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关于指数future 和option的思考

关于指数future 和option的思考# Stock

j*h2010-01-05 08:01

1 楼

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f*r2010-01-05 08:01

2 楼

感觉指数future 就是二人对赌，MM赚手续费，一点实际市场用途都没有
比如SPX,VIX Future的买卖，没有实际市场用途，option也是对赌，但还是有实际市场
用途的。
觉得index future就是纯赌，就应该禁掉
大虾们有没有不同意见？

w*o2010-01-05 08:01

3 楼

First of all, it's futures, not future. if you read some futures 101,
especially how the commodity futures was invented and developed, you will
have a second thought. Stock index futures,is just a extension, to put it in
simple, the minimum function they serve is to hedge, just like using
commodity futures to hedge commodity price.
Well, more and more people trading futures without trading their underlying
is another story,just like people nake buy/sell options, but this doesn't
mean it's useles

z*e2010-01-05 08:01

4 楼

Index itself is not tradable. If you manage a large portfolio,
and somehow a market event happens and you need to sell the market,
the quick, easy and cheap way is to sell the index futures
(you can also short the ETFs, but the futures have much much
longer history than the ETFs)

【在 f****r 的大作中提到】

: 感觉指数future 就是二人对赌，MM赚手续费，一点实际市场用途都没有
: 比如SPX,VIX Future的买卖，没有实际市场用途，option也是对赌，但还是有实际市场
: 用途的。
: 觉得index future就是纯赌，就应该禁掉
: 大虾们有没有不同意见？

f*r2010-01-05 08:01

5 楼

commodity futures 是有实际意义的
stock index future其实就是二人赌博，没有实际意义

T*E2010-01-05 08:01

6 楼

index futures有意义，可以hedge自己的portfolio——类似option，不过没有option
的time decay，比ETF的leverage大，也没有3x, 2x ETF的decay (参考FAS/FAZ)
所以严格意义上说,index futures是最好的hedge工具！

f*r2010-01-05 08:01

7 楼

有道理，谢谢
对了，3x, 2x ETF的Decay如何处理呢？

option

【在 T*****E 的大作中提到】

: index futures有意义，可以hedge自己的portfolio——类似option，不过没有option
: 的time decay，比ETF的leverage大，也没有3x, 2x ETF的decay (参考FAS/FAZ)
: 所以严格意义上说,index futures是最好的hedge工具！