Stock index futures is a new trading method derived from stock market trading. It is a futures contract with the stock price index as the subject matter, which belongs to the category of financial derivatives. Although stock index futures is one of the fastest growing varieties in financial futures, its development process is not smooth sailing. Throughout the development of stock index futures, it can be divided into four stages: initial stage, growth stage, stagnation stage and prosperity stage. This stage introduces the first two stages: 1. Initial stage (1982- 1985). In the 1970s, western countries were affected by the oil crisis, with unstable economic development, frequent interest rate fluctuations and currency fluctuations. As a result, stock index futures came into being. 1982 In February, Kansas Futures Exchange opened the value line index futures contract, announcing the birth of stock index futures. Subsequently, many exchanges began to try and explore stock index futures. In April of the same year, the Chicago Mercantile Exchange launched the Standard & Poor's 500 index futures contract, 1984, and the London International Financial Futures Exchange launched the Financial Times 100 index futures contract. During this period, neither exchanges nor investors are familiar with the characteristics of stock index futures, and they are in a state of "learning by doing", and the market trend is not very stable.