First paragraph: The stock index futures is the risk managed tool in mature international capital market. While China capital market has developed in recent years, all of the negotiable securities companies, the close-ended funds, the open style funds, the society guarantees funds and other organized investors expand along with the capital market. The main transaction has had the demand to the stock index futures. At the same time, while the scale of stock market is expanding all the time, the The proportion of the organized investors is also increasing day by day. As the investor is maturing day by day, the demand of risk guard mechanism is more and more too. How to avoid the systematic risk has become to the focal point which is widely noticed. In order to promote the China capital market to develop healthy, the government department has studied and developed the stock index stock and has prepared actively to promote at appropriate time. The China's Securities Regulatory Commission also has done massive work in order to promote the stock index futures as soon as possible.

I am exhausted, take a rest and then read the second paragraph.

Damn it, the modifications never come out.

Second paragraph: This article is divided into four parts. The first part is a brief description on the stock index futures, it has introduced the basic definition and function of the stock index furtures.The second part is mainly about the theoretical research of stock index futures of our country.On one hand is the necessity of develop the stock index futures in our country,on the other hand is the feasibility of develop the stock index futures in our country.The third aspect is the influence to the spot market of develop the stock index futures in our country. The third part talks about the mode of stock index futures operation in our country linked to the practical situation. The fourth part elaborates the risk management and government supervising of stock index futures, and talk about the management to the future market of our government integrating the reality.

The one upstairs is a mechanical translation.