The full name of stock index futures is stock price index futures, which can also be called stock index futures and futures index. It refers to the standardized futures contract with the stock index as the subject matter. The two sides agreed that on a specific date in the future, they can buy and sell the underlying index according to the size of the stock index determined in advance. As a type of futures trading, stock index futures trading has basically the same characteristics and processes as ordinary commodity futures trading. Leveling system is a kind of risk management system, which is coordinated with the position limit system and the price limit system. When the trading margin of exchange members or customers is insufficient and not replenished within the specified time, or when the positions of members or customers exceed the specified limit, or when members or customers violate the rules, the exchange will forcibly close the open positions held by them to prevent the risks from further expanding. This is the so-called liquidation system. The whole process of futures trading can be summarized as opening positions, holding positions, closing positions or physical delivery. Opening a position, also known as opening a position, refers to the new purchase or sale of a certain number of futures contracts by traders. In the futures market, buying and selling a futures contract is equivalent to signing a forward delivery contract. If traders keep futures contracts until the end of the last trading day, they must settle futures transactions by physical delivery or cash settlement. However, only a few people make physical delivery, and most speculators and hedgers generally choose to sell their futures contracts or buy back their futures contracts before the end of the last trading day. In other words, the original futures contract is written off by a futures transaction with the same amount and the opposite direction, thus terminating the obligation of physical delivery at maturity. This behavior of buying back a sold contract or selling a bought contract is called liquidation. An open contract after opening a position is called an open contract or an open contract, also known as a position. After opening the position, traders can choose two ways to close the futures contract: either choose the timing of closing the position or reserve it for physical delivery on the last trading day. For more information, please consult Xin Kai 10 1. The most popular community uses are buying, selling and holding.