It refers to the ability that market price can accurately reflect the relationship between market supply and demand and information, provide effective risk management tools, and promote market liquidity and maximize the interests of participants.

Specifically, the effectiveness of the futures market is manifested in price discovery, risk management and liquidity provision.

1. Price discovery: Traders in the futures market will keep buying and selling in the process of participating in trading, thus forming a continuous trading price. These transaction prices reflect the market's expectation of future supply and demand, thus providing participants with a price discovery mechanism.

2. Risk management: The futures market provides effective risk management tools, such as hedging and arbitrage trading. These tools can help participants avoid the risks caused by price fluctuations, thus promoting market stability and maximizing the interests of participants.

3. Liquidity regulation: The futures market is characterized by high liquidity, which enables participants to buy and sell futures contracts quickly, thus effectively coping with market changes.