Core Viewpoint - The article explains how the settlement price of stock index futures is determined, emphasizing fairness, transparency, and resistance to manipulation in its calculation methods [1]. Group 1: Calculation Methods - The most common method is the arithmetic average, exemplified by the China Financial Futures Exchange (CFFEX) using the last two hours' average price of the CSI 300 index on the last trading day [4]. - During the last trading day from 13:00 to 15:00, index points are recorded every 5 seconds, and the arithmetic average of all points is taken as the settlement price [5]. - The purpose of extending the calculation period and high-frequency sampling is to reduce the impact of single trades or short-term fluctuations on the settlement price, thus preventing market manipulation [6]. Group 2: Specific Calculation Examples - The Singapore Exchange (SGX) uses the closing price of the index on the last trading day for its FTSE China A50 index futures [7]. - This method is simple but may increase market volatility risk during the closing period due to concentrated trading by participants [8]. - Some exchanges may use a volume-weighted average price (VWAP) that combines price and volume to calculate the average [9]. Group 3: Design Logic - The design logic aims to prevent market manipulation; using only the closing price could allow large players to influence the settlement price through significant trades at the last moment [11]. - The calculation period is typically chosen during active market hours to ensure that prices reflect supply and demand accurately [11]. - The rules for calculating the settlement price are clearly defined at the contract's listing, ensuring transparency and predictability for all participants [12]. Group 4: Role of Settlement Price - The settlement price serves as the basis for cash settlement in stock index futures, directly determining the profit and loss for both long and short positions [12]. - The convergence of the settlement price with the spot index on the expiration date is fundamental for the basis of arbitrage between futures and spot markets [13].

下周究竟是反攻一举夺回3400点，还是继续下杀回补3320点缺口？唐梓耿认为，第一个先从市场的大环 境来看，对岸的金毛终于妥协了，市场最大的靴子落地，而咱们昨天也进行了大放水，万亿的筹码马上 就会进入市场，这都是源源不断的增量。之前市场最难的时候缩量都跌不下去，那接下来如果说放量的 话，会不会直接原地起飞呢？第二个，今天指数跌破5日均线，并不能说明行情已经结束，只是指数反 弹遇到压力正常回调，并且盘中的数次回调都有神秘资金在低吸，即使权重集体下挫，小票却扶摇直 上，说明目前资金并没有大规模的离开市场，而是在市场之间不断的做高低切。第三，今天是股指期货 交割日，早盘空头最后挣扎而已，看大盘60分钟级别，kd指标已到下轨，金叉反转，信号将至，一哥预 判这里洗盘即将结束，下周三个交易日内必站稳3400点，继续向上拉升，主力洗盘到位，坐等新一轮涨 势。一哥可以明确告诉大家，这波行情3400点只是小打小闹，更高更广的星辰大海，值得期待。 （原标题：和讯投顾唐梓耿：又是震荡拉扯，大决战时刻来临，周一是走还是留？） 5月16日，和讯投顾唐梓耿分析，今天大a直接低开迎来了实质性的调整，纵然指数大跳水，股民依旧满 屏红光，只要 ...