After the stock index futures trading, the scale and liquidity of the stock market have been greatly improved because of attracting a large number of arbitrageurs and hedgers, and the trading volume of the stock market and futures market has been promoted in both directions. After the introduction of stock index futures, it will not divert funds from the spot market, resulting in light spot trading and a depressed market. On the contrary, it will increase the scale and liquidity of the spot market, which is an effective means to better prosper and promote the development of the spot market. Although existing investors need to reconfigure their asset portfolios, which may reduce the proportion of investment in the spot market, at the initial stage of the introduction of stock index futures, there will be no large-scale diversion of main institutions due to the large potential risks, high entry threshold and limited transaction scale, and it will not have a great impact on the operation of the spot market. In the medium and long term, stock index futures will attract OTC funds and significantly increase the trading volume of the stock market and futures market. For example, after Hong Kong 1986 launched Hang Seng Index Futures, the stock trading volume increased by 60% that year, and then continued to increase. By the first half of 2000, the stock trading volume in Hong Kong had reached HK$1756.6 billion, nearly 50 times higher than that before the introduction of Hang Seng Index Futures.

The number of short-term customers will definitely increase. 1+ 1 & gt； 1

From: