futures-in-china

There are 3 commodity futures exchanges and 1 financial futures exchange in China.

中文版品种指南 https://www.citicsf.com/e-futures/education/pzzn/

英文版交易所资料 -> 点进去品种指南 https://www.citicsf.com/en/futures-in-china/

HKFE Futures Trading

HSI Futures Contract Specific

• future price: 22400 points
• future value: 22400 points * 50 HKD = 1120000 HKD
• Minimum fluctuation: 1 index point (50 HKD)
• Contract Months: Contract months refers to the contracts that are available for trading and the months in which they expire.

Futures Position

交易所已经指定好spec了，所以你的position可以是：

1. -1 (short a futures)
2. 0 (long and sell a futures, this is called "exit the futures position")
3. 1 (long a futures)

future的用途：hedge

比如说你是一个portfolio manager，你的portolio至少要hold到某个时间，但是你预测到短短时间内HSI要drop，所以你通过short spot month的futures，然后过几个月后再buy back futures (exit futures position），用futures上赚的钱弥补你的cash portfolio上亏的钱。

futures的用途：speculate（因为有杠杆属性）

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futures spread strategies