1, risk avoidance function. The risk aversion of stock index futures is realized by hedging, and investors can avoid risks by operating in the opposite direction in the stock market and stock index futures market. The risk of stock market can be divided into two parts: unsystematic risk and systemic risk.

2. Price discovery function. Stock index futures have the function of discovering prices. Through the open and efficient bidding of many investors in the futures market, it is conducive to the formation of stock prices that can better reflect the true value of stocks.

3. Asset allocation function. Stock index futures trading is widely used as a means of asset allocation by institutional investors because of the low transaction cost brought by the margin system.

Stock index futures account is the behavior of investors to open stock index futures account and capital account. Generally speaking, investors go to futures companies to open futures accounts for stock index futures trading.