股指期货产生与发展的历史（摘）

发表于： 2009年7月13日 2019年11月20日
分类：投资

股指期货产生与发展的历史（摘）

股票指数期货是现代资本市场的产物，20世纪70年代，西方各国受石油危机的影响，经济发展十分不稳定，利率波动剧烈，导致股票市场价格大幅波动，股票投资者迫切需要一种能够有效规避风险、实现资产保值的金融工具。于是，股票指数期货应运而生。
自1982年美国堪萨斯期货交易所（KCBT）推出值线指数期货合约后，国际股票指数期货不断发展，目前是金融期货中历史最短、发展最快的金融产品，已成为国际资本市场中最有活力的风险管理工具之一。本世纪70-80年代，西方各国受石油危机的影响，经济活动加剧通货膨胀日益严重，投机和套利活动盛行，股票市场价格大幅波动，股市风险日益突出。股票投资者迫切需要一种能够有效规避风险实现资产保值的手段。在这一前景下，1982年2月24日，美国堪萨斯期货交易所推出第一份股票指数期货合约—-价值线综合指数期货合约。同年5月，纽约期货交易所推出纽约证券交易所综合指数期货交易。
1982年–1985年作为投资组合替代方式与套利工具。在堪萨斯期货交易所推出价值线综合指数期货之后的三年中，投资者改变了以往进出股市的方式—-挑选某个股票或某组股票。此外，还主要运用两种投资工具：其一，复合式指数基金（SyntheticIndexFund），即投资者可以通过同时买进股票指数期货及国债的方式，达到买进成分指数股票投资组合的同等效果；其二，指数套利（ReturnEnhancement），套取几乎没有风险的利润。在股票指数期货推出的最初几年，市场效率较低，常常出现现货与期货价格之间基差较大的现象，对于交易技术较高的专业投资者，可通过同时交易股票和股票期货的方式获取几乎没有风险的利润。
1986年–1989年作为动态交易工具。股指期货经过几年的交易后市场效率逐步提高，运作较为正常，逐渐演变为实施动态交易策略得心应手的工具，主要包括以下两个方面。第一，通过动态套期保值（DynamicHedging）技术，实现投资组合保险（PortfolioInsurance），即利用股票指数期货来保护股票投资组合的跌价风险；第二，进行策略性资产分配（AssetAllocation），期货市场具有流动性高、交易成本低、市场效率高的特征，恰好符合全球金融国际化、自由化的客观需求，为解决迅速调整资产组合这一难题提供了一条有效的途径。
1988年–1990年股票指数期货的停滞期。1987年10月19日美国华尔街股市一天暴跌近25％，从而引发全球股市重挫的金融风暴，即著名的“黑色星期五”。虽然事过十余载，对为何造成恐慌性抛压，至今众说纷纭。股票指数期货一度被认为是“元凶”之一，但即使著名的“布莱迪报告”也无法确定期货交易是惟一引发恐慌性抛盘的原因。事实上，更多的研究报告指出，股票指数期货交易并未明显增加股票市场价格的波动性。为防范股票市场价格的大幅下跌，各证券交易所和期货交易所均采取了多项限制措施。如纽约证券交易所规定道–琼斯30种工业指数涨跌50点以上时，即限制程式交易（ProgramTrading）的正式进行。期货交易所则制订出股票指数期货合约的涨跌停板限制，借以冷却市场发生异常时的恐慌或过热情绪。这些措施在1989年10月纽约证券交易所的价格“小幅崩盘”时发挥了异常重要的作用，指数期货自此再无不良记录，也奠定了90年代股票指数期货繁荣的基础。目前金融期货品种的交易量已占到全球期货交易量的80％，而股指期货是金融期货中历史最短、发展最快的金融衍生产品。特别是进入90年代以后，随着全球证券市场的迅猛发展，国际投资日益广泛，投、融资者及作为中介机构的投资怠行对于套期保值工具的需求猛增，这使得近十年来股指期货的数量增长很快，无论是市场经济发达国家，还是新兴市场国家，股指期货交易都呈现良好的发展势头。至1999年底，全球已有一百四十多种股指期货合约在各国交易。
股指期货的创新与推广迅速在世界各国迅速发展起来，到80年代未和90年代初，许多国家和地区都推出了各自的股票指数期货交易。1990年至今成为股指期货蓬勃发展的阶段。进入二十世纪90年代之后，关于股票指数期货的争议逐渐消失，投资者的投资行为更为明智，发达国家和部分发展中国家相继推出股票指数期货，使股指期货的运用更为普遍。
股指期货的发展还引起了其他各种指数期货品种的创新，如以消费者物价指数为标的的商品价格指数期货合约、以空中二氧化硫排放量为标的的大气污染期货合约以及以电力价格为标的的电力期货合约等等。可以预见，随着金融期货的日益深入发展，这些非实物交收方式的指数类期货合约交易将有着更为广阔的发展前景。

Did you ever wonder how the major market indexes got created and what stocks they contain?There is a lot of talk nowadays about SP500,NASDAQ and DowJones as how they performed and who can "beat them." Never the less, few people know about their history and about their content, that’s it,what stocks those indexes are following.
DowJones Industrials contains just 30 Stocks,the great Nasdaq index has only 100 stocks and SP500 has indeed 500 stocks -:). All those stocks can be found right here (Please note that Russell2000 has over 200kb):
DowJones30 | NASDAQ100 | SP500 | Russell2000
Charles Dow and the Creation of the Averages
Neither financier nor broker Charles Dow was a journalist. The stock averages he devised provided a window for outsiders to view the market; Wall Street types were welcome to use it, but they were not his chief concern.
When Dow came to Wall Street, the investment market of choice was bonds. Investors liked securities that were backed by real machinery, factories and other hard assets. They felt reassured by the predictability of income that bonds offered, as well as the specific dates of maturity when their principle would be returned. The stock market, by contrast, dealt in shares of ownership which had no specific claim on anything a company owned.
People on Wall Street found it difficult to analyze the daily jumble of up-a-quarter and down-an-eighth or whether stocks generally were rising, falling or staying even. Charles Dow devised his stock average to make sense of this confusion. He began in 1884 with 11 stocks, most of them railroads. Railroads were among the biggest and sturdiest companies in America at that time, which is why they dominated Dow’s first average. Few stocks of industrial companies were publicly traded, and those were considered highly speculative.
On May 26, 1896, he introduced the industrial average. In October of that year, Dow’s original average shed the last of its non-railroad stocks and became the 20-stock railroad average. To complete this line of history, the utilities average came along in 1929 — more than a quarter-century after Dow’s death at age 51 in 1902 — and the railroad average was renamed the transportation average in 1970.
Nowadays, of course, there are plenty of indicators to tell investors what the stock market is doing. But most people rely on the Dow Jones Industrial Average. The Dow Jones Industrial Average is in sync with other major market barometers. That’s true despite the difference in computation methods; the Dow is unweighted while almost all other indexes weight their stocks by market capitalization, which is price times shares outstanding. It’s also true despite the fewer number of stocks in the Dow.
The Dow’s durability, is in the selection of companies that make up the industrial average. Though there is occasional criticism on this assemblage, collectively, the 30 Dow industrial stocks represent every important sector in the stock market (except transportation and utilities), and they respond to every important factor in the economy.
There isn’t anything to prevent Nasdaq issues from being added to the industrial or utilities averages. The tradition of using Big Board stocks stemmed from Charles Dow’s intent of using only the most respectable stocks in his averages. Over time, those choices became the blue chip companies of America, and invariably they were listed on the New York Stock Exchange. That’s no longer true, as several blue chip companies choose to trade on Nasdaq.
NASDAQ
(originally an acronym for National Association of Securities Dealers Automated Quotations)
When it began trading on February 8, 1971, it was the world’s first electronic stock market. NASDAQ is now the largest U.S. electronic stock market. With approximately 3,200 companies, it lists more companies and, on average, trades more shares per day than any other stock exchange in the world. It is home to companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks.
The NASDAQ-100 Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain financial companies including investment companies. The NASDAQ-100 Index is calculated under a modified capitalization-weighted methodology.
SP500
The Standard & Poor’s 500 is a market-value-weighted index (shares outstanding multiplied by stock price) of 500 stocks that are traded on the New York Stock Exchange (NYSE), American Stock Exchange (AMEX), and the NASDAQ National Market System. The weightings make each company’s influence on Index performance directly proportional to that company’s market value. It is this characteristic that has made the Standard & Poor’s 500 Index the investment industry’s standard for measuring the performance of actual portfolios..
Companies selected for the Standard & Poor’s 500 Index are not chosen because they are the largest companies in terms of market value, or sales, or profits. Rather, the companies included in the Index tend to be representative of important industries within the U.S. economy and many also are the leaders of their industries. When the U.S. Department of Commerce developed its Index of Leading Economic Indicators in 1968 to signal potential turning points in the national economy, it chose the S&P 500 Index as one of the components.
The origins of the Standard & Poor’s 500 Index go back to 1923, when S&P presented a series of indices that included 233 companies grouped into 26 industries. In 1957 S&P introduced the 500 and has expanded its representation over the years to encompass approximately 90 specific industry groups. Four major industry sectors have also been developed: Industrials, Utilities, Financials, and Transportation. The number of companies in each major industry sector has been allowed to float since 1988 in order to enable the S&P Index Committee to react efficiently to an increasingly dynamic economy and stock market.
In contrast, the Dow Jones Industrial Average (DJIA), which was first published in 1884, is based on a narrow set of stocks and a different calculation methodology. The DJIA is a price-weighted average tracking the stock performance of 30 blue chip companies. While the Dow Jones Industrial Average is adjusted for stock splits and referred to as an index in the financial media, the DJIA measures average price movement only, without regard to market value. As a result, the higher-priced stocks within the DJIA often have a greater effect on the DJIA Index than the lower-priced ones. A large change in the price of just one DJIA component often may account for more than 50% of the Dow’s daily price movement; that is unlikely to happen with the S&P 500 Index.