仿真交易

说明虽然沪深300指数期货处于仿真交易，但其价格引导作用已经显现。

This shows , although 300 index futures are simulation trading , but it is a price guidance .

再进行Granger因果检验，得到上涨期和下跌期内沪深300股指期货仿真交易均领先于沪深300指数。而在调整期两者没有因果关系。

Then I Granger causality test again , get that during the fall period and rise period 300 index futures are leading to 300 index , and during the stable period the two are no causality .

对跨期套利，运用仿真交易的数据进行计算。

We only use simulation data to introduce the calendar arbitrage .

我国股指期货仿真交易市场有效性研究

Research on Effectiveness of China Emulational Stock Index Futures Market

研究发现仿真交易中套利机会多，套利利润率也较高。

I find that a lot of arbitrage opportunities exist in mock trading and the size of arbitrage profit is considerable .

所以我国政府在正式推出股指期货交易之前先在国内开展了仿真交易，以期从中发现问题，为股指期货的正式推出积累经验。

So the government carried out emulational stock index futures trades before the formal launch of stock index futures in order to find the problems and accumulate experience for the formal launch .

中国金融期货交易所为了使投资者对股指期货交易规则和风险的认识更加直观，更是早在2006年10月30日便推出了沪深300股指期货的仿真交易。

In order to make investors be familiar to the trading rules and risk of stock index futures , the trading simulation was introduced by China Financial Futures Exchange in October 30,2006 .

本章分析了沪深300指数期货的仿真交易中存在的无风险套利机会，同时结合国外成功的案例对不同品种的跨市套利进行了详细介绍，对开阔投资视野很有裨益。

This part analyzed the risk-less arbitrage opportunities in mock trading of CSI 300 stock index futures . In the same time , it also introduced inter-commodity spread strategy in different futures markets using a successful case .

沪深300股指期货推出以前，我国不少学者采用了仿真交易数据进行研究，结果发现现货市场在价格发现中居于主导地位。

Before the advent of stock index futures , many scholars in our country adopt the simulation transaction data for research , and find that the stock index spot market has a dominant status in information transmission .

中国已于2005年4月8日推出沪深300股票指数，中国金融期货交易所也于2006年9月8日在上海成立，股指期货仿真交易也在如火如荼的展开。

China has published Shanghai and Shenzhen 300 stock index on april 8 , 2005 , and China financial futures exchange has also set up in shanghai on September 8 , 2006 , simulated trading of stock index futures is in full swing .

并指出相对于国内学者的研究，本文将立足于真实的市场数据而非仿真交易数据，建立的模型也充分考虑现实成本及制度上的因素，使得结果更加具有现实意义。

Relative to the domestic scholars , this paper will be based on real market data rather than simulation of transaction data , and also the established model took the real costs and institutional factors into account in order to have more realistic meanings .

我国经过多年的筹划和对股指期货产品的仿真模拟交易，沪深300股指期货终于在2010年的4月30日这天与广大投资者见面了。

After years of planning and simulation products , the Shanghai and Shenzhen 300 stock index futures was traded , in 2010 , last April 30 .

而目前正在进行的仿真股指交易也经常出现偏颇的定价，可以猜测，在我国股指期货推出的初期，期现套利的机会将会频繁出现。

Now simulated trading of stock index futures prices wrong usually , you can guess , in the early stage of trading of Chinese stock index futures , the arbitrage opportunity of futures and spot will appear frequently .