Chinese investors love new financial products. Their passion, at times bordering on mania, explains why Shanghai stocks rocket in price on their trading debuts and why local equity funds can raise billions of renminbi on the day they launch.
But even seasoned market professionals have been surprised by the enthusiasm with which investors have embraced stock index futures – China's first financial futures since the mid-1990s – following their launch two weeks ago.
“The volumes have exceeded everyone's expectations,” says Dean Owen, Shanghai-based chief representative for Newedge, the French futures brokerage, which has a joint venture with Citic Group in China.
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