StockIndexFuturesSeries

1、 stockindexfuturesseries 茆懿心博士drjennifermaothesingaporeinternationalmonetaryexchange(simex)announcedonaprilthatitwouldlaunchinaugustastockindexfuturescontractbasedonthesingaporestockmarket.inaddition,italsoplanstocomeupwithtwomorestockindexfuturescontracts,oneonthethaistockmarket,andtheotheronthemal

2、aysianstockmarket.thismeans,verysoon,smallinvestorswhohaveaviewonthebroadmovementsofthesethreemarketswillbeabletoputtheirmoneywheretheirbeliefsare.quiteanumberofpeoplewouldstillrememberthecollapseofbaringsgroupinthehandsofroguefuturestradernickleeson.someofthemmayassociatewordssuchas”speculation”,”f

3、utures”,”leeson”morewithgamblingthanwithfinancialcentres.whilesuchaviewmaybedifficulttochange,weshouldquicklypointoutthatafinancialderivativethatcanbeusedforspeculationcanalsobeeffectivehedgingtools.tomakeapoint,letmerepeataknownfactaboutthegermantennisplayersteffigraf.whengrafwasinthefinalroundsofm

4、ajortournaments,herfatherwasknowntobetagainsther.somesportsjournalistsspeculatedthattheseniorgrafwassuperstitious.butibelievethathewassimplyhedging.thewinningfromthebetwoulddefinitelydulltheanxietywhengrafwasonthevergeofbeingdefeated.ofcourse,thejoyofvictorywouldalsobedampenedbythelossonthebet.butth

5、enhowoftendowehearpeoplewhohavesurvivedaterminsurancesay:”ishouldnothaveboughttheinsurance!”thisseriesaimstoenhancesmallinvestorsunderstandingofthestockindexfuturesingeneralandthesimexmscisingaporestockindexfuturescontractinparticular.selectedissuesrelatedtostockindexfutureswillbediscussed.theyareou

6、tlinedbelowandwillappearinthefollowingsequence:*speculatingwithstockindexfutures*hedgingusingstockindexfutures*arbitrageusingstockindexfutures*mscisingaporefreeindex*thehistoryanddevelopmentofstockindexfutures*simexandinvestorprotection*simexmscisingaporestockindexfuturescontractstockindexfutures(si

7、f)contractshavebeenaroundforoveryears.institutionalinvestorsarefamiliarwithsuchaproduct.thetargetedreadershipofthisseriesisthesmallinvestor.wewillillustrateinthenextarticlehowaninvestorwithaviewonthebroadmarketmovementcanusesiftoprofitfromhisbeliefifitturnsouttobecorrect.therisksandadvantagesofsifas

8、aspeculativeinstrumentwillbehighlighted.thethirdarticleoftheseriesexplainshowastockinvestorcanusesiftohedgeagainstanticipatedmarketcorrections.wethenpresentinthefollowingarticleanactualexampleofprogramtradingwherehandsome,risklessprofitwasmadethrougharbitragingbetweenthespotmarket(i.e.thestockportfo

9、lio)andthefuturesmarketusingspsifcontracts.theexampleservestodemonstratehowarbitrageactivitieshelptocorrectthemis-pricinginthemarketplace.manyinvestorsmusthavemanyquestionsfollowingafterthesimexannouncement.whatisthisindexcalledmscisingaporefreeindex?whatstocksareincluded?howisitcompiled?bywhom?whyi

10、sitchosenoverthefarmorefamiliar(atleasttothelocalinvestors)straitstimesindustrialindex?willitbesusceptibletomanipulation?thefiftharticleofferssomeanswers.sincethekansascityboardoftradeintroducedthefirstsifin,manysifcontractshavebeentradedonvariousexchangeswithvariousdegreesofsuccess.oursixtharticlew

11、illprovidethehistoricaldevelopmentofthisveryinnovativefinancialderivative.hopefullywecandrawontheexperiencesofotherexchangesandmakethesimexmscisingaporesifasuccessfulone.smallinvestorswillnaturallybeconcernedaboutthemeasurestakenbysimextosafeguardtheirinterestagainstunfairpractices.wewilldescribethe

12、riskmanagementmechanismsofsimexinoursecondlastarticle.finally,wewillconcludetheserieswithathoroughexplanationofthecontractspecificationofthesimexmscisingaporestockindexfutures.(thewriterisseniorlecturerofthedepartmentoffinanceandaccounting,nusaresourcepanelistofsphschinesenewspapers.)股价指数期货新加坡国际金融交易

13、所于月日宣布，将于今年月推出一个以新加坡股市为基础的股价指数期货合约，也将在月推出另外两个股价指数期货合约，一个以泰国股市为基础，另一个则以吉隆坡股市为基础，这意味着：对本国、泰国、马来西亚等股市的全盘走势具有看法的小投资人，很快地就会有以具体行动就其看法下注的机会。记忆好的人在听到“股价指数期货”时，可能立刻想起了栽在日经指数期货手里、把霸菱数百年基业毁于一旦、如今还在樟宜监狱服刑的利森。“投机”、“期货”、“利森”都是容易引人反感的字词，所以，在读者还没有鄙视或不屑地发出“哼”的一声、拒绝读下去之前，让我们赶紧说在前头：能拿来“投机”的金融衍生工具，也都能用来避险。也容我在此重复一个故事：

14、网球女将格拉夫的父亲就是以“赌”来买“保险的，格拉夫的父亲在女儿参加重大比赛时，总是下注赌女儿会输，不懂期货原理的体育记者们都以为他迷信，认为赌女儿输球，女儿就会赢球。其实，这些记者们错了，对一个赌客来说，赌格拉夫是赢是输可能只是投机、一个发财梦，但对格拉夫的父亲而言，它却是一纸可以避免心脏病突发的保险单当女儿在球赛中落败时，他可能从庄家那儿赢到的钱肯定有一定的慰抚作用，绝对可以帮助降低血压、松弛神经。当然，如果女儿赢了球赛，那高兴的程度也会被赔掉的赌金冲淡些许。所以，“水可载舟，亦可覆舟”也适用于期货上：“期货可拿来投机，也可用来避险。”我们将以一系列的文章帮助读者了解股价指数期货的应用。照理说，我们应该先解释股价指数的涵义、为什么不选择股民熟悉的海峡工商指数；再追溯股价指数期货的渊源与发展历史；接着介绍即将推出的指数期货的规格与有关的买卖规则等。然后，我们应该说明投资人可以如何利用股价指数期货来投机、避险、套利；最后再谈谈其他的相关问题，例如新加坡股价指数期货的交易会不会使新加坡股市的波幅加大，甚至把新加坡变成东方的美国赌城拉斯维加等等。但是，我们相信读者最关心、最急于知道的应