Japan opened its securities market in the early 1980s, allowing foreign investors to invest in the domestic stock market. However, its stock index futures contract first appeared overseas, and according to Japan's securities trading law at that time, securities investors were prohibited from engaging in futures trading. Therefore, the Japanese securities market at that time did not have the legal conditions to launch stock index futures trading. Moreover, according to the securities exchange law at that time, domestic funds in Japan were forbidden to invest in the Nikkei 225 index of SIMEX, and only institutional investors in the United States and Europe used SIMEX's Nikkei 225 stock index futures contract to hedge their stocks invested in Japan. Domestic institutional investors are obviously at a disadvantage. For this reason,1June 9, 987, Japan launched the first stock index futures contract-50 stock futures contracts, which was restricted by the prohibition of cash delivery in the Securities Exchange Law at that time. 50 kinds of stock futures contracts are delivered in cash, and the delivery target is a basket of stocks represented by stock indexes.

Singapore International Financial Exchange (SIMEX) took the lead in launching the Japanese Nikkei 225 index futures trading at 1986, and achieved success. Two years later, OSE launched the Nikkei 225 index futures trading. 1990, the Chicago Mercantile Exchange (CME) also launched the Nikkei 225 index futures trading, which formed a situation that three * * * Nikkei 225 indexes were traded on the same trading day. However, in the competition, Singapore has always been ahead because it has formed certain advantages. Until the beginning of 1995, Nicholas, a futures trader of Royal Bank of Bahrain, collapsed due to illegal operation of speculating on the Nikkei 225 index, and the market had a crisis of confidence in SIMEX's Nikkei 225 index, and funds began to flow back to the Japanese market, and OSE took the opportunity to regain its dominant position. In a sense, the Bahrain incident is also the result of the competition between OSE and SIMEX. In order to compete for the market share of OSE, SIMEX did not hesitate to relax the monitoring of the market. When the position of Bahrain Bank was obviously high, it was not handled in time, which directly led to the huge losses of Bahrain Bank. If SIMEX takes effective measures to participate in market competition and make full use of its own advantages, it is entirely possible that Singapore will always occupy a dominant position in the Nikkei 225 index futures market. But generally speaking, Japan is still in an awkward position for a long time when promoting the Nikkei 225 stock index futures trading in China. According to the data of 2005, Japan only accounts for 55.05% of the global Nikkei 225 index futures market. In 2005, the futures price of Singapore Nikkei 225 index seriously affected the price of Japan Nikkei 225 index, and Singapore Nikkei 225 had a great degree of pricing power.