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

Table 6

Market quality analysis using the spot market benchmark model.

	Stock	Stock	Stock	Index
Volatility (bps)	42	47	62	32
Liquidity (yuan)	111,097,579	95,454,864	110,967,226	/
MAE (cents)	53	64	93	/
MRE (%)	2.63	3.23	4.42	/