(A) to establish and improve the legal system

In order to ensure the safe operation of stock index futures trading, we must establish strict laws, regulations and supervision systems, improve traders' behavior, guard against stock index futures risks, and ensure fair competition and smooth operation of stock index futures market. For foreign stock index futures, there are strict regulations and supervision systems. Taking the United States as an example, under the restriction of the unified national legislation "Futures Trading Law", the stock index futures trading has formed a three-level supervision mode of Commodity Futures Committee (CFTC), futures industry association and futures exchange, which effectively suppressed the occurrence of risks and promoted the development of the market. At present, China's futures trading has formed a unified supervision system, forming a two-level supervision mode of CSRC-futures exchange, and stock index futures can also follow the two-level supervision mode to facilitate risk management. In the legal system, the relevant contents of the Provisional Regulations on the Management of Futures Market can be revised according to the characteristics of stock index futures, and on this basis, the Measures for the Management of Stock Index Futures Trading and the Rules for Stock Index Futures Trading can be formulated. In the long run, the Futures Law should be enacted as soon as possible to standardize the stock index futures trading, prevent market manipulation and market risks, and ensure a more efficient and perfect legal system.

(B) the establishment of a strict trading risk prevention mechanism

In order to strengthen the market's ability to resist risks, on the one hand, we should summarize the experience of risk supervision in domestic futures market, on the other hand, we should learn from the management system of foreign stock index futures market, and on this basis, we should do the following work well: (1) scientifically locate the subject matter of stock index futures. The subject matter of index futures should contain a large number of stocks with large market value to ensure that the market is not easily manipulated. (2) Determine a reasonable margin level. Since the fluctuation of China stock price is limited to 10%, the margin of stock index futures should be above 15%. (3) stipulate a moderate daily limit. Because China's stock market is not very mature, the speed of margin increase is restricted by the efficiency of financial services, so it is necessary to set a moderate limit on price increase and decrease. (4) When the market price risk increases, it will be settled twice a day, and the deposit will be in place within one hour. Therefore, establishing an efficient settlement system is the basic requirement for risk control of stock index futures. (5) Establish a compulsory liquidation system under special circumstances. When there is no quotation in the stock index futures market continuously, we can adopt the treatment method of commodity futures and forcibly close the position according to the prescribed steps to release the market risk. (6) Establish a risk control circuit breaker system. The fuse mechanism of risk control is a measure to coordinate the price changes of stock market and index futures market and limit the price of index futures to reduce the systemic risk between stock market and futures market. (7) Strict risk reserve system. At present, the risk reserve in the domestic futures market is very limited. The introduction of stock index futures needs to enhance the market's ability to resist sudden risks, so it is necessary to increase the proportion of risk reserve. (8) Implement a stricter warehouse restriction system to prevent market manipulation. (9) Establish a risk early warning system. On the basis of foreign risk warning, the risk warning system of domestic stock index futures trading is established, so that the risk of stock index futures can be predicted and controlled in advance.

(3) Establish and improve the market supervision mechanism.

At present, China's futures market supervision lacks self-discipline management, which leads to blind spots in market risk monitoring and increases the difficulty of government supervision and exchange supervision. Stock index futures require higher risk control, so it is necessary to establish self-disciplined internal communication in the futures industry as soon as possible and use industry strength to reduce the market risk of stock index futures. It is very necessary to establish an inter-departmental and cross-market joint supervision organization, which is conducive to the sharing of supervision information between the stock market and the stock index futures market and to the consistency of risk control decisions, measures and steps. Finally, it is necessary to improve the supervision mode and raise the level of supervision. China's futures market has always been dominated by administrative supervision, but legal supervision has the advantages of great strength, standardized management and small impact on the market, and has become the main way of risk supervision of stock index futures.