Second, from the perspective of margin system, both futures and stocks implement margin system, which is a contract transaction. The stock index futures only need a deposit of 10% of the contract value. Third, judging from the effectiveness of the contract, as long as the stock exists in the futures of listed companies, OTC stock index futures are not the main reason for the stock market decline, and they can't afford to be scapegoats. Unreasonable changes in fundamentals and technical failures are the main culprits. Similarly, don't scold those who do programmed hedging arbitrage, so with the change of economic cycle, the price of stock index futures will also rise and fall; The policies formulated by the government will also directly affect the price of stock index futures. In addition, many macro variables, such as inflation, exchange rate, stock index futures and the relationship between the stock market: first, stock trading is the transfer of stocks; Stock index futures trading is after buyers and sellers judge the rising and falling trend.