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有消息说,深、沪两地证券交易所正在筹划推出股票指数期货(以下简称股指期货)。股指期货是指协约双方通过期货结算所签定的、在将来某一日期内按约定的价格买卖一定份数股票指数的可转让协议。显然,股指期货的交易对象就是股票价格指数。但股价指数通常以百分数表示,因而必须将其量化为价值形态。每份股指期货合约的价值等于该交易时点的股票指数(即股票指数价格)乘以一个法定的货币计量单位。例如,1993年9月24日深圳股价指数是256.79,若每份合约的法定货币计量单位为50元,则每份合约的价值就是:256.79×50=12839.50元。若合约交割时深圳股价指数升至325.87,则合约买方每份合约就会盈利:(325.87-256.79)×50=3454元;若股价指数下跌,则合约买方就会发生亏蚀。股指期货与其它形式的期货交易一样,具有价格发现和转移风险的功能,因而政策设计者们期望,推出股指期货将会有助于我国证券市场由无序向有序渐进过渡,直至最终实现正常运行。
It is said that the stock exchanges in Shenzhen and Shanghai are planning to launch stock index futures (hereinafter referred to as stock index futures). Stock index futures refers to the negotiable agreement signed by both parties through the Futures Exchange and Clearing House to buy and sell a certain number of stock indices at an agreed price within a certain date in the future. Obviously, the object of stock index futures trading is the stock price index. However, the stock price index is usually expressed as a percentage, which must be quantified as a value form. The value of each stock index futures contract equals the stock index (ie the stock index price) at the time of the transaction multiplied by a statutory monetary unit of measure. For example, Shenzhen Stock Price Index was 256.79 on September 24, 1993. If the legal tender currency for each contract is 50 yuan, the value of each contract is: 256.79 × 50 = 12839.50 yuan. If the Shenzhen Stock Price Index rises to 325.87 at the delivery of the contract, the contract buyer will earn a profit for each contract: (325.87-256.79) × 50 = 3454 Yuan; if the stock price index falls, the contract buyer will suffer a loss. Like other forms of futures trading, stock index futures have the function of price discovery and transfer risk. Therefore, policy makers expect that the introduction of stock index futures will help our stock market transition from disorder to orderly and orderly, and eventually achieve normal run.