Paragraph 1: Stock index futures is a risk management tool in mature international capital markets. China's capital market has developed in recent years. In the United States, institutional investors such as securities companies, closed-end funds, open-end funds, and social security funds have grown with the development of the capital market. Major transactions have generated demand for stock index futures. At the same time, while the stock market is expanding, the proportion of institutional investors is also increasing. With the maturity of investors, the demand for risk prevention mechanism is increasing. How to avoid systemic risks has become the focus of general concern. In order to promote the healthy development of China's capital market, government departments actively study and develop stock index futures, and prepare to launch them at an appropriate time. China Securities Regulatory Commission has also done a lot of work to launch stock index futures as soon as possible.

I'm exhausted. Take a break and turn to the second paragraph.

Damn, the revision can't come out. The second paragraph: This article is divided into four parts. The first part is a brief description of stock index futures, introducing the basic definition and functions of stock index futures. The second part is mainly about the theoretical research of China's stock index futures. On the one hand, it is necessary to develop stock index futures in China, on the other hand, it is feasible to develop stock index futures in China. The third aspect is the impact of China's development of stock index futures on the spot market. The third part discusses the operation mode of stock index futures in China in combination with the actual situation in China. The fourth part expounds the risk management and government supervision of stock index futures, and discusses the management of futures market by our government in combination with the reality.

The one upstairs is a mechanical translator.