It is necessary to further improve the risk management tools for every hot review 丨 1000 phase of the China C Sec for September.

A few days ago, the CSRC approved the China Financial Futures Exchange to carry out 1,000 stock index futures and options transactions. The official contract was officially listed on July 22, 2022. This also means that the financial derivative market will usher in a new variety. The author believes that the listing of the 1,000 -stock index futures options of CSI has multiple significance, but it is also necessary to prevent possible risks. In addition, the market risk management tools should be further improved so that more small and medium investors have corresponding risk hedge tools.

After the CSI 1000 index is ranked after the Shanghai -Shenzhen 300 Index and the CSI 500 Index, the market value of A shares is relatively high and 1,000 stocks with better liquidity as sample stocks. Therefore, this index sample stock contains listed companies in Shanghai and Shenzhen, and it is also a broad -base cross -market index that comprehensively reflects the smaller market value of the A -share market. It has formed a complementary relationship with the Shanghai and Shenzhen 300 and CSI 500 index.

The financial derivatives currently listed in CICC mainly include the 50th finger of Shanghai Stock Exchange, the 300th finger of CSI, the 500th finger of the CSI, and the 300 CSI options. For the three major phases, because the sample stocks covered by the target index are different, it also provides different choices for market investors' hedging risks. For example, the index stock stocks of the 300 -Shenzhen -Shenzhen phase 300 index are mainly 300 large -cap stocks with high market value ranking and better liquidity. The index of the 1000 -phase index sample stocks are mainly 1,000 small -cap stocks. Therefore, in terms of product structure, the CSI 1,000 phase index also forms a complementary relationship with the 300th finger of the CSI and the 500th phase of the CSI.

After the CSI 1,000 phase refers to the listing transaction, while further enriching the risk management tools of investors, there is no doubt that it also provides investors with more choices, and the positive significance produced is self -evident. It is not only conducive to the transaction of active small -cap stocks, and improving the market pricing efficiency of small -cap stocks, but also to promote the development of the CSI 1000 Index ETF.

Of course, how to prevent the risks of it is not tolerated after the CSI 1,000 -phase referring to listing transactions. On the one hand, to prevent risk. It is necessary to prevent the 1000 index of the China Stock Exchange 1000 Index 1000 Index, which then affects the rise and fall of the sample stocks. It must also prevent the rise and fall of the CSI 1000 index by manipulating the CSI 1000 index. On the other hand, to prevent the CSI 1000 index from becoming the "shadow" index of CSI 1000 phase index. After the launch of the 300 -Shenzhen -Shenzhen -Shenzhen period, due to various reasons, the influence of the future index on the target index is very obvious. The rise and fall of the futures index often affects the rise and fall of the target index, which leads to the "shadow" index of the Shanghai and Shenzhen 300 index often becoming the CSI 300 phase index. The target index becomes a shadow index, which is obviously abnormal.

After the CSI 1,000 phases and options were traded, investors investing in small market value listed companies have tools for hedging risk. Objectively, it has further exacerbated market unfairness. After all, due to the establishment of an investor's appropriate sexual management system, most small and medium investors have been blocked outside the gate of CICC, and they cannot pass the Shanghai Stock Exchange 50, CSI 300, CSI 500, and CSRC. 1000 phase refers to hedging risk. Moreover, the current T+1 trading system is implemented in the stock market, and the Detishide refers to the T+0 trading system, which is equally unfair to the stock market investors.

The author believes that after the successful listing of the 1000th phase of the CSI, it is necessary to further improve the risk management tools of the capital market. It is also necessary to put on the schedule of the regulatory department.

First, financial derivatives cannot be limited to products such as the 50th phase of the Shanghai Stock Exchange, the 300th and Shenzhen and Shenzhen 300s, and other products. When the conditions are mature, the Shanghai Stock Exchange Index Index, the Shenzhen Stock Exchange Finger Periodic Index, and the 50 Index Index Index. And more varieties such as the GEM index index to meet the needs of the risk management of investors in different markets and different sectors.

Second, in order to allow small and medium -sized investors to have risk hedging tools, the "mini -type" products with relevant periodic refers should be launched. For example, the 50th phase of the Shanghai Stock Exchange refers to the "mini type", the Shanghai and Shenzhen 300 period refers to the "mini type". Eliminating small and medium investors beyond the Detailed Index transaction, which makes it impossible to hedge market risks, is obviously questionable. From the perspective of mature overseas markets, the "mini -type" period refers to less funds that need to be invested due to low thresholds, but they are more popular and more active in exchange. For example, the transaction volume of the S & P 500 mini index is much higher than its standard type.

Daily Economic News

- END -