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为了分享中国经济快速发展的成果,境外机构纷纷抢注中国股指类衍生品,境外机构推出中国股指类衍生品,不仅会增加境内股指类衍生品市场发展的难度,也可能导致中国股指类资产定价权的丧失。日本、中国台湾及中国香港应对境外相应离岸股指类衍生品市场的经验表明,通过合理地设计合约,完善交易规则和降低交易成本等措施,可以有效地减轻离岸股指类衍生品市场对本土衍生品市场的影响。因此,中国应在借鉴其他国家和地区应对境外相应的离岸股指类衍生品市场的经验教训的基础上,发挥后发优势,进一步修改完善沪深300股指期货合约并尽早将其推出,使其能更好地满足投资者套期保值、套利及投机的需求,从而在推出后能吸引更多的投资者。
In order to share the fruits of China’s rapid economic development, overseas institutions have been rumored on Chinese stock index derivatives. The introduction of Chinese stock index derivatives by overseas institutions will not only increase the difficulty in the development of the domestic stock index derivatives market, but may also result in the pricing of Chinese stock index assets The loss of power. The experience of Japan, Taiwan, China and Hong Kong in coping with the overseas corresponding offshore index derivatives market shows that by properly designing contracts, improving trading rules and reducing transaction costs, it can effectively reduce the impact of the offshore stock index derivatives market on local The impact of derivatives markets. Therefore, based on the experiences and lessons learned from other countries and regions in coping with the corresponding offshore offshore market, we should give play to its advantages as a latecomer and further revise and perfect the CSI 300 stock index futures contract and push it forward as soon as possible To better meet the needs of investors, hedging, arbitrage and speculation, which will be introduced to attract more investors.