129742939262187500_455In my view, stock index futures, haven of Treasury bond futures and more visible price discovery, participant institutions feature will be more significant, on the professional requirements of investors is also higher.
In fact, Treasury bond futures low participation threshold does not, is not easy for the average investor to participate. Threshold of the full understanding of the market3% simulation of investors in Treasury bond futures contract margin percentage should have a comprehensive and correct understanding. Current simulation contract with $ 1 million in face value denominations, 3% the minimum margins, coupled with futures margin increasing proportion
runescape items for sale, about $ 50,000 to do, commensurate with the level of copper and gold. On the surface, threshold of the Treasury bond futures of stock index futures fundsLower, thus attracting many strong interest in small and medium-sized investors. In fact, participation threshold for Treasury bond futures, not low. Currently, implementation of appropriate systems of stock index futures, account threshold of 500,000 yuan, of appropriate systems in stock index futures have made a successful experience, therefore, of Treasury bond futures will also implement appropriate systems, believes that its opening threshold will not be lower than the stock index futures.As far as the margin, 3% ratio is determined by the bond fluctuation characteristics of the spot market, Treasury bonds spot intraday volatility is generally small, less than most every other day fluctuations in 1%, but the resulting higher leverage means more risk, more violent market fluctuations, may bring greater losses, this individual investors had plenty of psychological preparation.Agencies require a deposit in advance to participants enter the market, while increasing the percentage margin in spite of market risks can be better controlled
rs items for sale, but will inevitably raise the financial players enter the market cost, and ultimately to enthusiasm for institutional investors into the stock market, which in turn runs counter to the original intention of bond futures and, so the ratio of 3% is more suitable for the current bond marketThe shape. Institutions with strong professional bonds futures as a professional safe haven, more suitable for institutional investors. Of course, have a certain economic strength and risk management experience of sophisticated investors can take part in it. Futures as a derivative financial instrument, must be based on a spot trading. Stock markets and commodity markets
cheap runescape items, individual investors in the bond marketLack of understanding and trading rules, Treasury bond futures pricing mechanisms for commodity futures and stock index futures are more complex, non-professional who wants to learn and master is not easy. Treasury stock market participant determines the structure of the futures market is more suitable for institutional investors. At present China's bond market is divided into market and over-the-counter market, farm market mainly refers to the stock exchangeMarket, over-the-counter market mainly interbank bond market and commercial bank counter transaction market, interbank bond market in 2011 than at 98.87%, become a Treasury spot absolutely major trading venues. Interbank bond market is not an ordinary individual investors, institutional investors become absolute protagonist, which banks make 65% closeShares in second followed by insurance companies, funds, brokers, etc. Most individual investors to purchase bonds through Exchange or bank counter system and held to maturity, to guarantee the safety of principal and interest income.
Spot structure greatly limited the participants at the beginning of the varieties listed individual as the subject of investment possibilities. Institutional investors asIn favour of the establishment of a sound and stable market. With the rapid development of China's bond market, institutions haven demand and growing risk management awareness. Currently, about $ 6.4 trillion public debt scale in China, annual settlement of interbank bond market has already exceeded 100 trillion yuan, managed volume has exceeded 10 trillion yuan, while hedging interest rate risk in the market of financial instrumentsA serious shortage of institutional investor demand for Treasury bond futures made strong. From the experience of developed countries, development and growth of institutional investors and is conducive to the formation of a healthy and stable market. Institutional investor actions are more objective and rational, his investment style, once dominated the market, futures market trends will be more close to the spot and reflected fundamental changes, so that the futures marketCan be further play, stability of the futures market will be further strengthened.
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