If the behavior of speculators is prohibited, what impact will it have on hedging transactions in the futures market? Quite simply, the futures market will lack liquidity and have low volatility. An illiquid futures market can easily make it more difficult for investors to realize their futures. When some investors are eager to buy and sell futures, they may have to trade at a higher or lower price. Take the stock market in the second half of 20 15 as an example. At that time, the stock market lacked liquidity. During the callback period, the market continued to fall, and the stocks of many listed companies fell one after another. Under such market conditions, it is extremely difficult to realize their future. Then futures traders will sell and buy the same number of trading contracts in the futures exchange while buying and selling goods, which is hedging. However, if the futures market lacks sufficient liquidity, it will also encounter difficulties in realizing liquidity, so the futures market needs certain speculators to participate in realizing the full liquidity function.