The futures contract code is usually four digits, with the first two digits being the year and the last two digits being the month. For example, IF 1005 is a contract delivered in May 20 10. Futures are all like this, with delivery dates, soybeans, cotton and other futures. It is different from stocks, but it is actually equal to the delisting of stocks, just the delisting of stocks with poor performance. You can see the instructions in F 10.

There is also the "curse of cutting the sun." A few years before the domestic financial futures were blank, the "delivery day curse" of A50 index futures was first introduced by Singapore Exchange (SGX), which was popular for a while, and explained several sharp falls in Shanghai and Shenzhen stock markets in 2007, such as "2.27" and "5.30". In fact, in June 2007, the A50 index futures with the top 50 domestic listed companies as the target reduced its multiplier from $65,438+00 to $65,438+00, equivalent to $65,438+00, and the total monthly turnover in February and May of that year was only 73,654,300 respectively. In other words, A50 index futures, which are mainly designed for QFII to invest in the domestic stock market, are just "hype themes" because of the lack of a solid transaction foundation.

However, in Taiwan Province Futures Exchange, which just launched Taiwan Province-weighted stock index futures, it did happen that speculative funds suppressed the settlement price on June 5438+065438+ 10, 2000, resulting in huge losses for "National Security Fund". However, the Taiwan Province Futures Exchange changed the calculation of the final settlement price from the opening price to the weighted average price of the trading volume of index stocks10/0 in 20010, and the maturity effect has been obviously weakened since then.

In addition, in the Southeast Asian financial crisis at the end of last century, in order to resist the impact of international hedge funds headed by Soros on the local foreign exchange and stock market, the Hong Kong SAR government also launched a final decisive battle with Hang Seng Index Futures on expired contracts and subsequent contracts, which led to sharp price fluctuations.

These are not groundless "delivery day spells" in the stock index futures market. It is not difficult to find that most of them occur in stock index futures markets such as Taiwan Province and Hongkong, which are dominated by overseas funds, and this "delivery day effect" is rare in European and American financial futures markets.