2008 is a year in which the global economy faces many tests and the financial market is in great turmoil. In fact, since 2003, represented by the rapid growth of BRIC countries, the global economy has shown a good momentum of steady development. Both developed and emerging countries have benefited from this round of economic growth. The job market is stable, and the stock market and housing market are constantly improving. However, from the end of 2007, the subprime mortgage crisis in the United States continued to spread, and finally evolved into a global financial crisis in 2008, with violent turmoil from the real estate market to the financial market.

With the turmoil in the global financial market, the stock market, exchange rate market and commodity market all fluctuated greatly, and the price risk increased sharply. The demand of the whole society for the risk management function of the futures market is further heating up. Both European and American futures markets and domestic futures markets have made great progress, the transaction scale is constantly increasing, and the market is orderly, which effectively plays the role of risk management. On a global scale, in the financial crisis triggered by subprime mortgage, the regulatory problems of OTC derivatives market suddenly appeared, and both theoretical and regulatory circles are thinking about how to prevent the systemic risks of OTC derivatives more effectively and carry out more effective supervision.

Since 2008, the successful experience of the smooth operation of the global futures market has inspired the theoretical circles and the regulatory authorities of various countries, especially the floor derivatives represented by financial futures and options, whose good liquidity and efficient central settlement function have been fully affirmed. American regulators began to consider giving full play to the mature risk management experience in the futures market, and prepared to use OTC derivatives settlement as an improvement measure to promote financial supervision. On June 5438+ 10, 2008, the US regulatory authorities pointed out in a statement that centralized clearing of OTC derivatives should be encouraged and centralized supervision should be implemented. Since then, the Federal Reserve has discussed memorandums of understanding with the US Securities Regulatory Commission (SEC) and the US Commodity Futures Trading Commission (CFTC) to seek centralized and unified supervision over the centralized settlement of CDS products in OTC derivatives. All these show that the risk management function of on-market derivatives represented by financial futures has been widely recognized by the regulatory authorities, and it also provides practical reference for China to successfully launch stock index futures.

Stock index futures, like other financial futures, have effective risk management systems such as margin system and mark-to-market settlement, which ensures that market risks are measurable and controllable, which is an important cornerstone for the smooth operation of financial futures in this financial crisis. China is facing the challenges and opportunities brought by the global financial crisis. On the premise of adhering to Scientific Outlook on Development, based on the reality of the primary stage of socialism, combined with the emerging and transitional characteristics of the domestic capital market, it is feasible to explore the experience of financial supervision from simple, measurable and controllable on-site financial futures. Further absorbing the experience and lessons of risk management in the financial crisis, learning from the management experience gained in the smooth operation of domestic commodity futures, and adhering to the "high standard and steady start" to develop the stock index futures market are conducive to promoting the further reform and opening up of China's capital market and better serving the sound and rapid development of the national economy.