金融期货合约规模设计研究

Financial Futures Contract Size Design

金融期货合约规模的大小会对市场交易造成影响。过小的合约规模将增加交易者的交易成本,而过大的合约规模却会阻止一些小额交易者进入市场,使得成交量减小,买卖价差价值扩大,市场交易效率降低。合约规模是否合理可通过比例法和合约风险价值法来判断。我国开展金融期货,可采用先大合约规模、后小合约规模方式进行。

Financial futures trading is sensitive to the contract size, as excessive small contracts are subject to relatively higher trading cost and excessive large contract usually block small contracts. This in turn results in lighter volume, greater price spread and lower trading efficiency The reasonable contract size can be determined based on rule of three and contract risk value rule. China, to introduce its futures trading, could initiate large contract size before small size