Stock index futures contract is a standardized agreement formulated by the exchange and the object of stock index futures trading. The contents of stock index futures contracts need to be clear in advance before trading.
The subject matter of stock index futures contract is a series of stock price indexes representing the total stock price level. Because the subject matter has no natural unit, this total stock price level can only be expressed by the product of the number of points in the index and the multiplier of a given amount of money. Multiplier represents the price represented by each index point, which is called contract multiplier.
The contract multiplier is a multiplier that converts the stock price index with "point" as the pricing unit into financial assets with currency as the pricing unit. The contract value is equal to the contract index quotation multiplied by the contract multiplier. Because of the different index points and contract multipliers, the value of stock index futures contracts in major exchanges around the world is also different.