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Daily benchmark price of stock index futures
Futures are settled every day. In order to avoid malicious manipulation of the closing price, stock index futures are settled daily at the settlement price, which refers to the weighted average price of the transaction price in the last hour of a futures contract according to the volume. The calculation result is retained to one decimal place.

If the transaction is interrupted in the last hour due to system failure and other reasons, it will be regarded as the last hour after deducting the interruption time.

If there is no transaction in the last hour of the contract, the transaction price in the previous hour is the settlement price of the weighted average price of the transaction volume on that day. If there is still no deal during this period, push it forward for another hour. And so on. If the last transaction on the day of the contract is less than one hour away from the opening time, the weighted average price of the whole day's trading volume shall be taken as the settlement price of the day.

If there is no transaction on the day of the contract, the calculation formula of the settlement price of the day is: settlement price of the day = settlement price of the previous trading day of the contract+settlement price of the benchmark contract-settlement price of the previous trading day of the benchmark contract, where the benchmark contract is the contract with the closest delivery month. If the contract is a new listing contract, its listing benchmark price is the settlement price of the previous trading day. If the benchmark contract is a delivery contract on the same day, the settlement price of delivery shall be the settlement price of the benchmark contract on the same day. If the settlement price of the day calculated according to this formula exceeds the daily limit price of the contract, the daily limit price shall be taken as the settlement price of the day.

If the settlement price of the day cannot be determined by the above method or the calculated settlement price is obviously unreasonable, the settlement price of the day will be determined by the ownership of the transaction.