Stock index is the basis of stock index futures, but the launch of Shanghai and Shenzhen 300 Index does not mean that stock index futures will be launched immediately. From the international experience, the introduction of stock index futures needs to choose an index with a certain history as the target, and the Shanghai and Shenzhen 300 index needs to be affected for some time.

Market investigation. In addition, the introduction of stock index futures also needs a specific market environment and the right time. Therefore, we cannot simply link the launch of the Shanghai and Shenzhen 300 Index with the launch of stock index futures.

As early as 1998, the Shanghai and Shenzhen stock exchanges began to study cross-market indexes, and many intermediaries in the market also made useful explorations on cross-market indexes. During this period, the Shanghai and Shenzhen Stock Exchanges set up a special group to study cross-market indexes, and made a detailed study and reference on the compilation methods and characteristics of major indexes at home and abroad. After more than two years, the idea of compiling cross-market index combined with the characteristics of domestic market was initially formed. From 200/KLOC-0 to mid-2003, the Shanghai and Shenzhen Stock Exchanges fully exchanged views on the index compilation scheme, index calculation and publication, index management and other issues, and reached an understanding on jointly compiling and publishing the Shanghai and Shenzhen 300 Index. Subsequently, the Shanghai and Shenzhen Stock Exchanges set up an index joint working group to compile cross-market indexes, and began to design cross-market indexes. On the basis of the experience of both sides in compiling indexes, the index working group has repeatedly studied, compared and demonstrated the technical problems such as index sampling rules, sample adjustment methods and calculation methods. Finally, with the joint efforts of * * *, the Shanghai and Shenzhen 300 Index is designed, which combines the international advanced experience with the domestic actual situation. During this period, the index working group also discussed the technical problems of index calculation and release, and started the trial operation of the index in early 2004. Since 2004, the Shanghai and Shenzhen Stock Exchanges have taken turns to be the main calculators and publishers every six months, and the index samples have been adjusted twice according to the principle of adjusting once every six months. Now, the launch of the Shanghai and Shenzhen 300 Index