Zhu Yuchen: The initial setting of stock index futures is 500,000 as the entry threshold

May 2009 15-16th The second Lujiazui Forum was held in Shanghai's Pudong Shangri-La Hotel, the theme of the Forum is "global economic and financial market outlook". In the afternoon of May 16, "New opportunities in China's capital market", Zhu Yuchen, general manager of China Financial Futures exchange, said that recently CICC is developing a "system of qualified investors system", investors participate in stock index futures there are about three requirements, now set more than 500,000 customers can open an account,　　and stock index futures are not suitable for small retail investors. The following is a transcript of some of its statements: [Zhu Yuchen] Recently we are formulating and preparing to introduce a system called "the construction of qualified investor system". One lesson from the financial crisis is to sell the right products to the right investors. Like the big Lehman bonds, are trading between institutions, the understanding of the product between the institutions have been very laborious, Hong Kong has made a kind of invention, the Mini, the big demolition small, the small products sold to the hands of retail investors, to sell to ordinary people, the people do not understand. Hong Kong, which sells Lehman mini bonds, is at risk, possibly the product of the biggest impact of the Hong Kong financial turmoil. Is there a problem like this in our product? In the beginning we have to avoid small retail participation, we have adopted a big contract, the recent big contract on the basis of a new system, investors to participate in stock index futures there are about three requirements, the first requirement, investors have the money, there is a threshold to enter the market, to his risk bearing capacity, Our own financial requirements, we now set up more than 500,000 of customers can open an account. There are 500,000 of cash requirements, should say that they should have millions of of the assets.　　In such a group of customers such as the introduction of such stock index futures varieties, the threshold of investors have defined.　　[Zhu Yuchen] currently in the stock of customers, 500,000 of the following may account for more than 95%, or even 97%, 98%, such a small proportion of shareholders, so that the risk of the lower level of investors do not get involved in these products. [Zhu Yuchen] The second protection investors, is to have knowledge, each investor must go through the exam, we have a test, you do know the difference between futures and stocks, what is called a closed position, what is called forced flat, what call margin. Before I found many customers to change the futures spot, stock index futures as stock trading.　　In this way we force him to be familiar with this knowledge, so that investors are a great protection, up to less than 80 points, can not open an account. [Zhu Yuchen] Third, we require some practical experience. Must pass through five days of simulation, must go through more than 20 hands. In addition to just three hard conditions, we still have a number of reference conditions, elastic indicators, which have a commodity futures have no experience, dozen how many points, do stock how much experience. It is the first time in China that this system should be built on a strict system of new products in the world. I think this very prudent principle, the product has just opened, is very good. This is true from the perspective of investor interests, protect investorsAn important measure of interest.