First of all, stock index futures provide a good risk hedging tool for the market. With such tools, investors' assets can be protected, and shareholders of listed companies can use the market value of the companies they manage. ?

Second, stock index futures help to expand the size of the stock market, enhance market liquidity, reduce operating costs and ease market panic. ?

Third, stock index futures provide a short-selling mechanism, and investors can avoid risks by operating reversely in the stock market and stock index futures market. For example, investors who expect the stock market to fall can hedge the systemic risk of the overall stock market decline by selling stock index futures contracts, which is conducive to reducing the impact of collective selling on the stock market. ?

Fourth, stock index futures also have the function of price discovery. When the spot market price is irrational, arbitrage traders or discerning investors can use this tool to buy or sell and approach the rational price in the market game. ?

Fifth, the hedging mechanism of stock index futures can reduce the selling pressure and market impact of the stock market and reduce the fluctuation range of the stock market.