股指期货结算

另一方面，在借鉴国外股指期货市场结算体系的基础上，对实行结算会员制进行分析并提出建立方案。

At the same time , the feasible scheme was brought forward on the bases of reference to the international market on stock index futures .

为此，本文选择股指期货现金结算价确定作为研究对象，具有理论背景和现实需要，即丰富了股指期货合约设计的相关研究，也为中国股指期货合约设计提供理论依据。

So the cash settlement as the research objective is very significant , which will rich the literatures of index futures design and supply the index futures design of China with theory basis and implementation reference .

中国金融期货所在商品期货全员结算体系的基础上，引进国外先进的分级结算体系，并将商业银行锁定为股指期货的特别结算会员，新的结算制度使得商业银行更深层次参与到期货市场中。

Based on the full settlement system , Chinese commodity futures financial futures imported foreign advanced classification settlement systems and locked commercial banks for index futures special clearing members . The new settlement system enables a deeper level of commercial banks to participate in the futures market .

股指期货采用的现金结算价计算方式因市场而异，套期保值决策也应该相应调整。

The cash settlement of index futures is different among differrent countries , so is the decision of hedging .

股指期货除了与一般期货有一定的共性外，也有一些自己的特性，主要表现在股指期货的功能、结算方式、交易对象和交易程序上。

In addition to the general points of futures , stock index futures have a certain peculiarity . It mainly manifested in the functions of stock index futures , billing methods , the transaction object and transaction procedures .