The Term "CSI" Refers To The Maximum Amount Of Orders Per Unit To Cope With Abnormal Events.

In view of the frequent abnormal fluctuations in the futures market recently, the China Financial Futures Exchange (hereinafter referred to as the "CICC") decided to further improve the trading mechanism, cancel the immediate revocation order and the immediate spanaction surplus spanfer limit instruction in the market price instruction type, and reduce the maximum order quantity of stock index futures, treasury bond futures price limits and market orders.

After studying, since April 5, 2017, CSI 300, SSE 50 and CSI 500 stock index futures contract limit orders have been adjusted to 20 hands each time, the maximum order quantity has been adjusted to 10 hands; the 5 year and 10 year treasury bond futures contract limit orders have been adjusted to 50 hands each time, and the market order has been adjusted to 30 hands.

In recent years, stock index futures, Treasury bond futures The overall operation of the market is stable and orderly, but due to various reasons, the market has fluctuated frequently. In order to promote the smooth operation of the market, CICC's 31 day announcement has made further improvements to the trading machine in the near future: first, cancel the immediate revocation order and the immediate turnover limit order in the market price instruction type; two, reduce the maximum order quantity of the stock index futures limit order and the market price order from the current 100 hand and the 50 hand to 20 hands and 10 hands respectively; three is to reduce the quantity of the Treasury bond futures limit order and the market price order to 200 hands and 50 hands respectively to 50 hand and 30 hand respectively.

As for the adjustment of the trading order, Shi Guangda, general manager of the southwest Futures Research Center, said: "personally, the reduction of the maximum number of orders per instruction is not a restriction on customer spanactions, nor will it limit the volume of spanactions in the market. After all, customers with large demand can still achieve spanactions through a number of orders.

　　 Shi Guang Da At the same time, in fact, the vast majority of customers do not pay much orders for each spanaction. Especially when using market price instructions, few customers write large orders. Reducing the maximum number of orders per order can prevent customers from affecting the market price by knocking the wrong price and knocking the wrong number. In the absence of current market liquidity, this measure helps maintain market stability.

"This adjustment to the maximum quantity of a single order is not a restriction on trading, but also a better protection for investors." Liu Bin, deputy manager of CITIC futures research and consulting department, said that due to the lack of liquidity and depth in the current market, each order is too large to cause abnormal fluctuations in market prices. Investor Bring losses. It is beneficial to smooth the fluctuation of the disk and protect the interests of investors.

Previously, the "involved" institutions related to abnormal volatility of the index have been taken measures. CICC announced that it had taken regulatory measures on Xingye futures on 30 th. The reason was that the company made a big buy and sell spanaction for its information management products at the price limit, resulting in a sharp fluctuation in the IC1706 contract price of the CSI 500 stock index futures in March 17th.

CICC also said that the adjustment of the trading mechanism is aimed at reducing the instantaneous fluctuation of prices caused by large single volume spanactions in inactive contracts. Next, under the premise of effective prevention and control of risks and stable operation, we will continue to track and monitor the market operation, constantly improve the trading mechanism, continue to improve market liquidity and promote the function of financial futures market.

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