The important position of stock index futures in the financial field is self-evident. It is a financial derivative, a risk management tool for spot price changes and a channel for investors to gamble. However, there are also great risks in the trading of stock index futures, including leverage risk, liquidity risk and market fluctuation risk. When market volatility intensifies, stock index futures are prone to panic, leading to a stock market crash.

Because of the leverage characteristics of stock index futures trading, investors can trade in large amounts with smaller funds, so their risk tolerance is weak. When the market continues to fluctuate, investors' confidence will also be greatly hit, and funds will be forced to withdraw from the market, leading to a sharp drop in the stock market. In addition, the liquidity of stock index futures trading is also one of the reasons for the stock market crash. When investors saw that the market fluctuated sharply and poured into safe assets, the liquidity of the stock market was tight, which led to the continuous decline of the stock market price.

To sum up, the trading of stock index futures is not only risky for individual investors, but also has a great impact on the whole stock market. When stock index futures trading caused market panic, the stock market fluctuated greatly. In order to avoid the impact of stock index futures trading on the value of the stock market, regulators need to strengthen supervision and introduce more stable financial supervision policies and tools to promote the healthy and stable development of the stock market.