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英国论文代写范文精选-Influencing factors and risk management of stock index futures

2016-06-27 | 来源:51due教员组 | 类别:更多范文

51Due英国论文代写网精选assignment代写范文:“Influencing factors and risk management of stock index futures”,这篇论文讨论了影响股指期货的因素和风险管理。股指期货就是以股票价格指数作为交易标的物的金融期货品种。随着加拿大股指期货开始上市交易,加拿大已经摆脱了股票市场“单边市”的情形。但是由于股指期货交易机制的特点,股指期货也蕴含着巨大的风险。一旦对股指期货运用或管理不当,就可能给投资者带来巨大损失,甚至扰乱国家的金融秩序。因此,如何有效防范与管理股指期货风险是非常重要的。

Stock base futures based on banal amount base futures trading as a banking accountable matter. With the Canadian banal base futures April 16, 2009 began trading, Canada has back got rid of the banal bazaar "unilateral market" situation. However, due to the characteristics of the apparatus of the banal base futures, banal base futures as well contains a huge risk.

Already the use of banal base futures or mismanagement, can accord investors a huge loss, and even agitate the banking adjustment of the country. Therefore, how to finer anticipate and administer the accident of banal base futures is decidedly important. Stock base futures are refers to the allotment amount base futures arrangement acclimation of accountable matter, the two abandon agreed on a specific date in the future, may be bent in beforehand in accordance with the admeasurement of the allotment amount index, trading the basal index. Risk of banal base futures banal base futures can be analyzed from two aspects itself and the investment process, from the aboriginal banal base futures itself, including the accident of three areas, namely, base risk, base accident is about to added banking futures appropriate accident acquired online writing.

In essence, the base reflects the time amount of money; Second, the accountable amount of the accident of banal base futures is the accountable amount of the accepted akin of prices of assorted stocks on the market, the appropriate attributes of the accountable amount of the architecture is its specific risks cannot be absolutely bound The reason, alone if the amount of stocks absolutely constant with the array and the appropriate index, in adjustment to absolutely be absolutely bound risks, and achievability in convenance it is about zero; Third, the accident of supply system, application the banknote adjustment of banal base futures way achievement of the liquidation. Compared to added aggregate of concrete supply to banknote banking derivatives products, there is a greater accident of the supply system.

The accident of banal base futures in the investment action is adverse include: First, the bazaar accident that, due to changes in the bazaar acquired by uncertainty; Second, acknowledged risk, due to the backward alpha of the Canadian banal base futures, the acknowledged arrangement is not perfect, consistent in a Abounding humans yield advantage of loopholes in the law to trade, such as in itself does not accept the adeptness to pay losses beneath a ample amount of continued or abbreviate positions, already the losses acquired by affairs aloft delivery; Third, banknote breeze risk, banknote breeze accident base futures trading process, due to futures trading to accept a "mark to market" approach, ie the amount of futures acclimatized already a day. If bereft allowance does not accomplish up the bearings in a appropriate manner, the trading arrangement will be afflicted to accessible the account, the broker would not be accepted to could cause damage. In addition, due to the amiss bazaar arrangement in Canada, authoritative Canada the banal base futures, compared with complete banking markets, there is a accident of a alternation of unique.

First, the accident barter alterity acquired by the basic structure, from an broker point of view, Canada assuming the archetypal characteristics of broadcast units, arch to the achievability of the actuality of "herding" the. Canadian institutional investors and aloft balance companies and armamentarium mainly through calm so that there is bazaar manipulation, actionable profits possible. Secondly, the accident of government intervention, because the Canadian banal bazaar with the "government-driven" Features, the government again on the banal bazaar "suppressing" and "rescue" the ambiguity will be affronted by government action in the banal bazaar uncertainty, which anesthetized banal base futures, banal base futures to accompany added abeyant risks. Stock base futures accident factors there are abounding online writing from both macro and micro aspects to assay several factors access the accident of banal base futures.

Numerous studies announce that the macroeconomic and banking ambiance is one of the important factors that access the accident of banal base futures.

Assay the appulse of macro factors on the accident of banal base futures, from the afterward aspects: Bread-and-butter globalization, banking liberalization has brought uncertainty. Transfer of all-around basic flows and assembly in me over the development of banking markets opportunities, it as well brings the accident of amusing instability, banking agitation and bread-and-butter crisis.

Already a accurate bazaar crisis, consistent in accident of overextension to the surrounding areas to the world, to the Canadian banal base futures bazaar acutely affected; while at the aforementioned time advance banking liberalization and banking development as well added banking fragility, banking airiness acquired crisis prompted the recession, consistent in the accident of banal base futures. The bazaar apparatus is not perfect. Banal base futures bazaar risks arising in the operation of banal base futures is due to accordant laws and regulations and mechanisms acquired by imperfect.

In the aboriginal canicule of the banal base futures market, the agnate accident in this amiss mechanisms produce, banal base futures ambiguity and arbitrage action is difficult to play, so that investors suffered losses.

The basic physique of investment. Canadian futures markets abide institutional investors bright trend, although institutional investors accept a avant-garde ambit of advice resources, avant-garde trading technology, able banking backbone and accomplished trading cadre and added advantages, can be able adjoin some risks, but already the accident appears, its amount of abuse is acutely serious, that allegorize the basic physique of the banking futures bazaar to accomplish a austere accident the adventitious of improving.

There are three types of banal base futures trading on the basic market: arbitrageurs, hedgers and speculators. Moderate abstract speculator, banal investors to about-face investment risk, and ambiguity opportunities for investors because the spreads offered, speculators accept a top risk, but as well get top returns.

Already the aloft calm is destroyed, it will affect the accustomed activity of the futures bazaar to abstain the accident function, astringent and even advance to banking crisis. Due to the low educational akin of the Canadian banal bazaar investors, the investment behavior of banal base futures with a lot of blindness, assuming able speculative, concise and assemblage resistance, which will assuredly accompany a accident of banal base futures is threat. Article that the specific causes of the accident of banal base futures including advantage and aberrant investment, amount animation and bazaar mechanisms are bare in several ways. Advantage and aberrant speculation. Because of the advantage aftereffect of banal base futures, banal base futures as well zoom in to enlarge the allowances of investment risk.

"Leverage effect" allowance assets in the addition apparatus if banal base futures, but as well to abounding alone investors abandoned the risks of futures trading, and non-rational speculation. "Leverage effect" as well aggressive some investors had "leverage" impulse. Amount volatility.

Amount animation is a absolute agency affecting banal base futures, banal bazaar factors such as political, bread-and-butter and added advance anon to changes in the banal amount base at the moment, uncertain. Prices accountable amount of the banal base futures bazaar may arise in common fluctuations will accept a greater risk.

Change the administration of amount fluctuations acquired by common ambiguity is the absolute antecedent of the accident of banal base futures. Due to the accident of banal base futures, both from macroeconomic factors and banking environment, but as well afflicted the basic aspects of the micro-investments, so we should macro, meso and micro levels to body three aloft banal base futures accident authoritative regime, so before , and afterwards a aggregate of accident administration mechanism, in a appropriate address to abstain risks.

The accepted macro-regulatory arrangement in Canada including government regulation, Futures Industry Association and the Futures Exchange, authoritative supervision, but due to the abridgement of the acknowledged system, a able faculty of the government, there are accessible problems of Canada is currently adapted banal base futures, banal base futures and accordingly body a macro-regulation arrangement should do: First, advance laws and regulations, bright the acknowledged obstacles, to accommodate acknowledged aegis for the barrage of banal base futures; Second, executive-led ecology apparatus to accomplish market-oriented authoritative apparatus to change; Third, advance the architecture of the Futures Industry Association, added band futures industry to play a role. Exchange is the basic banal base futures meso-level regulation, the seller, the buyer, hedgers, speculators accompany calm an able and alike manner, at the centermost of the absolute transaction action is the authoritative accident of the transaction aboriginal defense.

Clarify the accord amid the foundation and Futures Commission on the bright attributes of the exchanges, body a absolute accident aboriginal admonishing systems and accident administration systems. Strengthen the micro-level of banal base futures accident ascendancy is mainly reflected in two aspects.

First, to strengthen the company's futures allowance accident management, complete centralized ascendancy mechanism, advance agents ability and banal base futures trading skills, enhance agents able belief education, the enactment of column albatross system, drop administration system, banking and announcement systems. Secondly, to advance the superior of investors and strengthen accident awareness, losses may action at any time accept a top amount of alertness and able brainy endurance.

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