金融期货价格波动限制机制探讨

金融期货价格稳定机制延缓了价格发现过程，并造成了流动性干扰，但从降低期货、现货交易总成本来讲，它还是利大于弊，因此设置价格波动限制是一种可行的政策，而且在期货、现货市场同时设定的效果最好。此外，从不同价格波动限制方式的影响来看，选择弹性涨跌幅限制可较好地发挥价格限制的好处，减小价格限制的不利影响。

Price Limit on Financial Futures Trading

The disadvantage of price stabilization system for financial futures is that it results in delay in price discovery and slowdown in liquidity. However, this system still does more good than harm in that it reduces cost of both cash and futures trading. Therefore this system remains a practical policy, especially when it is concurrently implemented in both cash and futures. In addition, in comparison with other price limit system, flexible price limit plays a better role in reducing price volatility and minimizing its negative impact.