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      财经资讯 | 原油 | 黄金 | 白银 | 外汇 | 期货 | 贵金属 | 现货 | 网站地图
      您的位置:首页 > 白银 > 股灾反思:期指存在制度缺陷

      股灾反思:期指存在制度缺陷

      2017-11-20 09:51:25 作者:admin 点击:

      而期指交易不需要交收实物,是现金交割,尤其在网络及计算机技术高度发达的今天,往往可以在现货期指多重市场同时做空,而不是套保。行业分析师很难推荐个股,因为齐涨齐跌,因为纳入了所谓的中证500ETF,如果对应的中证500期指大幅下跌,那么个股不论好坏一起下挫甚至一起跌停。因为对期指交易者而言,不会考虑500只股票中哪个好哪个坏,哪个有泡沫哪个有价值,期指交易只把500只股票当作一个标的物,甚至作为一个赌注下单。因为不能让小众市场,小额资金来误导证券交易市场明天的方向。其他金融机构不能直接设立为股票市场的融资产品,凡是特许经营的其它准金融机构也不例外,其余机构行为则视为非法。

        股指期货的影响力大风险大,还在于它和商品期货不一样。商品期货本质上才是真正的套期保值,包括所谓的价值发现,因为其最终是实物交割,投机盘只是过路客。而期指交易不需要交收实物,是现金交割,尤其在网络及计算机技术高度发达的今天,往往可以在现货期指多重市场同时做空,而不是套保。

        现在,行业分析师很难推荐个股,因为齐涨齐跌,因为纳入了所谓的中证500ETF,如果对应的中证500期指大幅下跌,那么个股不论好坏一起下挫甚至一起跌停。因为对期指交易者而言,不会考虑500只股票中哪个好哪个坏,哪个有泡沫哪个有价值,期指交易只把500只股票当作一个标的物,甚至作为一个赌注下单。为此建议:

        一、期指品种的交收要和目前股票现货市场一样T+1(衍生产品,从实盘而来);

        二、按交割期逐渐提高持仓保证金比例;

        三、为维护已经开设的股指期货,建议只保留上证50期指,因为基本是大盘蓝筹股;

        四、期指交易时间和股市交易时间一致;

        五、如果交易时间仍维持在现货盘后15分钟休市,建议期指如果贴水超过2%,当日强行交割。因为不能让小众市场,小额资金来误导证券交易市场明天的方向;

        六、证券市场融资渠道应归券商一家所有,按不同评级从1:0.5到1:1为上限。其他金融机构不能直接设立为股票市场的融资产品,凡是特许经营的其它准金融机构也不例外,其余机构行为则视为非法;

        七、对于对股票的做空,建议以设定一定比例的融券为主,这样看空就是单一的,做空就是点对点的,而不是采用500只股票整体有价值或整体有泡沫来判断,甚至对高频交易而言,一分钟前看空500只股票,一分钟后同时看好这500只股票,再一分钟后又同时看空这500只股票.....这对现货交易者显然是不公平的。(本文作者系上海交通大学多层次资本主场研究所所长)

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