. Futures are standardized forward contracts traded on exchanges. Modern futures trading came into being in the American market in 1970s. At present, there are three kinds of financial futures contracts: interest rate futures, currency futures and stock index futures. The futures market itself has two basic economic functions: futures trading has the function of avoiding market risks; Futures trading helps to find a fair price. Stock index futures do not involve the delivery of the stock itself, its price is calculated according to the stock index, and the contract is delivered in the form of cash settlement.