BTC impact of futures delivery
Publish: 2021-03-28 07:00:37
1. This is a matter of time. Now many of them have been checked. I suggest you be careful!
2. Nothing. It's all brainwashing and deceiving. You also believe that if people cut leeks, you'll be honest. If you don't make money by buying RMB, you can make a lot of money by buying them. It's strange that people like you won't be cheated!
3. On the delivery date of stock index futures, generally speaking, there will be a delivery date effect, or maturity date effect, delivery date curse and so on
the so-called & quot; The curse of delivery day;, That is to say, on the settlement day of stock index futures, the trading volume and volatility of futures and spot will increase significantly. The reason is that stock index futures use cash delivery, arbitrage trading and position shifting trading will occur on the same day, resulting in fluctuations in the spot market. The most obvious performance is the sharp drop in the spot market
delivery: the transfer of spot goods between the seller of futures contract and the buyer of futures contract. All exchanges have specific proceres for the delivery of spot commodities. Some futures contracts, such as stock index contracts, are settled in cash
delivery date: - the date on which the parties agree to exchange money. According to the rules of the Chicago Board of trade, the delivery date is the third day in the delivery process. The contract buyer's clearing company must deliver the delivery notice together with a full amount certified check to the office of the contract seller's Clearing Company on the delivery date. Delivery in futures means that when your futures contract is e, you need to make physical delivery. That is, when the futures contract is e, the seller should perform his ties according to the law stipulated in the contract, and the buyer should pay for the goods in full. Generally used for legal person
The Curse of delivery date is the "maturity effect", which is common in overseas markets. In mature markets, the "triple witch effect" often occurs, that is, when stock index futures and options mature, some trading phenomena that are different from usual occur. Relevant studies found that: in the last hour of the simultaneous maturity of all index derivatives contracts, there will be an abnormally large trading volume and small stock price volatility. In the last half hour before the closing of maturity, the trading activity of S & P500 stock decreased significantly, and increased significantly in the opening stage of maturity. It is worth mentioning that before the official launch of stock index futures in China, Singapore launched Xinhua FTSE A50 stock index futures. Even if it was as far away as Wanli, the delivery date of A50 futures still had an impact on a shares. Among them, in the last round of bull market, several deep-seated falls of investors, such as "2.27", "5.30" and "6.27", were related to the maturity and delivery of Singapore FTSE A50 Index futures contract to a certain extent. A50 is highly correlated with the Shanghai Stock Exchange 50 index. The impact of its delivery date on a shares has won it the nickname of "A50 curse"
the so-called & quot; The curse of delivery day;, That is to say, on the settlement day of stock index futures, the trading volume and volatility of futures and spot will increase significantly. The reason is that stock index futures use cash delivery, arbitrage trading and position shifting trading will occur on the same day, resulting in fluctuations in the spot market. The most obvious performance is the sharp drop in the spot market
delivery: the transfer of spot goods between the seller of futures contract and the buyer of futures contract. All exchanges have specific proceres for the delivery of spot commodities. Some futures contracts, such as stock index contracts, are settled in cash
delivery date: - the date on which the parties agree to exchange money. According to the rules of the Chicago Board of trade, the delivery date is the third day in the delivery process. The contract buyer's clearing company must deliver the delivery notice together with a full amount certified check to the office of the contract seller's Clearing Company on the delivery date. Delivery in futures means that when your futures contract is e, you need to make physical delivery. That is, when the futures contract is e, the seller should perform his ties according to the law stipulated in the contract, and the buyer should pay for the goods in full. Generally used for legal person
The Curse of delivery date is the "maturity effect", which is common in overseas markets. In mature markets, the "triple witch effect" often occurs, that is, when stock index futures and options mature, some trading phenomena that are different from usual occur. Relevant studies found that: in the last hour of the simultaneous maturity of all index derivatives contracts, there will be an abnormally large trading volume and small stock price volatility. In the last half hour before the closing of maturity, the trading activity of S & P500 stock decreased significantly, and increased significantly in the opening stage of maturity. It is worth mentioning that before the official launch of stock index futures in China, Singapore launched Xinhua FTSE A50 stock index futures. Even if it was as far away as Wanli, the delivery date of A50 futures still had an impact on a shares. Among them, in the last round of bull market, several deep-seated falls of investors, such as "2.27", "5.30" and "6.27", were related to the maturity and delivery of Singapore FTSE A50 Index futures contract to a certain extent. A50 is highly correlated with the Shanghai Stock Exchange 50 index. The impact of its delivery date on a shares has won it the nickname of "A50 curse"
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5. It's better not to touch this thing. It's not safe
6. A: it can only be said that in most cases, the index will fall on the delivery day, but not all of them. There are also some rising
generally, the futures price is higher than the spot price, that is, the premium. By the delivery date, both long and short sides will try their best to balance their positions. When the futures price is close to the spot price, the bull's desire to close the position is higher and the price is easier to fall. The futures index market will affect the spot price and drive down the spot market
from: Du Zhijun
generally, the futures price is higher than the spot price, that is, the premium. By the delivery date, both long and short sides will try their best to balance their positions. When the futures price is close to the spot price, the bull's desire to close the position is higher and the price is easier to fall. The futures index market will affect the spot price and drive down the spot market
from: Du Zhijun
7. The delivery date of futures has no effect on the stock market, because the delivery date of futures refers to the date when commodities must be delivered, not the trading date of stocks. It has nothing to do with the demand of stocks and has no effect on stocks&# 8205;
the delivery date of futures refers to the date when the delivery of commodities must be carried out. In commodity futures trading, indivial investors have no right to keep their positions until the final delivery date. If they do not close their positions by themselves, their positions will be forced to close by the exchange; Only the spot enterprises that apply for hedging qualification and approve from the exchange can keep their positions until the final delivery date and enter the delivery procere.
the delivery date of futures refers to the date when the delivery of commodities must be carried out. In commodity futures trading, indivial investors have no right to keep their positions until the final delivery date. If they do not close their positions by themselves, their positions will be forced to close by the exchange; Only the spot enterprises that apply for hedging qualification and approve from the exchange can keep their positions until the final delivery date and enter the delivery procere.
8. Historically, if the position before the delivery date has not been reced, and the price difference has changed in recent and far months, it indicates that there may be funds who want to "take action" on the delivery date, and the initiator is often the dominant party, and it is possible to rise or fall sharply. Compared with stock index futures, on the settlement day of stock index futures, the trading volume and volatility of the target index increase significantly, which is the maturity of stock index futures delivery period. The fundamental reason for the maturity effect is that index futures are settled by means of cash delivery, while the interaction of arbitrage closing, hedging transferring and speculative traders' desire to manipulate the settlement price proces the maturity effect on the final settlement day
as China's securities and exchange law stipulates that short selling of stocks is not allowed, arbitrage only occurs when the price of stock index futures is higher than the spot price. Arbitrage traders sell stock index futures and buy spot. For the arbitrage who still hold spot on the e date of futures, it is necessary to clear the stock according to the futures settlement price. If there are more arbitrage traders, the selling pressure will appear at the same time, which will exert downward pressure on the index
for hedgers, when the contract is about to expire, they need to transfer the short contract to other months, so there will be certain pressure on the futures contract price in the month before the contract expires, and the price discovery effect of futures will be transmitted to the spot index. The speculators of the contract hope to make the spot price develop in a more favorable direction as far as possible on the final settlement day, so as to achieve the purpose of making profits or recing losses. Therefore, speculators are willing to manipulate the price on the final trading day
under the influence of the above factors, the trading volume, volatility and yield of stock index futures on the maturity date are significantly different from the average level. According to statistics, the return on investment of stock bought on the e date of stock index futures is higher than the average level of other trading days; The return on investment of buying stocks in the first half month starting from the maturity date of stock index futures is higher than that in the second half month. From the statistical results, the maturity of stock index futures causes a depression effect of spot price
for some stock investors, the trading days after the maturity date of stock index futures can be regarded as a good time to buy stocks. Similarly, there is a slight premium on selling stocks between the two stock index futures maturities. At the same time, stock investors should pay attention to the number of positive arbitrage space dates in the month, whether there is a significant increase in positions on trading days with arbitrage space, and if possible, whether the number of empty orders held by institutions is relatively large. These factors may exert certain pressure on the spot index on the maturity date of stock index futures.
as China's securities and exchange law stipulates that short selling of stocks is not allowed, arbitrage only occurs when the price of stock index futures is higher than the spot price. Arbitrage traders sell stock index futures and buy spot. For the arbitrage who still hold spot on the e date of futures, it is necessary to clear the stock according to the futures settlement price. If there are more arbitrage traders, the selling pressure will appear at the same time, which will exert downward pressure on the index
for hedgers, when the contract is about to expire, they need to transfer the short contract to other months, so there will be certain pressure on the futures contract price in the month before the contract expires, and the price discovery effect of futures will be transmitted to the spot index. The speculators of the contract hope to make the spot price develop in a more favorable direction as far as possible on the final settlement day, so as to achieve the purpose of making profits or recing losses. Therefore, speculators are willing to manipulate the price on the final trading day
under the influence of the above factors, the trading volume, volatility and yield of stock index futures on the maturity date are significantly different from the average level. According to statistics, the return on investment of stock bought on the e date of stock index futures is higher than the average level of other trading days; The return on investment of buying stocks in the first half month starting from the maturity date of stock index futures is higher than that in the second half month. From the statistical results, the maturity of stock index futures causes a depression effect of spot price
for some stock investors, the trading days after the maturity date of stock index futures can be regarded as a good time to buy stocks. Similarly, there is a slight premium on selling stocks between the two stock index futures maturities. At the same time, stock investors should pay attention to the number of positive arbitrage space dates in the month, whether there is a significant increase in positions on trading days with arbitrage space, and if possible, whether the number of empty orders held by institutions is relatively large. These factors may exert certain pressure on the spot index on the maturity date of stock index futures.
9. The price difference is composed of the storage fee, tax, interest, etc. of the warehouse. If the futures and the spot cannot be synchronized at the time of delivery, a large number of spot deliveries will occur. One party is unwilling to close the position. For example, if the spot price is 1700 tons and the futures price is 2000 yuan tons, a large number of people will make the spot into standard contracts and sell them in the futures market, And the buyer is not open position, had to buy a large number of spot. On the contrary, if the futures price is 1700 yuan per ton and the spot price is 2000 yuan per ton, a large number of people will buy a large number of standardized contracts in the futures market and turn them into spot at the time of delivery. This will also cause a large number of people to turn the futures into spot, and the risk avoidance function of this market will be lost, Therefore, there is no storage and other expenses, so only when the spot and futures are synchronized, and the price difference is only a small amount of storage and other expenses, the buyer and the seller will close their positions and make up for the losses of another market from the profits of one market. I remember that a few years ago, as you said, there were not so many cash to be sold at a high level on the spot side, forcing them to close their positions at a high level. As a result, there were not many people to participate in this contract for several years. After the liquidity decreased, there were fewer people to participate, and the function naturally lost. After this situation happened, the exchange would force large investors to close their positions, The current system is sound, and generally it will not happen.
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