Is Loosening Of Stock Index Futures A Double-Edged Sword?

Over the years, we have actively guided value investment and gradually increased the proportion of institutional investors. This is a good wish for the development of A share market.

However, in practice, some institutional investors are more opportunistic than small and medium-sized retail investors, and they rely on various trading advantages to become winners in the market for a long time. This is a heavy test for small and medium-sized retail investors.

Immature market environment, asymmetric trading system and some institutional investors' self-discipline have caused the stock market to be in a speculative and fluctuating situation for a long time. It is also very difficult for small and medium-sized retail investors to get a share in the market.

Since the second half of 2015, a rare stock market disaster has occurred in China's stock market.

In just a few months, the largest decrease in A share was nearly 50%.

During this period, in order to maintain the stability of the market, not only did IPO stop for several months, but also gradually tightened the rules of stock index futures.

From 15 July 31st to 15 September 2nd, CICC has revised several rules to further tighten the impact of stock index futures.

From the standard of raising paction fee, adjusting the non hedging margin trading margin to the corresponding abnormal trading behavior to further blow, this series of actions can sufficiently reduce the function of stock index futures, and the stock market futures that are demonized by the market have basically lost their original functions.

Meanwhile, over the past year, the liquidity of stock index futures has almost dried up, and trading activity is much worse than before.

In 2016, the performance of China's stock market gradually tended to be stable, excluding the impact of the fusing mechanism at the beginning of the year, the stock market remained stable throughout the year.

However, for the Chinese stock market, which is gradually stable now, it seems to also try to further restore the marketization level of the market, and the business which has tightened up before the stock market has also been gradually released.

The plunge in the stock market is also more or less associated with stock index futures.

According to anecdotal evidence, there is still no clear timetable for loosening of stock index futures, but in the future, the principle of "gradual liberalization" may be adopted.

However, can China's deregulation of stock index futures really be able to achieve the recovery of the Chinese stock market?

For the stock index futures, it has been applied in the mature stock market abroad, but this is based on the very mature operation mechanism abroad.

As for the domestic stock market, the impact of stock index futures on the market can not be underestimated.

In fact, the stock index futures itself not only has the function of price discovery, but also has the characteristics of hedging and leveraging.

For many big

For large organizations, they often use stock index futures tools to meet their risk hedging needs, so as to achieve a better mitigation of investment risk.

However, for the earlier stock market, it has not been able to attract large quantities of off site funds. The main reason is that the large capital and large organizations are unable to enter the layout because of their lack of a continuous and effective risk hedging tool.

Another way of thinking is that after the "deleveraging" and "de foaming" process is completed, once the size of the stock index futures is relaxed, it will not exclude the participation of some large capital institutions. Some of the high-quality investment targets will not be excluded from institutional investors again.

However, for the stock index futures in the A share market, the frequency of premium is higher, while large capital institutions are more keen to hedge hedging with hedging, and even skillfully use the asymmetry of the trading system to realize indirect arbitrage opportunities, which has brought some adverse impacts to small and medium-sized retail investors.

In fact, for small and medium-sized retail investors, we must take into consideration

The problem of higher futures access threshold still exists the risk of blind operation while the rules are not familiar. On the other hand, it is necessary to consider the asymmetry of the trading system in the long term market, but exacerbates the paction equality between small and medium-sized retail enterprises and large capital institutions.

As a result, in the context of stock index futures trading system, coupled with the unique capital advantages and cost advantages of large capital institutions,

It is also not comparable to the small and medium sized retail investors who lack any advantage.

Judging from the rumors of loosening the stock index futures, this shows more or less the market's bottom line is increasing, and the market has basically come to light from the early stock market turmoil.

For large funds and institutions, they also look forward to loosening the stock index futures to meet their more hedging means, so as to achieve better investment flexibility.

As for some neutral strategy funds, it is also hoped that with the deregulation of stock index futures, more or less new liquidity supplements will be brought to the stock market.

This may bring some vitality to the stock market as the leading A share market.

However, the impact of stock index futures can not be underestimated. Without the symmetry of trading mode, self disciplined institutional investors and mature market environment, stock index futures are still likely to be demonized by the market, and small retail investors who lack trading advantage, capital advantage, cost advantage and information superiority need to play the spirit of twelve points.

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