restricts the development of quantitative hedge funds.

Since July 2015, CIC has issued a series of measures to restrict the futures trading. These measures have the greatest impact on the quantification of hedging private placement.

Yang Hao, deputy general manager of Fortune Research Department of CICC, pointed out that the discount rate of stock index futures is about 1 months at about 1.5%, and the annual cost is close to 20%, which is likely to cause Alfa's earnings to run but not the stock index.

The stock index futures relative to spot discount, that is, reflects the lack of domestic hedging tools.

In this context, some quantitative funds seek other solutions. First, from the previous pure Alfa strategy, they turn to multiple strategies; the two is to use alternative hedging tools, such as using overseas corresponding index futures; three, to increase the exposure; the previous exposure is positive or negative 10%; now it is positive and negative 30%; and four is extended to multiple markets, such as commodity futures.