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Arbitrage help textile enterprises - operation Textile information - Textile net - Textile integrated service provider

by:Chengyi     2020-07-09
Competition between modern enterprises, especially the textile industry. Therefore, draw lessons from the price of the international advanced enterprise management methods, try to use effective modern financial tools, services and auxiliary enterprise production and management become very urgent and necessary. The textile enterprise futures arbitrage is one of the means to achieve better management. Arbitrage refers to the difference between the use of the relevant market or related contract changes, in the relevant market or related contracts on basic equal value, in the opposite direction from the trading market, in the hope of favorable change of price and profit of trading activity. Period now carry futures prices higher than the cost of holdings, can buy the spot futures, namely now carry forward period. In May 2017, for example, cotton spot price 15000 yuan/tons, futures price 16550 yuan/tons, period now spread cost enough to cover the position, can buy spot selling futures. When the futures price is lower than the spot price seriously, the basis for positive and serious deviation from the norm value, can buy futures sell spot operation mode, implement the reverse phase of arbitrage, also called empty basis. Period now carry items need to be aware of are: first, the goods must conform to the requirements for delivery. Of course, is not in conformity with the index of the delivery of goods can also be liter discount standards set by the exchange, the other specification instead of delivery of the goods. Just, when using a substitute for delivery, need to compute their economic interests as well, so as to avoid damage. Second, can be achieved within the allowable range of transportation and storage, so that the registration of the warehouse receipt. But for forward delivery arbitrage and no delivery spot of defects by the buyer to the seller, is not subject to this restriction. Third, there are strict financial arrangements, completes the warehouse cost calculation, all part of the budget, and very cases, the margin of the budget. Fourth, pay attention to the value added tax risk. For positive arbitrage can delivery the seller requires the seller to provide the VAT invoice, and bill of value added tax is the price of the last month of the futures settlement price, which, compared with when buying entry, great changes have taken place in calculating the VAT tax amount will be increased, thus affect the final profit and loss. Intertemporal arbitrage in the same market to buy ( Sell) A contract in January at the same time, sell, Buying) The same goods in different months of the delivery month contract, in order to in two different futures contract price favorable changes hedge, unwind, is the intertemporal arbitrage. Intertemporal arbitrage theory is that as delivery day approaching, basis gradually return to zero; In the same goods, the prices are different between the monthly price is equal to the position of this; Position cost = transaction cost + VAT + storage charges + inventory capital takes up cost + other expenses; In theory, the difference between the different months contract cost should be less than or equal to the position, can appear otherwise arbitrage opportunities. Inter-temporal arbitrage types are: shock type, structural arbitrage, positive deliverable inter-temporal arbitrage, etc. Intertemporal arbitrage matters need to be aware of are: one is the financial risk. Second, the delivery risk rule. 3 it is value added tax risk. Across goods across commodity arbitrage, the implementation of the condition is: one is highly relevant two varieties, wave direction basically the same. For example, cotton and cotton yarn. 2 it is volatile, generally is the relationship between upstream and downstream products, correlation is higher. Third, investment needs certain time periods, namely, liquidated or spreads that builds a certain cycle needed to return to normal. Four is a capital size requirements, etc. Across markets across the market arbitrage, need to pay attention to: one is the influence of different factors caused the amount of fluctuation in the contract; Second, it is better for real business needs and background; Three is the difference between the two markets fund background and main style, etc. ; Four is industrial policy or import and export policy difference; Five is on global demand and supply, and other insight into macro and micro structure. In short, relatively high arbitrage operation requirement for investors, operation difficulty is relatively large, need to study, careful operation and scientific risk control, to better serve the enterprise, fine management, auxiliary enterprises to further improve the competitiveness of the enterprises.
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