derivative

financial instruments

Collection

zero Useful+1

zero

Derivative products Is a kind of financial instruments Generally, it is an agreement between two entities, whose price is determined by the price of other basic products. And there are corresponding spot assets as Subject matter , it is not necessary to deliver immediately when the transaction is completed, but can deliver at a future time point. Typical derivatives include forwards, futures, options and swaps.

On April 20, 2022, the 34th Session of the Standing Committee of the 13th National People's Congress voted《 Futures and Derivatives Law of the People's Republic of China 》, effective as of August 1, 2022.^[2]

Chinese name: derivative
Type: one kind financial instruments

Price: Price determination of other basic products
Include: forward ， futures 、 option etc.

catalog

one Financial derivatives
two Types of financial derivatives

six statistical data

Financial derivatives

Announce

edit

It refers to contracts whose value depends on changes in the value of underlying assets. Such contracts can be standardized or non-standard. standardized contract Means Subject matter （ Underlying assets ）The transaction price, transaction time, asset characteristics, transaction mode, etc. are standardized in advance, so most of these contracts are exchange Listed transactions, such as futures. customized contracts It means that the above items are agreed by both parties of the transaction, so it has strong flexibility, such as forward agreement.

Financial derivatives It is a derivative related to finance, usually from underlying asset (English: Underlying Assets) financial instruments 。 The common characteristics are bond Trading, that is, as long as a certain proportion of the margin is paid, the transaction can be carried out in full without the actual transfer of the principal. The settlement of the contract is generally carried out in the form of cash differential settlement. Only contracts performed by physical delivery on the expiration date need the buyer to pay the loan in full. Therefore, financial derivatives transactions have Leverage effect 。 The lower the deposit, Leverage effect The greater the risk, the greater the risk.

Types of financial derivatives

Announce

edit

as for Financial derivatives There are many kinds of financial innovation With the continuous introduction of new varieties of activities, more and more things belong to this category. From the perspective of basic classification, there are three main classifications:

(1) According to Product form , which can be divided into forward, futures, options and Swaps Four categories.

(2) According to the classification of primary assets, i.e. stocks, interest rates, exchange rates and commodities. If further subdivided, the stock category includes specific stocks（ Stock futures 、 the stock option Contracts) and shares formed by stock portfolio index futures and Option contract Etc; The interest rate category can also be divided into short-term Deposit interest rate Represented by Short term interest rate (e.g Interest rate futures , interest rate forward Interest rate option 、 Interest rate swap Contract) and long-term bond interest rate Long term interest rate (e.g Bond futures 、 Bond option Contract); The currency category includes the ratio between different currencies; Commodities include all kinds of bulk physical commodities.

(3) According to the transaction method, it can be divided into Floor trading and OTC trading 。 Floor trading is usually referred to as exchange Trading means that all suppliers and demanders are concentrated in the exchange competitive price transaction Of transaction mode 。 OTC trading refers to the trading mode in which both parties directly become counterparties, and its participants are limited to Credit rating High customers.

futures

Announce

edit

The analysis technology of China's futures industry mostly copies the analysis technology of the stock market, such as the wave theory, gann theory ， Entanglement theory ， Dow Theory Etc. These theories may be applicable to the stock market, but they are far fetched when applied to the future market. There are several important differences between futures and stocks in China. First, there is only a long mechanism for stocks, and futures is a two-way mechanism, which directly results in huge differences in the direction of the main force; Second, the stock market is T+1 , the future market is T+0 , which results in different flexibility of hedging and profit making between futures market and stock market; Third, open interest Different, futures market is a variable position and stock market is a relatively fixed position, which directly affects the market's Manipulation Is different. The above three points are the important reasons why the use of stock technology to guide futures trading always leads to more losses and less gains. So, what technology can better guide futures trading? Futures traders“ Stock option First line "after years of firm offer summarize experience , using Theory of mean square coordination Contrarian theory It can be better applied to futures trading. These two theories have been integrated to form a simple and reliable Linear method , the winning rate can reach 60%, and the risk can be obtained Effective control The profit can be greatly enlarged. The theoretical basis of the first line method is that the forward price is always around Moving Average Volatility.

Contractual nature

Announce

edit

Financial derivatives Transaction is the treatment of rights and obligations of basic tools under certain conditions in the future. It is legally understood as a contract and an economy based on highly developed social credit Contractual relationship 。

Holiday transactions

Announce

edit

On January 6, 2022, Hong Kong Stock Exchange He said that it is planned to officially implement derivatives holiday trading before the Easter holiday in April 2022.

Data shows that only non derivatives Hong Kong dollars Futures and options priced are holiday trading products, while futures and options priced in Hong Kong dollars, such as Hang Seng index futures And options, Hang Seng China Enterprise Index futures and options, Hang Seng Technology Index futures and options Single stock futures And options will not carry out holiday trading.^[1]

statistical data

Announce

edit

On January 26, 2024, the Associated Press reported that statistics from the State Administration of Foreign Exchange showed that in December 2023, China's foreign exchange market (excluding foreign currency to market, the same below) totaled 20.54 trillion yuan (equivalent to 2.89 trillion dollars). The accumulative turnover of derivatives market is RMB 13.47 trillion (equivalent to USD 1.90 trillion).^[3]

Novice on the road

Growth task Getting Started with Editing Edit Rule Edit by myself

I have questions

Content query Online Service Official post bar Feedback

Complaints and suggestions

Report bad information Failed to appeal through entries Complaint of infringement information Blocking query and unblocking

Jinggong Network Anbei No. 1100000200001