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股指期货再松绑发出哪些信号:吸引更多长线资金入市

2017-09-18 07:36:40   中国经济网

上周五中金所进一步放宽了股指期货交易限制。业内人士认为,此举将扩大量化基金的规模空间,对以上证50和沪深300为对冲标的的策略带来利好。(相关报道>>>中金所:下调股指期货交易保证金与手续费标准)

有助提高期指活跃度

时隔7个月,股指期货迎来了年内的第二次松绑。根据中国金融期货交易所上周五消息,自9月18日起,沪深300和上证50股指期货各合约交易保证金标准,由目前合约价值的20%调整为15%;沪深300、上证50、中证500股指期货各合约平今仓交易手续费标准,由万分之九点二调整为成交金额的万分之六点九,降幅25%。(点击进入>>股指期货吧)

相较今年2月17日的松绑力度“日内过度交易行为监管标准从10手调整为20手,沪深300和上证50股指期货各合约非套期保值持仓的交易保证金标准由40%调整为20%、中证500股指期货各合约非套期保值持仓的交易保证金标准由40%调整为30%,平今仓交易手续费由万分之二十三调整为万分之九点二”,此次股指期货的松绑力度有所减小。业内人士认为,虽然调整幅度有限,但此次松绑时间略超市场预期。

某私募基金经理表示,此次松绑措施降低了交易成本,有助于恢复股指期货流动性。近期伴随沪指突破3300点重要关口,股指期货连续两周升水,创近两年来升水持续时间的新纪录,此次松绑将进一步提高股指期货市场活跃度。

另有业内人士表示,此次调整未涉及中证500股指期货的保证金比例,维持30%的比例不变,反映出现阶段监管层仍保持谨慎态度。

量化基金加速优胜劣汰

上海证券基金分析师王博生认为,年初第一次力度较大的松绑稳定了市场参与者的情绪,相比于年初,此次松绑力度并不算大。总体来看,保证金比例和手续费标准仍较2015年收紧前高出不少,但松绑继续提升股指期货的成交活跃度。另外,此次调整的沪深300和上证50股指期货的保证金比率,将对以上证50和沪深300为对冲标的的策略带来利好,而套利类策略受到的影响并不大。

另一方面,王博生认为,股指期货经历从严格监管到有序放开加速了量化投资领域优胜劣汰、产能出清的过程,这对于投资者来说未尝不是一件好事。股指期货限仓之前许多私募量化策略同质化严重,许多选股能力并不出色的投顾通过衍生品套利也可以取得不错的收益,股指期货限仓后,许多alpha能力不强的私募选择退出量化领域,能够生存下来的私募均有自己独特的看家本领,能够通过选股来抵消负基差的影响。

业内人士表示,松绑股指期货短期内有助于扩大量化基金的规模空间,增加市场上的中性策略,吸引机构投资者再度入场。长远而言,有助于充分发挥期指的套期保值功能,从而进一步吸引长线资金的入市。加上目前股票市场的估值水平已相对合理,市场运行逐步恢复常态,中金所此举有助于促进股票市场的健康稳定发展。

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