China Financial Futures Exchange's risk management of stock index futures mainly includes: (1) margin system: margin is divided into settlement reserve and trading margin. The trading margin standard is stipulated in the futures contract. In the course of futures contract trading, under any of the following circumstances, the exchange may adjust the trading margin standard according to the market risk and report to the China Securities Regulatory Commission: ① there is a continuous price limit in the same direction; ② In case of national statutory holidays; ③ The Exchange believes that the market risk has increased significantly; ④ Other circumstances deemed necessary by the Exchange. If the futures contract is adjusted to meet the trading margin standard, the exchange shall settle all positions of the contract in accordance with the new trading margin standard at the time of settlement on the same day. If the margin is insufficient, it shall be added before the market opens on the next trading day. (2) price restriction system

The price limit system is divided into fuse system and price limit system. The range of daily fuse and price limit shall be set by the Exchange, and the Exchange may adjust the range of fuse and price limit of futures contracts according to market conditions. The fuse range of stock index futures contracts is 6% of the settlement price of the previous trading day, and the price limit range is10% of the settlement price of the previous trading day. There is no price limit on the last trading day. After the daily opening, the declared price of the stock index futures contract touches the fuse price for one minute, and the contract starts the fuse mechanism. (1) Within ten minutes after the fuse mechanism is started, the contract transaction declaration will continue to match the transaction within the fuse price range. After ten minutes, the fuse mechanism is terminated and the price of the daily limit board takes effect. ② If the market suspends trading less than 10 minutes after the fuse mechanism is started, the fuse mechanism will be terminated, and the price fluctuation ceiling price will take effect after the transaction is restarted. (3) Do not start the fuse mechanism within 30 minutes before closing. If the fuse mechanism has been started, continue to perform until the end of the fuse period. ④ Only start the fuse mechanism once a day.

(3) Limited position system Limited position refers to the maximum number of positions that a member or investor can hold in a contract calculated unilaterally according to the provisions of the exchange. When the same investor opens positions in different members, the total position of a contract shall not exceed the position limit of one investor. The specific provisions of the stock index futures contract on the position limit of members and investors are as follows: ① An absolute position limit of 2000 lots is imposed on the unilateral position of investors in a single contract. ② If the total contract position (unilateral) exceeds 654.38+ million lots, the total position (unilateral) of a clearing member in the contract shall not exceed 25% of the total contract position. (3) The positions held by members or investors who have obtained the hedging quota are not subject to this restriction. Members and investors who exceed the position limit may not open positions in the same direction.