Stock index futures is a kind of financial futures contract with stock price index as the subject matter. Simply put, it is a futures tool used to invest in the overall rise and fall of stocks.

Compared with other futures contracts, stock index futures contracts have the following characteristics:

1 Stock index futures contracts are financial futures based on stock indexes. Stock index can be used as a relative index of stock assets, and the rise or fall of stock index indicates the increase or decrease of stock capital.

2. The index represented by the stock index futures contract must be a representative authoritative index. The basic feature of authoritative stock index is that it objectively reflects the overall representativeness of the stock market and the universality of its influence, which ensures the strong liquidity and extensive participation of the futures market.

3. The price of stock index futures contract is expressed by the "point" of stock index. For example, the 1 1 month Shanghai and Shenzhen 300 Index is 1500 points, which is the price of1/month stock index futures contract. The index point is multiplied by a certain amount, and the value is the contract amount.

4. Stock index futures contracts are cash delivery futures contracts. The stock index futures contract adopts cash delivery, mainly because, firstly, the stock index is a relative index of many stock prices, and if it adopts physical delivery, the calculation and physical delivery will be extremely troublesome; Second, traders are unwilling to deliver the actual shares represented by the stock index, and cash delivery is simple, fast and cost-saving.