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2016年5月3 1日,股指期货市场在10点42分上演了瞬间跌停的“乌龙”行情,仅700手空单即将IF1606合约砸至跌停板,20秒后又迅速拉至暴跌前水平。面对这一诡异现象,各界纷纷猜测原因。一种观点认为可能发生“乌龙指”事件,另一种观点认为是套保盘所致。然而,认真分析此次事件,如此“乌龙”行情背后反映的实质直指期指市场流动性严重匮乏、市场深度不足的尴尬现状。股指期货作为一种有效的风险管理工具,其相应功能的发挥有赖于市场流动性的配合。针对股指期货三大限制
May 31, 2016, the stock index futures market staged an instant limit at 10:42, “Oolong” market, only 700 short hand IF1606 contract will hit the daily limit, 20 seconds and then quickly pulled before the plunge Level. In the face of this strange phenomenon, people from all walks of life have speculated on the reasons. A view that may occur “Oolong means ” incident, the other point of view that is caused by hedging. However, careful analysis of the incident, so “Oolong” Quotes reflected behind the real index refers to a serious lack of liquidity in the market, the market depth of embarrassment. As an effective risk management tool, stock index futures depend on the cooperation of market liquidity for its corresponding function. Three major restrictions for stock index futures