On the delivery date of futures, if there is no storm in the stock market, then the orders in futures will really affect the trend of the market. But if the huge funds in the stock market surge, the result is the opposite. In other words, when the stock index futures reach the delivery date, its trend will be consistent with the market trend and affect each other. The fundamental reason for the maturity effect is that the stock index futures are settled by cash delivery, and the interaction of arbitrage liquidation, hedging transfer and speculative traders' desire to manipulate the settlement price has produced the maturity effect on the final settlement date.

On the delivery date, the stock index futures will be close to the spot price, and the subject matter of the stock index futures contract is CSI 300, so when the delivery date comes, it will interact with CSI 300, affecting CSI 300 and the market. Whether the delivery date of IF 1005 can produce "delivery date effect" has become the focus of market attention.

First of all, let's answer a question in the minds of many investors: the emergence of stock index futures is the chief culprit of the huge decline in the market.

Stock index futures is not the chief culprit of the market decline, but a scapegoat, because the main factors affecting the rise and fall of China stock market are fundamentals and policies. Some investors are worried that the arbitrage liquidation and shift effect will have an impact on the fluctuation of futures index and futures index, which is the so-called "delivery day effect".

Fundamentals and policies at home and abroad are full of negative factors. For example, the state's regulation of the real estate market has a great impact on real estate and banking stocks. Therefore, the stock market itself has reasons to fall, and the futures index is helpless.

Secondly, the scale of stock index futures is still small, which has limited impact on the current index.

Because, with the further narrowing of arbitrage space, even arbitrage profits can not be realized, then arbitrage traders will have a strong willingness to close their positions. Once the liquidation steps of futures spot are inconsistent, arbitrageurs may short the spot and drive futures down. If a large number of arbitrageurs do similar operations, the possibility of a sharp decline in the market will be very high. Therefore, the stock index futures market is still small and has limited impact on the stock market.

Therefore, investors should not worry too much about the "delivery day effect" and should not let panic disturb their investment strategies. As long as there is a correct trading plan and strict fund management, I believe that risks will be controlled, not controlled by risks!