关于我国股指期货设计方案的几点建议

本文主要阐述了作者对我国股指期货设计方案的一些看法。关于指数选择问题，本文认为不宜将现有的股价指数直接作为期货合约的交易基础，而应在对沪深两地现有成分股指数进行调整的基础上合成一个新指数；关于期货合约的设计，本文认为在确定乘数，最小波动点，合约交割月份，保证全水平及每日涨跌幅限制时，既要参考发达国家的经验，又要结合我国的国情；关于交易场所的选择，本文认为上海期货交易所应是首选。

Proposals for Designing China's Stock Index Futures

The artice mainly elaborates the author's proposals for China's stock indes futures.As to the problem of index choice,the author suggests that a new index which is the combination of Shanghai and Shenzhen index should be taken as the basis of futures contract.As to the design of futures contract,the author suggests that we should conditions of China as well as experiences of developed countries in deciding such problems as multiplier,tick size,delivery month,margin,limit up and limit down.As to the trading ring,the author suggests that Shanghai Futures Exchange should be our first choice.