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

<table class="table-group" id="tab2"><tr><td><table class="table"><tr><td class="thead-hr" colspan="2"><hr/></td></tr><tr class="thead"><td class="align_left">Mechanism</td><td class="align_center">Parameter design</td></tr><tr><td class="thead-hr" colspan="2"><hr/></td></tr><tr><td class="align_left">Quotation unit</td><td class="align_center">Index points</td></tr><tr><td class="align_left">Contract multiplier</td><td class="align_center">300 yuan per point</td></tr><tr><td class="align_left">Tick size</td><td class="align_center">0.2 yuan</td></tr><tr><td class="align_left">Margin level</td><td class="align_center">15% of the contract value</td></tr><tr><td class="align_left">Contract duration</td><td class="align_center">50 trading days</td></tr><tr class="table-tr"><td colspan="2"><hr class="tbody-hr"/></td></tr></table></td></tr></table>

<div>Stock index futures contract in the agent-based model.</div>

Complexity

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Table 2

Table 2: The Behavior and Impact of Heterogeneous Investors in China’s Stock Index Futures Market: An Agent-Based Model on Cross-Market Trades 