1, seriously short. The introduction of stock index futures is expected to change the previous unilateral market, that is, reduce and avoid unilateral rise. However, because there are no certain restrictions on the short-selling mechanism, this short-selling mechanism will severely suppress the stock spot market in some cases (such as bad), especially shorting the Shanghai and Shenzhen 300 theme, which can produce a herd effect, so that the majority of investors can reduce their positions and cut their meat with the sharp decline of the stock index, so that domestic and foreign institutions can take the opportunity to bargain-hunt, and the fishermen will benefit.

2. Serious violations. Stock index futures trading is closely related to stock market trading, which makes the irregularities in stock index futures trading often involve the stock market, with wide influence and more complicated means. If this phenomenon is not stopped in time, there will be serious unfair transactions. Therefore, in order to maintain fair trade between the spot market and the stock index futures market, foreign stock index futures markets have taken many measures to prevent market manipulation between the two markets. These measures include: first, strengthening market supervision, early detection of various trading behaviors and trading conditions that may distort market prices, and taking various measures against these trading behaviors or trading conditions to ensure the realization of various functions of the market. The second is to strengthen the cross-market information utilization and coordinated management of the stock market and stock index futures market, and standardize the settlement system. However, China's stock index futures have not done these two points well, so it is inevitable that they are not standardized.

3. Serious injustice. Mainly refers to the current trading system. At present, both Shanghai Stock Exchange and Shenzhen Stock Exchange adopt the trading mode of "T+ 1". That is, what you bought on the same day will not be sold until the next trading day. However, China's stock index futures implement the "T+0" trading system. In this way, institutions and stock index futures investors will take advantage of this loophole to seriously short the theme of the stock market, while stock market investors will watch others frantically suppress and cannot ship, causing serious losses. China's stock index futures have been launched less than 20 days, and everyone has learned this unfairness.

4. Serious speculation. Stock index futures trading includes speculation and hedging, of which the latter is the main trading method. However, due to the above three problems, the speculation of stock index futures in China is very serious at present. Some stock index futures investors can earn hundreds of thousands of yuan with a small amount of investment in one day through leverage. So far, no hedging has been found. Because investors at home and abroad have made good use of all kinds of bad news to short, they have gained a lot of benefits, at least there have been no mistakes in China.