1. Treasury futures mall and stock mall have significant differences in basic participants and operation methods. The participants in the Treasury bond futures mall are closely related to the spot mall, mainly financial institutions such as commercial banks, insurance companies, securities companies and fund companies, as well as investors and legal person investors from other professional institutions, which are quite different from the stock mall. In addition, treasury bonds futures are highly professional and have a high skill threshold. China implements a strict investor suitability system, and the participation of small and medium-sized retail investors is limited.
Second, treasury bond futures are more suitable for organizing investors to participate.
Judging from the price fluctuation characteristics and product risk characteristics of treasury bonds futures, the price fluctuation range of treasury bonds futures is small. For example, the maximum daily fluctuation of 5-year treasury bonds and 10-year treasury bonds in shopping malls recently is far below 2%. Therefore, it is more suitable to organize investors to participate.
3. Treasury futures are based on the spot of treasury bonds, and their prices are ultimately affected by the decision of the spot mall. It is complex, not only a reflection of economic operation, but also influenced by multiple factors such as capital supply and demand, investors' expectations and so on. The listing of treasury bonds futures will not change these elements, so it will not affect the policy expectations and fundamental trends of the stock market. The empirical evidence of international shopping malls also shows that listed treasury bonds futures have little influence on the normal operation and trend of the stock market.
Fourth, treasury bonds futures are highly professional, with little fluctuation, and the planning of participants in the initial stage of listing is limited. From the practice of Shanghai and Shenzhen 300 stock index futures shopping malls, trading is more active when the shopping malls have been in operation for more than three years, but the stock margin planning of the shopping malls is only about 20 billion yuan; Compared with stock index futures, treasury bond futures are highly professional and less wobbly. At the initial stage of listing, participants' planning is limited, and investors are organized to participate in a demand process. Margin planning may be lower than stock index futures, which will not obviously divert stock market funds and will not aggravate the financial shortage of money shopping malls. "