There are many kinds of futures, such as bulk commodities, commonly called futures index, which are basically stock index futures. The futures index of each commodity has a different index correspondence, so as far as stock index is concerned, the relationship between index futures and index is as follows.

1. Stock trading is the transfer of stocks; The stock index trading of futures is a direct transaction in which buyers and sellers make long or short after judging the rising and falling trend.

2. Secondly, from the perspective of margin system, both futures and stocks implement margin system, which is a contract transaction. The futures stock index only needs 10% of the contract value.

Judging from the validity of the contract, as long as the stock exists in the listed company, the stock will be valid for a long time. However, the stock index trading of futures has a final delivery date, and the contract will be delisted and terminated after cash delivery and liquidation on that day.

4. The number of circulating shares of a single stock in the stock market is fixed, and the total number of shares does not change with the transaction except for additional issuance, allotment and allotment; The total positions in the futures market are changing, with the capital inflow increasing and the capital outflow decreasing.

5. The operation of the stock market is "one-way", and it can only be bought first and then sold; The operation of the futures market is two-way, you can buy before you sell, or you can sell before you buy, which is more flexible.

6. Because the stock trading is T+ 1 trading, the stock index futures trading is T+0 trading, which has the shortest holding time and can change hands within two minutes after opening the position, which is extremely liquid.

Futures index has the function of price discovery. The liquidity of the futures market is very good, because the profit rate is low and the transaction cost is low. Once information affects people's expectations of the market, it will soon be reflected in the futures market. And can be quickly transmitted to the spot market, so that the spot market price is balanced.

Futures index has the function of transferring risks. The introduction of futures stock index provides a way for the market to hedge risks, and the risk transfer of futures is realized through hedging. If an investor holds stocks related to the stock index, he can sell stock index futures contracts to prevent losses caused by future declines. In other words, when the short position of futures stock index matches the long position of stock, investors can avoid the risk of total position.