Naked short selling is the concept of stock spot market. According to whether the sale is unprecedented, short selling can be divided into short selling and naked short selling. Among them, short selling by securities lending or covered short selling means that investors have signed a securities lending agreement before selling securities; If it is not incorporated into the securities in advance, it is naked short selling.

Stock index futures and naked short selling are completely different concepts. First, futures trading is different from spot trading. In futures trading, the sum of selling futures contracts and buying futures contracts is constant and offset each other. There are no more short contracts than long contracts, and short contracts cannot unilaterally create new contracts. Second, futures trading is margin trading, and you can only open a position if you pay enough margin; Once the deposit is insufficient, it must be fully recovered.