| 作者 |
 [转帖]The Dawning of Financial Futures in China |
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| 所跟贴 |
[转帖]The Dawning of Financial Futures in China -- youhighness - (15212 Byte) 2006-12-21 周四, 00:38 (4013 reads) |
sapientaf
头衔: 海归上校
声望: 学员
性别: 
加入时间: 2006/08/20
文章: 821
来自: 弯曲，上海，班格罗尔，北京，新加坡
海归分: 83000
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作者：sapientaf 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
1. QFIIs will not be allowed to trade the index futures, but the adoption of a similar approach for financial futures is likely in the future. 《〈
Why ?
If QFII is allowed to trade A-class stock, they should be allowed to trade index futures tied to A-class stock index as a risk management tool.
2. The multiplier is 300. Smaller multipliers were considered, but what won the day was a desire to keep the contract big enough for hedgers and too big for the potentially vulnerable small speculators.
Why rule out speculators ?
Chinese authority, again, thinks they are smarter than the market or the public at large, but blantly ignores the basic market principle that to make a market truely fair and efficient in the long run, it must give open access to ALL market participants: Speculators, Hedgers and Arbitragers.
It is sad after more than 15 years of financial market development in China, the authority in China has not learned the lesson.
作者：sapientaf 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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