Stock index futures is a hedging tool for stocks, which can slow down the plunge of stock market 1. The hedging mechanism of stock index futures can reduce the selling pressure and market impact of the stock market.

2. Stock index futures can reduce the volatility of the stock market through arbitrage mechanism.

3. Stock index futures have the function of price discovery, which can form forward prices and reverse market expectations.

4. Stock index futures market can reduce market panic by providing liquidity for the market.

The significance lies in 1, which avoids the systemic risk of the stock market and protects the interests of investors.

2. It enriches investment tools and is conducive to creatively cultivating institutional investors.

3, improve China's capital market system and enhance competitiveness.

4. Promote the reasonable fluctuation of stocks and give full play to the role of economic barometer.