| As to stock index futures, as a representative of the financial derivatives, has beenlaunched, our financial market will appear more and more hedge, arbitrage, statisticalarbitrage and other complex trading strategies. Implementing these strategies need the useof the program’s way to trade. The basic function of the futures market is to avoid risks anddiscover price, programming trading can not only accurate risk management, optimize thecombination investment, also be able to overcome the weakness of human, improve theefficiency of the market. In addition, program trading can cultivate the institution investors.It is helpful to change a single investors’ structure of our futures market. In the developedforeign futures market, as investors actively research and development new trading modeland exchanges constantly improve the trading system, the proportion of programmingtrading volume increased and almost all of the investment managers use programmingtrading system to assist trading and asset management. In China, because of the singlefutures product, inflexible trading system, programming trading development is slow.In this paper, I used the method of theory research and the empirical analysis to findthe necessity and feasibility of developing programming trading in our futures market. Atthe same time I put forward some advises to developing programming trading. There aresome programming trading development problems, but as long as the system andmechanism construction fully prepared to avoid the appearance of the human factors, thenegative effect of the programming trading can be reduced. Stones from other hills mayserve to polish jade, in foreign mature futures market, the operation of the management,supervision, have already accumulated a lot of experiences. We can use the resources ofthese advantages, so that China’s programming trading can emerge with a more fullstandard. Better service is good for national economy, and it can promote the socialistmarket economic system. |
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