Research On Pricing Right Of Stock Index Futures Based On The L-V Model

Stock index futures is a kind of financial derivative products rose up in the age of 1980s, it plays an increasingly important role in the international financial center and pricing center. Financial markets in many countries take it as an important bargaining chip to improve their competitiveness.So soon after the birth,there are a lot of financial markets created the futures products underlying stock price index in different places, to improve their competitiveness, at the same time, to seize the pricing right in remote stock index spot.This paper firstly reviews the research methods of the influence of listed on the stock index futures products in different places on the spot and futures in domestic market, and then takes the competitive relationship between local and remote stock index futures in grabbing market resources which seems like the competition between the biological populations grabbing their "food" as a basis, biological competition-LV model is applied to the competition of pricing of stock index futures,as to local and remote stock index futures competition, we establish a competitive model of trading volume, price competition model with delays and extended and a three-dimensional product competition---LV model,and get equilibrium conditions in the stability of the model.This paper proposes the concept of competitiveness coefficient to the relatively vague understanding of "pricing power", which measures the role of the pricing of stock index futures. using the gray Identified model of discrete methods to conduct parameter estimation and empirical analysis,the results indicate that in the competition,Shanghai and Shenzhen 300 Index Futures in China showing a distinct advantage compared with FTSE Xinhua A25 index futures products. However,in the competition with FTSE Xinhua A50 stock index futures products, they are well-matched, although the FTSE Xinhua A50 index futures trading volume is relatively bleak, but the price has shown a relatively weak effect on the advantage.This article last reviews the trading conditions of Shanghai and Shenzhen 300 stock index futures since its listing in, and the pricing problem of stock index futures is facing, and brings forward some development proposals for stock index futures in our countries to improve pricing power in the future.