Arbitrage Tips: Futures Market Operation Guide: Futures Market Operation Guide

Author: Yin Xiaofeng
Publisher:
Publishing Date: 2002-10-01
Features: Economic globalization and regional economic integration have been the two major trends in world economic development since the 1990s, with the core of economic globalization being financial globalization. Compared to developed countries, China's financial market remains relatively underdeveloped. In recent years, with the accelerating process of marketization and internationalization in China's economic development, joining the WTO has objectively removed obstacles to this international trend. It can be said that China has stood at the threshold of an open economy. In recent times, China's capital market has been increasingly opening up to the world, and financial innovation has become a crucial issue determining whether China can integrate into the global economic tide. However, what constitutes financial innovation and innovative financial instruments remains largely unfamiliar to the general investor, and there are few popular books on this topic in China. Since the beginning of the 21st century, changes in China's capital market have been nothing short of remarkable: open-ended funds such as Huatai Innovation, Nanfang Steady, and Huaxia Growth have been launched successively, government bonds and foreign exchange trading have been enthusiastically pursued by investors, and index futures and second-board markets are on the horizon. QDII and QFII have recently become hot topics of discussion in the securities market. New investment products and trading channels are constantly emerging, offering investors an ever-expanding array of choices. Regrettably, with 50 million stock market investors in China, the domestic market still lacks high-level financial knowledge books suitable for the general public. As a senior executive at a securities company, I recognize that enhancing investors' understanding of financial investment tools is a key component of investor education. Therefore, I collaborated with colleagues from United Securities Co., Ltd. to organize a group of young scholars from Beijing, Shanghai, Guangzhou, and Shenzhen—individuals with both solid financial theoretical knowledge and extensive practical experience—to compile this financial reading series for the general public, the "New Financial Investment Tools Series." I believe these books will be well-received by investors.
The planning and compilation of this series spanned two years. Titled "New Financial Investment Tools Series," its defining feature lies in the word "new." What does "new" mean here? It encompasses two layers of meaning: First, newly introduced. Most of these financial investment tools originated in developed countries and have continued to evolve with the rapid pace of social development. The book introduces the trends in the innovation of financial instruments globally. Second, new developments. Some financial investment tools have long existed in China but have now seen new developments and will continue to evolve further in the future. Twenty years ago, the investment channels for ordinary Chinese citizens were limited to bank savings and government bonds. Ten years ago, China introduced stocks, and the number of stock investors grew. Five years ago, commodity futures flourished and gradually gained public recognition. Today, investment in funds and foreign exchange is on the rise, greatly expanding personal investment channels and diversifying investment options. In the foreseeable future, stock index futures and second-board markets are expected to launch, followed by financial options and offshore finance, which will gradually become accessible. For these emerging phenomena, our first step is to understand and master them, followed by participation, and ultimately, under certain conditions, adaptation and utilization. This series begins with fundamental theories and closely integrates theory with practice, providing readers with a sense of real-world application even after putting down the books.
This series comprises six books, covering hot topics such as investment funds, bond trading, foreign exchange trading, second-board markets, offshore finance, and commodity futures. The second volume will be carefully curated based on the future development of China's capital market and is expected to be released as soon as possible.
Investment Path: A Guide to Securities and Fund Operations introduces the basic knowledge of investment funds, the selection strategies, trading tactics, and investment orientations for closed-end and open-ended funds in China's securities market, as well as tips for buying open-ended funds.
Financial Magic: A Guide to Foreign Exchange Operations covers the basics of foreign exchange, analytical methods for foreign exchange trading, economic and political factors influencing exchange rates, and foreign exchange futures trading.
Financial Weapon: A Guide to Bond Trading explains the basics of the securities market, bond pricing, and investment techniques, offering high theoretical and practical value.
Strategic Planning: A Guide to Second-Board Market Operations combines China's practical context to study the functions of second-board markets, the conditions and procedures for companies to issue shares on these markets, financial planning and operational practices before listing, and trading systems and related issues. It serves as a practical reference for understanding second-board markets and engaging in market operations and investments.
Opportunity Discovery: A Guide to Offshore Company Operations focuses on the concepts and types of offshore companies, their advantages and characteristics, how to leverage offshore companies effectively, requirements for setting up offshore companies in different jurisdictions, the composition of offshore company service fees, and the process of registering offshore companies. The book is characterized by its novelty and practicality.
Arbitrage Strategies: A Guide to Futures Market Operations introduces the role and significance of commodity futures in China's economic development, as well as trading techniques and investment philosophies. It provides a detailed analysis of the principles and practical techniques of hedging, offering valuable guidance for both ordinary futures traders and businesses engaged in production, processing, and import/export. The book is highly practical.
It is difficult to cover all the content of this "New Financial Investment Tools Series" in detail, but readers can select according to their needs. Special mention should be made that all authors of this series are young scholars with high theoretical expertise, possessing both advanced international financial investment theories and an understanding of China's national conditions, making them elite figures in China's financial investment field.
This series aims to include nearly all the latest financial hot tools, covering current trends while also anticipating future developments based on China's financial market policies. The selection focuses on investment hotspots, the structure is tailored to China's financial market realities, and the writing is designed to be accessible. During the compilation process, it is inevitable that some omissions or oversights may have occurred. We sincerely welcome feedback from readers and expert peers.
The successful publication of this series is the result of the collective efforts of many people. I would like to extend special thanks to all colleagues at United Securities Co., Ltd. for their selfless contributions and insights, which have greatly enriched the series.