Stock index futures play a leading role in the spot market of Shanghai and Shenzhen 300 index, which improves the market efficiency.
As the delivery date approaches, stock index futures have obvious damper function. Because the delivery of stock index futures is based on the spot settlement price of Shanghai and Shenzhen 300 index, the closer the contract of stock index futures is to the delivery date, the closer it will be to the spot settlement price. It will reduce the fluctuation of the market and play a role in stabilizing and converging the Shanghai and Shenzhen 300 Index.
Short-term shocks intensified and the opening time was advanced.
At the same time, the insiders believe that the introduction of stock index futures will not change the original operating trend of the market, so the pattern of long-term bull market in the A-share market cannot be changed.
At the same time, because stock index futures help the market to rise before listing and fall after listing, stock index futures often form the mid-term head of the market when listing. This effect has appeared many times in the surrounding markets, which naturally has the inherent laws of the market itself, so there is a great possibility of a similar trend in the A-share market.
However, one factor should be considered. If the market expects that the market will build a mid-term head when the stock index futures are listed, then this head will definitely appear in advance.
This is because most people will operate ahead of time-sell stocks to avoid systemic risks in the market, then the expected adjustment will appear ahead of time, and the mid-term head will come before the stock index futures are listed.