基础知识

了解交割日效应减少交易风险

日期:2016-02-22
了解交割日效应减少交易风险
 
什么是交割日效应呢?自从推出了股指期货交易以后,有关“交割日效应”的讨论就一直很多。所谓的“交割日效应”是指在某个股指期货合约的交割日临近时,参与期货交易的多空双方为了争取到一个对自己有利的合约交割价,运用各种手段对期货乃至现货价格施加影响。
 
特别是因为股指期货合约按规定是以股票现货指数为参照,通过现金进行交收,这样在最后临交割时,现货指数对股指期货就几乎是起到决定性的作用,因此也就会有大资金进入现货市场,导致股指大幅震荡,从而形成“交割日效应”。
 
在股指交易的交割日,大量的平仓行为可能诱发股指的异动,因此投资者需要谨慎操作,规避风险。对于股指交割日的看法,专家机构众说纷纭,有的专家分析称交割日的确存在交易量异常放大的现象,但价格效应在经济上并不显著,价格反转的程度均在交易成本的范围之内,即便是产生了异动,也会很快恢复正常价格。
 
不过依据具体数据看,普遍的分析师认为交割日当天是风险较大的,正面反面的影响皆有可能,分析称最好不要去持有临近交割的合约,应该提前转移到下一个主力合约中去。

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