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Wednesday, 16-May-2012 04:33 Email | Share | | Bookmark
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Monday, 14-May-2012 09:34 Email | Share | | Bookmark
What is a stock index futures two

What is a stock index futures stock index futures pricing ( two) the basic principles of economics has a basic law known as the law of one price &quot ;&quot ;.Meaning that two copies of the same assets in two market price must be the same ,or a market participant can supposedly risk-free arbitrage, i.
e. in a market buy low ,while in another market sell high .Finally the original pricing low market due to the increased demand of the assets and make its rise in price ,while the original pricing high market in the asset price will fall until the last two price equals to the forces of supply and demand .
Therefore will produce a fair and competitive price in order to make arbitrage can obtain risk-free profits. We briefly introduce forward and futures pricing model .The model has the following assumptions :Futures and forward contracts are the same ;the corresponding assets is separable, that is to say the stock can be zero shares or fractional ;cash dividend is identified ;borrowing and lend interest rate is the same and it is known ;short spot without limit ,and can get the corresponding payment immediately ;no tax and transaction cost ;spot prices are known ;The corresponding spot assets have sufficient liquidity .
The pricing model is based on such a hypothesis :futures contract is a spot transaction of assets after the corresponding temporary substitute. Futures contract is not real assets but agreements between buyers ,both sides agreed to at a later time spot transactions ,so the agreement to start when there is no money changes hands.
Futures contract seller to later delivered to corresponding spot to get cash, so it must be compensated for by holding up corresponding spot and immediately obtainable capital gains.
Instead, futures contracts after the buyer to pay cash spot ,must pay the use of funds delayed cash payment cost ,so the futures price must be higher than the spot price to reflect these financing or the holding cost ( the cost of financing generally use this period of time the risk free rate representation ) .
The futures price spot price = + financing cost if the corresponding assets is a to pay cash dividend stock portfolio, then bought a futures contract party for not immediately holding the portfolio of stocks and did not receive the dividend.
Instead, contract seller due to hold the corresponding stock received in combination Dividend, thus reducing its cost position. Therefore the futures price to adjust downward is equivalent to the dividend rate.
Results the futures price is the net cost position namely financing cost minus the corresponding assets income function .Namely :futures price spot price = + financing cost - dividend income generally, when the cost of financing and dividend yield with continuous compound interest expression, index futures pricing formula is: F = Se ( R-Q ) ( T-t ) :F = futures contracts in the time when t value ;S = futures contracts underlying asset at time t value ;r = to T time due to an investment ,time t is continuous compounding risk free interest rate ( % ) ;q = dividend yield ,with continuous compound interest meter ( % ) ;T = futures expiration time ( year ) t = now ( year ) is considered one of the S & P 500 index 3 monthsfutures contracts.
If used to calculate the index of stock dividend yield conversion for the continuously compounded rate of 3% per year,the S & P 500 indexvalue of 400,continuous compounding the risk free interest rate of 8% per year.
Here r = 0.08 ,S = 400 ,T-t = 0.25 ,q = 0.03 ,the futures price F is: F = 400e( 0.05)( 0.25)= 405.03 we willcall this equilibrium futures price theory futures price ,actual because the model assumes that the conditions are not Can fully meet ,therefore may deviate from the theoretical price .
But if these factors into account ,www.nikeairfoamposite1.com,so the empirical analysis has proved practical and theory of futures price futures price did not significantly different. Stock index futures trading strategy of stock index futures investment strategy has a lot of kinds ,but basically nothing more than speculation ,reduce or avoid the risk of three .
Those seeking to market risk ,stock index futures provided a very high risk of opportunity. One simple speculation strategy is the use of stock index futures market forecast market trends with a profit.
If the expected market prices rebound ,investors will purchase of futures contracts and anticipated futures contract price will rise ,as opposed to investing in stocks ,the low cost of transaction and high leverage ratios so that stock index futures to attract more investors.
They also consider buying the trading month contract or invest in the Hang Seng Index or index futures contract .Another conservative speculation method is the use of two index difference between to arbitrage ,if investors expect the real estate market will pick up, but at the same time hope to reduce the market risk ,they can use the property classification index and the Hang Seng Index to arbitrage ,hold estate .
The Hang Seng index positions and short positions to arbitrage .Similar methods may also use the same index but different contract months to achieve .Usually forward contract market reaction is a short-term contract and index for large .
If they believe the market index will rise but not to bear the consequence estimation error ,he can buy future contracts while at the same time put there months ;but should pay attention to long-term contracts may be affected by trading weak effect with low liquidity risks to opportunities .
The use of different indices for investment diversification ,can reduce risk but also reduce the rate of return. A conservative investment strategy ,the final results may be at risk of not completely avoid to any return.
Stock index futures can be used as hedging portfolio risk ,namely the hedge the price risk from hedgers transfer to the body. This is a kind of economic functions of futures market hedging using futures .
Is fixed to the investor portfolio value .If in the portfolio of stock price fall with the price is fluctuant, investment loss of one can be made from the other side of the profit to hedge .
If profit and loss is equal ,the hedge is called a perfect hedge in the stock index period .The goods in the market, the perfect hedge will bring the risk-free rate of return. In fact ,the hedge is not so simple ;to obtain complete hedging ,stock portfolio return completely ,such as stock index futures returns.
Therefore ,the utility of the hedge factors: ( 1)the stock investment the portfolio return volatility and stock index futures contract the relationship between return rates ,which refers to the stock portfolio risk coefficient ( beta ) .
( 2)index of the spot price and futures price gap ,the gap is called the base .In hedging period, the base may be large or small ,if the base change ( this is the common case ) ,he may not be fully hedged ,greater BP change ,a perfect hedge is smaller.
There is no stock to provide a futures contract ,the only current market provides is the designated stock index futures investors hold the stock portfolio .If the price following the index and point difference fluctuant will affect the hedge success rate .
There are basically two types of hedge transaction :sold (sell ) the hedge and Zhang ( purchase ) into the hedge .Sell hedge is used to secure the future stock portfolio prices. In this type of hedge ,hedging Sell futures contracts ,this can be fixed future cash price and the price risk from stock holding combined transfer to the futures contract the buyer who were selling hedge .
One is investors expected the stock market will fall ,but investors ignored sell stock ;they can sell stock index futures to compensate stock holding of the expected loss. Buying hedge is used to secure the future purchase of stock price changes.
In this type of hedge ,hedgers buy futures contracts ) ,such as fund managers forecast market will rise ,so he wants to buy a stock ;but if used to buy stock fund is not immediately be supply ,so he can buy futures index when there are enough funds ,will sell the stock and purchased the stock ,futures income would be offset by higher prices to buy stock cost.
The following examples can help readers understand the speculation ,price ,selling and buying hedge hedge .( 1):a speculative investors expected the market will be one month after the rise ,investors B is expected to market will decline .
Results :investors a in 4500purchaseda month Hang Seng index futures contract .Investors B in 4500to sellthe same Sample contract .If end settlement point higher than 4500 point,investors will gain a second loss.
But if the clearing point of less than 4500 points,the result is contrary. Must be noted that investors do not have to wait until the settlement was open, they can always contracts to change positions or the empty case.
( 2)post :now consider the two consecutive day on January and February, the Hang Seng index futures prices .In January February date group difference in December 10th 40004020 + 2012on 11 August40104040 +30 in December 10th,investors in the market upward optimistic attitude ,and pay attention to the long month contracts on stock market index is more sensitive to the change .
Therefore ,investors in December 10th purchased the February contract and sell contract in January January and in December 11th investors to buy the contract and sold the contract in February .
He was 20t = 00 (from goodstorehouse won ) ,and loss of 10t = 0 (from the short positions in loss ) ,a net gain of 0 (3):selling hedge investors assumed that holds a portfolio of stocks ,the risk coefficient ( beta ) was 1.
5 ,and the current value of ten million .And the investor worries will take place next week trade negotiation results ,if the talks fail to reach an agreement will On the adverse market ,therefore ,he wants to fix the portfolio value .
He used to sell the Hang Seng Index Futures to protect their investment .The number of contracts should be equal to the present value of the stock portfolio risk coefficient multiplied and divided by each futures contract value.
For example ,if the futures price of 4000 points,each futures the contract value of 4000t = 0000 ,but the stock composite coefficient multiplied by market value of 1.5t00 million= 00 million,therefore ,00d0000 or75 contractsused to hedge is required if the talks collapse .
The market fell 2% ,the stock market investors should fall 1.5t2% = 3%or 0 Hang Seng index futureswill also follow the stock market fluctuations and decline in 2%t4000 = 80 and80t =0when investorsat the same time per contract open repurchase 75 contracts,can be achieved 75t00 = 0000,just off stock portfolio loss .
Note this example assumes that the portfolio of stocks exactly as expected ,with the Hang Seng Index fell ,that is to say the risk coefficient accurate ,in addition ,also assume the futures contract and the index point or balance unchanged.
Classification index futures to hedge may sell more manageable ,because investors can control part Market risk ,the investment in a classification index has great related stock plays an important help .
( 4)buying hedge ;fund managers will receive regular investment fund .He received in new investment fund, he predicted that the coming weeks will be &quot ,&quot ;bull market ;in this case he it can be used to buy hedge to fixed stock price ,if the four weeks after the expiration of the current month Hang Seng Index Futures for 4000 points ,while the fund manager is expected to be three weeks after receiving 0millioninvestment funds, he can be in the purchase ,000000d( 4000t) = 5 contractsif he expected correct .
,market rise from 5% to 4200,he now unwinding gains for the (4200-4000 )tt5 =0contracts,using the five futures contracts revenue for compensation price rise loss ,in other words ,he can be three weeks before the stock price to buy stock .
Stock short selling mechanism and stock index futures stock short selling mechanism in developed markets such as the United States has a long history ,investors such as short a stock ,the stock broker from the hands of others to borrow the shares in the market to sell ,hope later the shares are purchased back and returned ,to earn post .
Obviously the short-selling mechanism actually .When in the introduction of stock futures trading, risk management is more difficult to many ,many countries and regions are cautious attitude ,I believe our country in a long time not to introduce the short-selling mechanism.
Some experts so worried that once the stock index futures in our country started trading, because of lack of short-selling mechanism caused by the stock index futures and the stock price continued to diverge ,appear to manipulate behavior.
Theoretically, this kind of worry is not without reason. Stock index futures and reasonable price and stock price should maintain a arbitrage theory defined range, both the price once the deviation from this range ,arbitrageurs can enter city carries no risk ( or low risk arbitrage ) for example in the stock index futures trading .
Higher than the reasonable prices ,arbitrageurs can sell futures ,at the same time according to the index proportion of buying a corresponding number of stocks ,in the futures expiration date settlement can obtain arbitrage profit .
But when this kind of arbitrage is unprofitable ,the stock index futures price has been pulled back within a reasonable ,efficient market thus obtained embodiments .On the other hand,Air Formposite One, in the stock index futures is lower than the reasonable prices ,buying futures arbitrage requirements and proportionally short-selling index constituent stocks ,the apparent lack of short selling Mechanism will make this arbitrage transaction cannot be performed ,futures prices might thus long time low.
In actual operation ,the author thinks the short-selling mechanism lack does not cause the stock index futures is long-term on the low side ,because the open fund especially index funds and other large investors will now is &quot &quot ;natural ;arbitrage in stock index future arbitrage .
Pricing theory ,at a reasonable price to buy the stock index futures, and then buy short-term bonds ( or bank ) the result is equal to buy index funds .So if the stock index futures price below a reasonable level ,index funds can according to the proportion of index funds to sell short-term bonds ,while buying the corresponding amount of futures ,the comprehensive rewards will run beat the index ,and the risk is the same ,the risk-free arbitrage of index fund is extremely attractive .
Open-end funds though not index funds ,but its stock holdings is often a large blue-chip, therefore and exponential correlation is extremely high, thus the open-end fund also can use this trading strategy in recent years index arbitrage .
Fund become increasingly popular in the United States ,is a U.S. stock index return is considerable ,on the other hand &quot ;ahead of &quot ;fund performance is not satisfactory .While the assurance of not less than the return index and can be more than one point on the fund investors are more attractive.
This kind of fund in the stock index futures prices low often bought a large number of futures price to a reasonable level until the United States .S&amp ;P500 index futures in 80 time often appear longer the low price of the time ,90 yearshave not seen, and this index funds and other large institutional investors arbitrage is there directly.
Instead, although the United States the short-selling mechanism is developed ,but the stock short selling cost higher purchase cost ( including the cost of borrowing for stock ) ,so do not hold the index of pure arbitrageurs ,in futures the lower price arbitrage trading less instead.
Our current closed-end funds have index fund, the last year of redound is very considerable .And the open-end funds will also be in the stock index futures introduced before .Therefore the introduction of stock index futures market will not be for lack of arbitrage investors ,therefore it is impossible to appear long time price twisted.
How to use stock index futures to hedge ?Stock index futures can be used to reduce or eliminate the systematic risk of the stock index futures .Hedging is divided into hedge selling and buying hedge hedge selling stock holders .
( such as investors ,underwriters ,fund manager and so on ) to avoid the fall in share prices in futures market to sell the assets, buying hedge refers to the shares held by the individual or institution ( such as intended by subscription and the acquisition of another home business company ) to avoid shares rose in the futures market to buy the assets.
Use index futures to hedge the steps are as follows: first ,calculate the total value of the stock .Second ,to expire in August futures price as the basis to calculate the hedging contract number required .
For example ,the hold 20 stock,the total market value of $129000 ,due on the futures contract price is 130.40 ,a futures contract amount is 130.40X500 =$65200 ,therefore ,need to sell two futures contracts.
Third ,Air Jordan 4,at maturity, while the implementation of unwinding ,and settlement ,hedging .How to trade stock index futures ?We the current stock market ,is a single market .The stock market rises all the time to make money ,Nike Air Formposite One Shoes,or when we all feel helpless to lose money .
Stock index futures ,will make the stock market has become the Bilateral market .Whether the stock market goes up or down ,as long as the prediction is accurate, can make money. Therefore ,to the individual character ,the stock index futures market will be a have a brilliant future market .
First ,when individual investors to predict the stock market will rise ,can buy the stock to increase position ,also can buy stock index futures contract .This in two ways the accurate forecast can profit .
In contrast ,trading stock index futures transaction fees are cheaper. Second ,when individual investors to forecast the stock market will decline, can sell the stock ,also can sell a stock index futures contract .
Sell spot is the previous book profit into actual profit ,is unwinding ,when the stock market is really down, no longer able to profit .And sell the stock index futures contracts ,is from the future correctly predicted profit, is the opening act .
Because of the short selling mechanism ,when the stock market falls ,even if the hands no stock ,also can sell stock index futures contracts to obtain profit .Third ,to hold stocks of long-term investors for some reason ,or not out of stock investors ,the short-term market prospect of bearish when, can be through the sale of stock index futures ,spot market continues to hold Warehouse at the same time ,locking in profits ,the transfer of risk .
Trading stock index futures and many trading stock income less than benefits. Individual investors for stock often difficult and worry about, neither the insider information reference ,and the lack of a full and comprehensive technical analysis and fundamental analysis ;and institutional investors ,in capital is also in the absolute the disadvantages.
Therefore ,Nike Air Foamposite One,can get with the big city synchronous average profit is a good choice ,the specific approach is stock index .For trading stock index futures is equivalent to the stock index, and the city of sync ;in addition ,trading stock index futures also disperse the risk of stocks, really do not put all your eggs in one a basket.
Individual investors to the stock index futures ,the first is to choose a reputable futures brokerage company to open a personal account ,the account opening procedures include three aspects ,the first is to read and understand.
The risks of Futures Trading Manual ,in the brochure signature ;second with the futures brokerage companies signed the futures brokerage contract ,obtains the customer code ;third is deposited into the account margin account ,after can place an order transaction .
And stock trading ,stock index futures margin system Stock index futures contract .If the margin of 10% points ,each worth 100 yuan. If in 1500to buya stock index futures contract ,contract value is 150000 yuan.
A $150000 bond is multiplied by 10% ,equivalent to 15000 yuan ,the margin is the customer as the position guarantee performance bond ,must be paid .If the very next day .Rose to 1550 points ,then the customer performance bond for $15500 ,at the same time, earning 50 points,the value of 5000 yuan .
Losses that day settle ,this 5000 yuan in the settlement after the designated to clients account, it is a daily mark-to-market system .Similarly ,if there is a deficit ,must also be that day settle.
Effects of individual investors in the stock index futures is the main factor contract value and futures market norms .The contract value is greater ,can have the strength to participate in individual investors less.
Market norms to make the market risk is small ,this will improve the investors to participate in futures trading in the market actively. Stock index futures and stock market different 1 stock index futurescan be short selling.
Stock short selling is a prerequisite must first from the hands to borrow a certain number of shares of stock short selling transactions in foreign countries .For a more stringent conditions ,and index futures trading is not.
In fact more than half of the index futures are included with short trading positions .For investors, the most attractive place is a short mechanism ,when the expected future stock market general trend will show drop posture ,investors can actively rather than passively waiting for the stock market bottomed out ,so investors in the market fell can also dosomethinpreviouslyunreleased .
2transaction costslow. Relative spot transaction ,the stock index futures transaction cost is quite low,Air Jordan water quality on-line automatic sample, in foreign countries only stock transaction cost about 1/10. Index futures transaction costs include :trading commissions ,bid-ask spread ,for the payment of deposit ( also called according to the gold ) the opportunity cost and possible tax .
The United States a futures trading ( including positions and unwinding of the transaction ) charges only $30. 3higherleverage ratio .The higher leverage that collect margin ratio is low.
In the UK ,for an initial margin of only 2500 poundsfutures trading account ,it can be carried in the financial times 100 (FTSE-100 )index futures trading volume of up to 70000 pounds,leverage ratio of 28 : 1.
4the liquidity of the markethigher. Research shows ,index futures market liquidity is obviously higher than that of stock market .In 1991 ,FTSE-100 index futures trading volume has reached 85000000000 pounds.
5 stock index futuresto execute cash settlement .The futures market is established in the stock market based on the derivative market, but the futures delivery carried out in the form of cash ,or in the delivery only calculation of profit and loss and transfer in kind, in the futures contract delivery investor completely without having to buy or to throw the corresponding stock to fulfill contractual obligations ,which avoids the delivery time stock market crowded city &quot ;&quot ;phenomenon.
6generally speaking,the stock index futures the market is focused on according to the macro economic data for sale, and the spot market is focused on according to the individual company of business.
Major world stock index futures introduction standard .The S & P 500 index standard .The S & P 500 index is up to the standard .The S & P company in 1957 started compiling.Initial stocks from 425 ,15 railroadindustrial stock stock and 60 public stock.
From the beginning of July 1, 1976 ,the composition change from 400 industrial stocks,20 transportationindustry stocks ,Air Foamposite 1,40utilities.Industry stock and 40 financial stocks.It from 1941 to 1942 as the base year,base index for 10,using the weighted average method to calculate ,to stock listing of weights ,weighted by base .
With the Tao. Jones industrial average stock index ,standard .The S & P 500 index has a wide ,sampling representative strong ,high accuracy ,good continuity and so on ,are generally considered to be an ideal stock index futures contract bid.
Standard contract unit :$500 XS&amp ;P500 index of stock priceminimum price change :an index of 0.05 points( $25 per contract) daily price limit :with the stock market listing related stock trading halt coordinated.
Contract month :3,6,9,12:8: 30 inmorning trading time afternoon 3:15(Chicago time) the last trading day : the final settlement price to determine the day working day before delivery method :according to the final settlement price to cash settlement final settlement price by the contract ,the third Friday of the month when the S&amp ;P500 stock price indexconstitute stock market opening price decision.
The trading places: Chicago Mercantile Exchange ( CME ) .Jones average price index word Average price index .Jones .Jones average ,is currently the most familiar people ,the oldest ,the most authoritative a stock index ,the base for the 1928 October l day,base index for 100.
Jones index is calculated after adjustment, is now using the divisor Amendment Act ,i.e. not directly with the base stock index as the divisor ,but according to the component changes to calculate a new divisor ,then use the divisor except during the reporting period, total price ,obtains the new stock index .
At present, .Jones industrial average stock index were divided into four groups : the first is the industrial average ,by 30 representative of the largeindustrial company stock composition ;second groups of the transport industry is the 20 railway companystock price index ;the third group is home to 15 public utility companystock index ;the fourth group for the comprehensive index ,was used prior to three groups of 65 stocktotal calculated index .
People often say .Jones stock index usually refers to the first group ,namely .Dow Jones industrial average .The British Financial Times Stock Index of Financial Times Stock Index is compiled by the London Stock Exchange ,and in the Financial Times published on the stock index according to the sample .
Stock data ,financial times stock index is divided into 30 stock index,100 stock indexand the 500 indexthree index .At present commonly used is the financial times industrial average stock index ,the index is composed of 30 kinds of representativeindustrial company stock ,initially in 1935July l dayas base ,later adjusted to April 10, 1962 as the base year ,base index is 100 ,calculated by the geometric mean method .
As a stock index futures contract is the object of the Financial Times index is with the market is more frequent in 100 samples of stocksindex compiled by the base ,for the January 3, 1984 ,the base index for the 1000 Nikkei stock averageNikkei stock average index began in 1949 ,it is by the Tokyo Stock Exchange listing of the first group of 225 Stockprices .
This by Japanese economy news Limited ( NKS ) calculation and management of the index ,by major international price report media ,and is widely used as a representative of the Japanese stock market reference in 1986 September.
,Singapore International Monetary Exchange ( SIMEX ) launched the Nikkei 225 Stock Index Futures ,become a major historical milepost .Thereafter ,the Nikkei 2 The 25 stockindex futures and options trading ,has become many Japanese securities investment strategy component.
Hongkong Hang Seng Index by the Hongkong Hang Seng Bank started in November 24, 1969 compiledto reflect Hongkong a stock index .The index constituent stocks by listed in Hongkong are more representative of the 33the company,in which the financial industry 4,utilities 6,industry 9,other 14.
The Hang Seng Index initially in July 31, 1964 as the base year ,base index for 100 ,with the number of shares issued stocks for weights ,is calculated using the weighted average method .After due to technical reasons to January 13, 1984 as the base year the base index ,scheduled for 975.
47 .The Hang Seng Index has now become the reflect of Hongkong political ,economic and social conditions of the main vane. How to deal with the stock index futures market risk of overseas experience shows that age ,the stock index futures is obviously better than the stock market liquidity ,leverage the risk is magnified ,coupled with the securities market linkage ,transaction risk with diversity ,extensive sex ,complexity.
Therefore ,risk control is the focus of attention .What are the first stock index futures risk The lack of domestic securities investors ,futures investment risk awareness .According to China Securities Depository and Clearing Corporation Limited on April Monthly Bulletin of statistics ,China account for a total of more than 7415 at present.
According to the 1% investors in the stock index futures to calculate ,amounts to 740000 people ,according to the 170 futures companyshare the client computing ,each will increase more than 4 customers.
This is undoubtedly the stock index futures growth laid a solid foundation .However ,they expanded the futures market capacity and also expanded the futures market risk scale. And domestic investors are lack of preparation ,lack of risk consciousness .
They used to spot trading of futures trading securities ,lack of common sense and awareness of risk control ,in a simulated stock index futures trading can occur in many investors habits trading spot month contract ,custom full warehouse transaction ,which will bring the delivery and security risks.
Secondly ,the risk of stock index futures and commodity futures risk is different .The introduction of stock index futures, futures companies under the risk at the same time ,will also face some unique risk :stock index futures one is to manage the risk.
The number of customers is very huge, through introducing broker ( IB ) customer identity difficult to determine ;Securities market is transferred from the customer ,not to change the habits of thought ,the full warehouse operation will bring huge risk to the futures company ;securities customer habits in recent months trading ,futures company delivery default risk .
Two is the transaction risk .The market volatility ,futures company an additional customer margin difficulty increases from the foreign stock index futures operation .In practice ,the risk of the stock index futures has a short ,sudden features ,the number of customers increases ,intermediate links increases and the risk of emergency ,the futures company to customer margin difficulty increases ,also served to increase the link statement because ,enabling customers to confirm the risk increases, the number of customers to compulsorily close the position when the sharp increase operation difficulty is greater ,Nike Air Foamposite Pro too tired lights go down,plus commodity futures regulations for compulsory position closing rules make specific difficult operation .
Three is the technical risk of stock index futures .Large number of customers to increase the system capacity ,easily lead to place an order information jam ,delay or not to receive transaction returns phenomenon ,damage the interests of customers .
Four stock index futures is a systemic risk. The main political factors and policy changes in surface ,the exchanges and clearing houses emergencies ,home market and international market sudden event caused by a futures company shall be heavy .
Point guard risk should train the investors and the initial account management .The domestic futures companies in the largest staff but 200 people ,business outlets of only 10 ,while a China Merchants Securities is operating 56 outlets ,about 800000 customers .
In order to cope with the large number of customers to open accounts may ,in addition to increasing business outlets ,classified when outdoor ,also developed strict and IB brokerage business rights and obligations ,strengthening of IB and customer training.
Therefore ,special recommendations on China Futures Industry Association to develop the account-opening documents ,and make the introduction process ,reveals the risks of copy material ,unified extend to the futures company in two to set up a computer .
The mandatory buy-in stock system .Futures client amount is much ,the risk is big, compulsorily close the system is to be on guard risk. Strengthening cooperation with the IB margin .In the margin on the customer credit classification ,the establishment of classification margin system ,to accept a high percentage of margin clients consider fee concessions.
Three should make full use of to ensure Jin Cun tube system ,ensure obligation of notification and transaction settlement only to confirm .Customers will be through investment inquiry system query statement of requirements ,to the legal angle from the laws and regulations .
Under the customer through the investment system query statements, in the specified time has not challenged as confirmation. Now revised Regulations on the management of futures is the corresponding sound.
Four in hardware and software assurance .Banks ,securities ,futures transfer fund between issues ,recommendations for early coordination of futures companies and software business ,IB bank ,the cooperation between the partners .
And software ,suitable for the development of large-scale bulk trading ,clearing ,grading opening and hierarchical risk control level two management subsystem ,the soft hardware upgrades ,expansion of the research and preparation.


Monday, 14-May-2012 09:33 Email | Share | | Bookmark
The 2010 Summer leisure clothing four big trends

Warm and free summer has finally come! Everywhere filled with happy and cheerful atmosphere,Air Jordan 6 Fill people without words, love fashion of people most want to know is this season which is not as popular trend, let the street fashion master tell you the latest wave of casual attire! People at their leisure life engaged in various activities in the clothing.
And sportswear has quite a large proportion of the overlapped. Are often used interchangeably. Casual wear is also associated with a modern way of life are highly correlated, the importance of quality of life, emphasizing the leisure life important values led to casual wear fashion.
The typical casual clothes T-shirt, jeans, denim skirt, blouse, plaid flannel shirt, trousers, cotton socks, shoes, seems to be the United States and Italy. The design and production of casual wear in the most impact on the world, jeans is casual clothes in one of the most important modern.
A new fashion category name, is a sports clothing styles,http://nikeairfoamposite1.com/, such as tennis, jogging equipment, golf equipment and so on. Is sportswear and daily life service union, commonly used in the morning fist fuck, mountain climbing, hiking and so on.
Leisure clothing features must be able to withstand a long timeThe sun and sweat erosion, Xihan ventilation, lasting color wear-resisting, modeling and comfortable. With the fitness craze in the global fashion,エアジョーダン11 but life in this thing, leisure clothing would rise.
Leisure clothing, seems to be undergoing a change. "Industry sources,nike zoom hyperfuse 2011, this year, leisure apparel industry including casual apparel, casual fashion is leap. 2010 leisure sports apparel the trend is more fashion, we say &quot " leisure sports; specifically, sports apparel brands inside sports life, sports and leisure clothing, in the movement of the premise, attached with many elements of fashion.
The main reason lies in the designer according to the difference of the product, find the market demand for the breakdown, do deep movement casual sex, and to make it unique fashion. He said with deep feeling, before consumers buy mainly talk about the function of sports apparel, brand products to suit, the color generally only blue black white, bright color.
And designer in the sports apparel industry take the lead in the use of bright colors, played the new fashion. In addition to a large LOGO, the big letters,www.nikeairfoamposite1.com, stones and other fashion elements added, just to love sports fashion needs.
Secondly, subdivided professional - movement of civiliansMore professional clothing subdivision, is also a sports concept upgrade to a certain extent will appear phenomena. When people pay more and more attention to sports and fitness time, learned to play tennis in the tennis shirt to wear rather than basketball clothes to wear, badminton badminton shoes instead of running shoes?? motion,エアジョーダン6, is no longer put on the sweater can be done,エアジョーダンレトロ, it is more important to choose the sports apparel.
Third, motion is the dominant spirit if you insist to sports brand fashion elements and movement of elements plus a percentage of the words, the most reasonable number should be how much? Senior expert said moving element and function 70%.
Movement sport, leisure and leisure sports apparel. Can take leisure elements, but the theme is surely movement. 2010 Summer leisure clothing trend of course, into the more cultural elements, is a sports apparel more fashionable one aspect, but also allow movement of the subject position is more distinctive.
" Nike leisure sports spirit, is the " fashion leisure,Air Jordan 11 I know your birthday, sports function in combination with the brand, although very casual, but to those who really can not do without movement of the crowd.


Saturday, 12-May-2012 09:53 Email | Share | | Bookmark
The natural hall natural beauty, you have to find how much suppo

Often story home shopping .Almost every time to see a few dysmenorrhea ,weight loss post floating in the home ,but also very hot, have not .Look, this could not help curiosity ,finally open look, the results surprised ,actually is the same store advertising ,Hunan satellite TV is very obvious.
Encyclopedia of recommendation of L-carnitine and cocoa powder 21dayweight loss of 12 kg 281 /3292 in front ofintention to see Hunan TV encyclopedia says a recommend the use of L-carnitine and cocoa to lose weight ,and the germination of diet to the West wood doctor said on the Internet to buy this stuff ,search ,find a natural hall natural beauty shop bought back ,first I was so brave to face the dysmenorrhea ,you come on that day, I was pleasantly surprised again and again 780 /6547original eachmonth official holiday when he started by the pain, pain in the hands and feet to eat anything ,because of pain and sudden fainting and vomiting ,always want to play hate acne ,there has been little tone ,originally wanted to try the dysmenorrhea barrel ,after listening to a friend said that with the above Taobao rose capsule is good,Air Jordan 4, on Taobao found a natural hall natural beauty beauty dispensers ,introduced my situation to help me introduce Rose Capsule ,took a bottle of back here and I want to try the natural hall natural beauty sister say thank you sister ,thank you for let me meet you ,let me have such a good product ,so the obvious soft, don in the community has for so long ,and so many people see .
With curiosity, I went looking for a find, a contrast be, there are actually 8 /9newsposts ,???????5,I also lost 28 pounds.A morph slender Ladies ( hehe 449 /5043from 09 years inJuly, should be regarded as I officially to lose weight .
In the community around the top ,a MM to write the experience that use natural hall natural beauty sister baby thin down ,it is no side effects ,try holding the attitude to learn under.
Search ,also really have the shop ,get the warm reception of dispensers ,service attitude is really good ,also must know my specific situation ,according to my own relatives with bitter gourd capsule ,lotus leaf powder ,the ginkgo tea ,I also selected a FX ,Air Formposite One I'm in a class of Wang Hao Yang. Summer vacation,I from 120 thin92 jins,radish legs can also become thin, small waist show _ _ clavicle 5001half a monthshe subtract 7 Jin ,it seems quite easy ,and no side effects.
I was reluctant Use the weight loss drug ,is to shoot on the body well, her for good, and no side effects ,nike zoom hyperfuse 2011,he also defeated points back. In Taobao found natural hall natural beauty sister store ,told her off my case ,very enthusiastic ,gave me many of the recommendations ,according to the circumstances and collocation the bitter gourd capsule ,red bean powder ,lotus leaf powder ,the ginkgo tea ,also give me details what ,how to take.
Is a baby and mother ,Air Jordan 5 iron,girlish figure Bust Firming recovery not relaxed restore elastic 879 / 5283so heconsulted ,in Taobao found a natural hall natural beauty dispensers shop ,???????4,listened to my situation ,teach me some methods ,with green papaya with Pueraria lobata is the best ,but said powder take inconvenient ,recommend the use of capsule ,back to my bag postage ,very good ,give me a lot of not know ,my stovepipe finally success .
This finally can wear skirt Photo 858 /7859at the beginning ofthese things is not very rough, heard their friends used to be good ,to try, to Taobao Search to a place called the natural hall natural beauty dispensers in the shop ,people very warm ,introduced to me a lot of ,listen to me .
Besides back after many suggestions ,in my case with some plants and flowers and tea powder ,http://www.airjordanjp.com/ I have earned one billion,red bean powder and Thunder God gingko tea .Specifically stovepipe ,balsam of not know what to do ,also lost a bit of whitening mask powder ,goodbye.
.. Toot face ~ ~ ~ dysmenorrhea .Endocrine disharmony of dark yellow .Acne .All over !908 /6332(this also for the best ) in Taobao find natural hall natural beauty sister ,very warm ,according to my condition, with some honey, rose essential oil soft capsules of course I have ,back to me with some weight loss ,balsam pear ,lotus leaf powder ,Adlay powder what ,s 0sexy beautydispensers : thin big to uncover the beauty is actually very simple 1609 /25710 thisarticle is written by herself ,said to be but 10.
1 isgo to his friends to play ~ then known under the ~ 100 ~!Little tummy is out ~ plus junior high school sports good ~ legs or coarse ~ disproportionately ~ so don wear summer dress ~ !Friend was on Taobao shop to sell is some natural weight loss powder ~ at that time just take a little bitter gourd powder + lotus leaf powder to use ~! Was not reported much hope to think it is when the friends care business ~ ,???????11!Actually, post time is Published in the 2009-08-07 19:12,do not know her 10.
1 which is10.1,even prior to the year 08 year10.1,but her time to sell is very obvious ,the shop ,is her own. But this is only the first few pages of the story in the advertisement text


Saturday, 12-May-2012 09:53 Email | Share | | Bookmark
You don't like to eat mango

Today the university entrance exam ~ today is too busy to play in the foot, get dizzy of Department of Dan Xuan classroom see table set for two degrees of mango,nike zoom kobe 7 today so hard, that I buy to you,Air Jordan 3, just you don't like to eat mango? Or immature? In fact,Kobe bryant olympic shoes, daily to buy fruit to the market in order to you, like lady went to the market to buy send Gan,エアジョーダン11, don't buy D what good.
And so many fruits are bought,www.nikeairfoamposite1.com no one would put him as pajamas,Nike Lebron 8,ナイキエアジョーダン including leisure and ease of cap, do you like to eat D baa fruit, only to see what has not bought you can try it. E + daily to buy fruit give you has become my daily to do both with one thing, actually have
insisted with half a month, you and send text messages and tell me what you like to eat D,エアジョーダンレトロ, really helpless HH today use mobile phone image low with you fine D phase, because this kind can see you every


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