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股指期货松绑时机已成熟?

2017-09-08 08:06:56   中国经济网

漫画/王建明

深圳商报记者 吴玉函

就在市场高呼A股已经是大牛市前夜的同时,股指期货再度松绑的呼声也此起彼伏。业内人士接受记者采访时指出,一方面A股市场重心缓慢上移,股指期货的负面影响被证伪,另一方面,有必要适时适度松绑股指期货,引流大资金,活跃A股市场。

期指流动性一落千丈

9月7日,新华社主办的经济参考报在头版刊文指出,适度松绑股指期货时机正趋成熟。该报道指出,从当前情况来看,市场环境已较为稳定,投资者信心得到恢复,整个市场已具备进一步推进市场化改革、继续适度松绑股指期货的条件。

另据有关媒体报道,在证监会期货部主办的2017年上半年期货品种功能评估专业评审会上,证监会副主席方星海听取了各领域专家的意见,其中,基金公司代表指出股指期货存在市场参与主体不够多样化、交易限制过度等问题,让我们听到了业界对进一步放松股指期货限制性措施的迫切要求。

2015年夏天爆发的股市震荡令股指期货成为众矢之的。中金所为抑制过度投机曾连续数次出台调控和限制措施。经过数次上调,中金所对期指非套保持仓保证金提高到40%,平仓手续费提高至万分之二十三,相较之前整整上调了20倍。

在交易量方面,中金所认定非套期保值客户的单个产品单日开仓交易量超过10手的,即为异常交易行为,此前的日均持仓量在20万手左右。

监管紧箍咒骤然发力几乎令期指“名存实亡”,流动性接近枯竭。随后的两年多时间里,期货市场曾经的主力品种成交一落千丈,沪深300、上证50、中证500三大股指期货成交量和成交额均出现了平均90%的萎缩。期货公司、对冲基金等市场参与者纷纷陷入困境,艰难前行。

松绑呼声再起

流动性不足,股指期指难以发挥其保值避险的作用,市场对于放松期指监管的呼声越来越高。业内普遍认为,松绑只是早晚问题,现货市场相对平稳的时候,才是适合的时机。另外是逐步放开,不会一步到位。

事实上,今年初中金所已经开始全面松绑股指期货,从2015年9月2日开始的“限仓令”后,2月16日晚间中金所连发多道公告,自2017年2月17日起,将股指期货日内过度交易行为的监管标准从原先的10手调整为20手、不同程度下调非套保保证金、调整手续费为成交金额的万分之九点二等三个方面全面松绑股指期货。

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