China's first stock index futures contract was to be
sized at around CNY405,000 ($51,000), suggesting it has been
tailored more towards institutional users than the country's
speculatively-minded retail traders.
The contract size, subject to final regulatory approval, was
announced by the recently inaugurated China Financial Futures
Exchange (CFFEX). The product was to be based on the existing
Shanghai and Shenzhen 300 Index, covering about 60% of the
market value of both exchanges' markets.
The index multiplier was to be CNY300, triple the size that
industry participants had speculated about in recent months,
giving the $51,000 valuation based on last week's index
position of 1,350.
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