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基于三个新的MSCI股息点指数：MSCI新兴市场（EM）股息点指数、MSCI 远东地区（EAFE）股息点指数和MSCI全球股息点指数——欧洲期货交易所（欧交所）推出了能够让市场参与者对冲全球股息风险的期货。Goldman Sachs董事总经理兼全球期货执行主管Joseph Nehorai向我们分享了他对这些新产品的看法。
MSCI衍生品期货将满足哪些目前尚未满足的市场需求?
股息本身已成为一种资产类别，弥补了股票和固定收益之间的空隙，并为客户提供了表达其经济观点的更好工具。股息产品最初主要集中在欧洲地区（那里的结构性产品发行量很高），但随着客户进一步的探索，分析能力的提高，他们对从其他市场获得股息的兴趣越来越高。新的MSCI产品促进了对这种需求的满足。
你的主要推广策略是什么?你会向客户推荐什么?
Goldman Sachs作为在过去十多年里一直在撰写关于股息的文章(Mueller-Glissmann, Manley; 金融分析师期刊; 第64卷•第3期; 2008年，CFA协会) 并且长期以来，已将股息视为一种资产类别。同样，Lorenzo Longo在欧交所视频中的出席(以及Riccardo Riboldi即将出席!)也证明了这一承诺。通常，我们会探索客户长期持有股息的策略，要么直接作为“beta替换”(即减少直接的市场敞口，以股息替代)，或用短期期货配对进行市场对冲。特别是在这些产品的初始阶段我们将关注这些策略，我们预计，鉴于结构性产品的发行给MSCI股息带来了压力，合约将折价发行。
你如何反驳这些产品早期“缺乏流动性”的说法?
对于任何新产品一开始肯定会相对缺乏流动性，但预计流动性将迅速增长。除现有发达市场（DMSTOXX）股息组合中的流动性和交易量之外，流动性的增长还受到其他MSCI产品充裕流动性的支持（MSCI新兴市场可以说是流动性最低的敞口，期货和交易所交易基金的未平仓合约/管理资产总值超过2420亿美元）。
一般而言，新产品总是需要一定的周期才能获得场内的流动性，但是由于现有业务产生的巨大风险以及他们交易产品和资产的能力，这些股息期货的大额流动性在一开始就已被提供。
欧交所能做些什么来确保这些产品能更好地吸引买方?
确保该指数和期货可在彭博(Bloomberg)查看。彭博是我们大多数客户观察全球指数的窗口。此外，在一个全球资金紧张的情况下，对一些客户来说，高保证金的要求将是非常困难的。将MSCI股息纳入与其他股票衍生品相同的风险类别，从而使保证金从降低的投资组合风险中抵消。
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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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