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基于三個新的MSCI股息點指數：MSCI新興市場（EM）股息點指數、MSCI 遠東地區（EAFE）股息點指數和MSCI全球股息點指數——歐洲期貨交易所（歐交所）推出了能够讓市場參與者對沖全球股息風險的期貨。Goldman Sachs董事總經理兼全球期貨執行主管Joseph Nehorai向我們分享了他對這些新産品的看法。
MSCI衍生品期貨將滿足哪些目前尚未滿足的市場需求?
股息本身已成爲一種資産類別，彌補了股票和固定收益之間的空隙，幷爲客戶提供了表達其經濟觀點的更好工具。股息産品最初主要集中在歐洲地區（那裏的結構性産品發行量很高），但隨著客戶進一步的探索，分析能力的提高，他們對從其他市場獲得股息的興趣越來越高。新的MSCI産品促進了對這種需求的滿足。
你的主要推廣策略是什麽?你會向客戶推薦什麽?
Goldman Sachs作爲在過去十多年裏一直在撰寫關于股息的文章(Mueller-Glissmann, Manley; 金融分析師期刊; 第64卷•第3期; 2008年，CFA協會) 幷且長期以來，已將股息視爲一種資産類別。同樣，Lorenzo Longo在歐交所視頻中的出席(以及Riccardo Riboldi即將出席!)也證明了這一承諾。通常，我們會探索客戶長期持有股息的策略，要麽直接作爲“beta替換”(即减少直接的市場敞口，以股息替代)，或用短期期貨配對進行市場對沖。特別是在這些産品的初始階段我們將關注這些策略，我們預計，鑒于結構性産品的發行給MSCI股息帶來了壓力，合約將折價發行。
你如何反駁這些産品早期“缺乏流動性”的說法?
對于任何新産品一開始肯定會相對缺乏流動性，但預計流動性將迅速增長。除現有發達市場（DMSTOXX）股息組合中的流動性和交易量之外，流動性的增長還受到其他MSCI産品充裕流動性的支持（MSCI新興市場可以說是流動性最低的敞口，期貨和交易所交易基金的未平倉合約/管理資産總值超過2420億美元）。
一般而言，新産品總是需要一定的周期才能獲得場內的流動性，但是由于現有業務産生的巨大風險以及他們交易産品和資産的能力，這些股息期貨的大額流動性在一開始就已被提供。
歐交所能做些什麽來確保這些産品能更好地吸引買方?
確保該指數和期貨可在彭博(Bloomberg)查看。彭博是我們大多數客戶觀察全球指數的窗口。此外，在一個全球資金緊張的情况下，對一些客戶來說，高保證金的要求將是非常困難的。將MSCI股息納入與其他股票衍生品相同的風險類別，從而使保證金從降低的投資組合風險中抵消。
Market Status ⓘ
XEUR
The market status window is an indication regarding the current technical availability of the trading system. It indicates whether news board messages regarding current technical issues of the trading system have been published or will be published shortly.
Please find further information about incident handling in the Emergency Playbook published on the Eurex webpage under Support --> Emergencies and safeguards. Detailed information about incident communication, market re-opening procedures and best practices for order and trade reconciliation can be found in the chapters 4.2, 4.3 and 4.5, respectively. Concrete information for the respective incident will be published during the incident via newsboard message.
We strongly recommend not to take any decisions based on the indications in the market status window but to always check the production news board for comprehensive information on an incident.
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