海外股指期货与卖空机制推出时间比较分析

Comparative Study of Timing of Introducing Index Futures and Short Selling System Overseas

在缺乏股票卖空机制的情况下,能否推出股指期货?本文着重分析全球主要市场推出股指期货和建立股票卖空机制的时间关系,认为不应夸大股票卖空机制的实际作用,强调股票卖空机制不是推出股指期货的前提条件,并且可以考虑先推出股指期货再建立股票卖空机制。

Is it likely to launch index futures when short selling system is not in place？ By a comparison of timing of launching index futures and short selling system overseas, it is believed that the effect of short selling system is not to be exaggerated. Short selling system is not a prerequisite of launching index futures. However, index futures can go ahead in stead.