The essence of buying and selling stock index futures is to sign a contract with others to buy and sell futures at the agreed price and quantity within the agreed time and delivery place of stock index futures. This contract has an agreed final trading day (that is, the date of final performance of the contract, usually the third Friday of the contract month), which is the delivery date of the futures index. When the agreed final performance time comes, the buyer and the seller must close the position (terminate the contract) or make delivery (cash settlement).
The stock index delivery date is an early reflection of the stock market and a barometer of the stock market, which plays a role in helping up and down.