股指期货交易平台.doc

股指期货交易平台
several group number, then with b ± a, =c,c is is methyl b two vertical box between of accurate size. 始

S&P500指数期货合约

S&P500指数期货合约

结束

S&P500指数期货合约

S&P500指数期货合约

差额价值的变动
 —
 +
    正如套利者所料，市场上涨，远期即12月合约与近期6月合约之间的差额扩大，于是产生利润（+-）×500=250美元。
表2 股票指数期货多头跨期套利
（近期合约价格比远期合约价格上升更快）
近期合约
远期合约
基差
开始

S&P500指数期货合约

S&P500指数期货合约

结束

S&P500指数期货合约

S&P500指数期货合约

差额价值的变动
 +
 -
   在此多头跨期套利交易中，远期股票指数期货合约与近期股票指数期货合约的差额扩大，×500=125美元。
2、空头跨期套利
当股票市场趋势向下时，且交割月份较远的期货合约比近期月份合约的价格更容易迅速下跌时，进行空头跨期套利的投资者，买进近期月份合约而卖出月份较远的合约。如果股票市场趋势向下时，且交割月份较近的期货合约价格比远期月份合约的价格下跌快时，投资者就卖出近期月份期货合约而买入远期月份的期货合约，到未来价格下跌时，再买入近期合约，卖出远期合约。
表3  股票指数期货空头跨期套利
（远期合约价格比近期合约价格下跌更快）
近期合约
远期合约
基差
开始

S&P500指数期货合约

S&P500指数期货合约

结束

S&P500指数期货合约

S&P500指数期货合约

差额价值的变动
 -
 +
several group number, then with b ± a, =c,c is is methyl b two vertical box between of accurate size. Per-2~3 measurement, such as proceeds of c values are equal and equal to the design value, then the vertical installation accurate. For example a, b, and c valueswhile on horizontal vertical errors for measurement, General in iron angle code bit at measurement level points grid errors, specific method is from baseline to methyl vertical box center line distance for a,, to b vertical box distance for b, list can measured
several group number, then with b ± a, =c,c is is methyl b two vertical box between of accurate size. Per-2~3 measurement, such as proceeds of c values are equal and equal to the design value, then the vertical installation accurate. For example a, b, and c valueswhile on horizontal vertical errors for measurement, General in iron angle code bit at measurement level points grid errors, specific method is from baseline to methy