The Behavior and Impact of Heterogeneous Investors in China’s Stock Index Futures Market: An Agent-Based Model on Cross-Market Trades

Table 10

Impact of speculators of the stock index futures market.

Number of speculators	Liquidity (yuan)	Volatility (bps)	MAE (cents)	MRE (%)
500	3,627,883	45	2,803	0.99
1,000	4,890,928	47	2,724	0.95
2,000	7,302,046	47	2,432	0.85
3,000	9,634,527	48	2,404	0.83
4,000	10,881,574	48	2,395	0.83