Because futures and spot have short-selling mechanism and T+0 trading, many people think that these speculative behaviors will make the market more irregular. But it is precisely because of the existence of short-selling mechanism that prices will not skyrocket and plummet.

Compared with the emergence of stocks, the history of futures is actually longer. As early as the second half of17th century, the first rice exchange (now commodity exchange) appeared in Japan. Therefore, the first futures contract appeared at that time. 1749 Osaka has 1 10000 bales of empty rice in rice rolls, while Japanese only have 30000 bales of physical rice.

Therefore, the role of futures and spot is to establish a mechanism, which can not only provide price signals to guide future production and operation activities, but also prevent market risks caused by price fluctuations from becoming the focus of attention.