中国金融期货交易所进一步完善套期保值交易管理| 中国金融期货交易所 http://www.cffex.com.cn/jysdt/20190322/23696.html
China Financial Futures Exchange further improves the management of hedging transactions:
Financial Futures Exchange (Abbr. CFFEX) issued the notice on 'Transaction Management Requirements on Hedging of Financial Futures'. The Notice will be officially implemented on March 25, 2019.
The person in charge of CFFEX introduced the 'Notice' to promote the standardized development of the financial futures market, strengthen the refined management of hedging transactions, improve the financial futures risk management function,
and meet the reasonable needs of market participants. Next, CFFEX will continue to track market dynamics, continuously improve the hedging management rules, improve market operation efficiency, and promote healthy, stable and sustainable market.
关于金融期货套期保值交易管理要求的通知| 中国金融期货交易所 http://www.cffex.com.cn/tqbzytlgl/20190322/23695.html
The long hedging trading:
For the non-futures company members and clients, the market value of long side contracts or the risk value shouldn’t exceed the asset value which planned to replace or the risk value.
The investment plan and the size of assets shall be specified in the hedging plan.
Market Opinion: # Further affirm the manage requirement for long hedging clients who adopt strategies such as buying index futures replacing stocks, which promote the institutionalization and diversification of long hedging clients, and also contribute to increase the market long positions.#
The short hedging trading:
For the non-futures company members and clients, the summation of market value of short side index futures, cannot exceed 1.1 times of the market value of all the composition stocks, ETFs and LOFs.
Market Opinion: # For stock-futures match, take all the futures’ positions as a whole, and loose the calculation of stocks market value, from the ETFs and the underlying composition stocks to all the compositions stocks, ETFs, and LOFs.
The changes should contribute traders to study more investment strategies by using the high correlation between different indexes.
For example, if investors hold the composition stocks of CSI300 index, after the new rule published, the investors not only can choose to use CSI300 index futures for hedging but also can choose to use SSE50 or CSI500 index futures for hedging. #