| The Efficient Market Hypothesis(EMH) is built based upon Newton linearization analysis paradigm of static mechanics, where a financial market is considered as a linear isolated system and the hypothesis argues that investors react to the markets informations by linear. A large number of empirical results are based on the theory,however, is not ideal, and the knowledge of which about the essential characteristics of financial markets has certain limitations. Contrasted sharply with the EMH, the Fractal Market Hypothesis(FMH) assumes that the market belongs to a nonlinear, open,dissipative system, and that investors at the markets response to the informations by nonlinear. Moreover, the FMH also believes that a market is both overall deterministic and partial stochastic at the same time and fractal characteristics of the markets can reveal dynamics of price fluctuations. Therefore the EMH is just a special case of the FMH, and the latter in the very great degree to make up for the inadequacy of the EMH.Since CSI300 stock index futures have traded officially in April 16, 2010, CKS500 stock index futures introduced after five years. On one hand, the introduction of CSI300 and CKS500 stock index futures enable China’s capital markets have more diversified short tools; on the other, as the stock market systemic risk circumvention tools, the two stock index futures itself breed new risks. Therefore, the in-depth studies of CSI300 and CKS500 stock index futures and understanding the nonlinear dynamics features of their technical analysis parameters could be able to reveal the essence of microstructure of two futures markets, which is beneficial to the two markets both working more efficient and markets supervision, risks prevention and control. So in this paper, starting from the big four assumptions, comparative analysis of nonlinear dynamics characteristics of the CSI300 and CKS500 futures markets is carried out by using a variety of technical means of nonlinear science. |
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