Finance derivation is the product of financial innovation.Its function lies in the risk abhorrer can turn the investment risk to the risk loving.

金衍生产品是金的产物,其作用在于将投资风险从风险厌恶者转移到风险偏好者手中,提高每易者的效用。

If the price efficiency underlying index after the listing of 50ETF isn’t improved, liquidity traders will sustain losses with information traders, speculator and arbitrager can’t profit.

如果50ETF上市后上证50指数市场的定价效率没有提高，那么，一方面不易者在与易者进行易时就会遭受损失；另一方面投机者和套利者在进行ETF套利时也往往不能获得利润，甚至可能发生亏损。