Each point of the stock index represents a certain amount of money, and this fixed amount is the "contract multiplier". The contract multiplier is stipulated by the exchange, and the specified value of the contract multiplier of each stock index futures is different. For example, the S-size contract in the United States is more suitable for institutional investors to participate.

At present, the multiplier of domestic stock index futures contracts is large, which shows that the management is cautious about the risk control of stock index futures and reflects that stock index futures products mainly serve the risk management needs of institutional investors. By setting a larger contract multiplier, small and medium-sized retail investors with poor financial strength are almost blocked out of the threshold of stock index futures trading, and investors who can participate have certain risk-taking financial strength. Table 2-5 lists the multipliers of major global stock index futures contracts.

Table Multiplier of major global stock index futures contracts