Two new types of stock index futures were put to trading on Thursday on the China Financial Futures Exchange (CFFEX) in Shanghai.
They are the Shanghai Stock Exchange 50 A-Share Index (SSE50 index) futures and CSI Smallcap 500 index (CSI500 index) futures. They are designed to allow investors to bet on and profit from either gains or declines in the equity market, through buying or selling contracts of the two stock indexes at a present value on an agreed date.
China used to have only one stock index futures - Hushen 300 index futures for trading.
"The addition of the two new types has supplemented and reinforced the Hushen 300 Stock Index Futures, providing more choices for investors to hedge against risks, make more accurate hedging and diversify their investment portfolio," said Zhang Miaoning, managing director of Galaxy Futures, the first joint venture futures company in China.
The SSE50 contract for settlement in May, June, September and December opened at 3,058.8 points, 3,051.6 points, 3,036.8 points and 3,066.6 points, respectively.
The CSI500 contract for settlement in May, June, September and December began at 7,818.6 points, 7,830.6 points, 7,866.8 points and 7,928.8 points, respectively. More on: http://newscontent.cctv.com/NewJsp/news.jsp?fileId=291729
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