After the introduction of stock index futures, the liquidity of large-cap stocks will become better, and large capital institutions will prefer large-cap stocks because institutions can hedge the systemic risks of large-cap stocks through stock index futures. The enthusiasm of small-cap stocks will drop to a higher level. Those private equity institutions that rely solely on concepts and speculate on small-cap stocks will be difficult to succeed.

However, the liquidity of large-cap stocks has improved, but it cannot lead to the market jumping up and down. After the introduction of stock index futures, the stability of the market will be stronger than now. This is because stock index futures are two-way transactions, and long and short positions are relatively balanced at any time. When there is no stock index futures, sometimes people are consistently bullish and sometimes they are consistently bearish. The main trading volume of stock index futures is intraday trading, and a lot of space consumes most of the energy of a trading day. According to the statistics of Indian stock market, after the introduction of stock index futures, today's market ups and downs have little to do with yesterday's market ups and downs. If so, the market will be a super stable system.

This can also be proved from the liquidity theory. The better the liquidity of the stock, the more stable the stock price. The conclusion is that small-cap stocks may be abandoned after the introduction of stock index futures, but elephants can't dance, because stock index futures are a two-way transaction, which brings both long energy and short energy.