Answer to the proposal No, the proposal of the Fifth Session of the 12th Chinese People's Political Consultative Conference 23 15 (Caishui No.220) on resuming the development of stock index futures to promote the function of financial derivatives market, the CSRC indicated that during the abnormal fluctuation of the stock market in 20 15 years, the fluctuation range of stock index futures increased, short-term trading and programmatic trading in the market became active, and the trading volume was greatly enlarged, resulting in excessive speculative trading to some extent. In order to effectively resolve market risks, China Financial Futures Exchange (hereinafter referred to as CICC) has taken measures such as raising margin level, limiting intraday speculation standards and adjusting transaction costs, which have played a positive role in curbing excessive speculation in the stock index futures market and calming market panic, but correspondingly, the operation quality of the stock index futures market has also declined, and the risk management function has also been affected to some extent. The measures to restrict trading in the stock index futures market from 2065438 to September 2005 are one of the package measures taken by the CSRC to resolve the possible systemic risks in the stock market, and they are temporary policies at the special market stage. With the stabilization of the stock market, the financing function gradually recovers, the market capital and the number of investors return to normal, and the market function of stock index futures gradually recovers, which can promote the steady development of the capital market and better serve the real economy. On February 20 17 17, CICC relaxed the trading restrictions of stock index futures by relaxing the intraday opening restrictions, lowering the closing fees and lowering the trading margin standards. On September 18, CICC implemented the second step of relaxing the trading restrictions of stock index futures by lowering the handling fee of flat warehouse and lowering the trading margin standard. From a period of operation, the stock market and stock index futures market run smoothly, and the public opinion response is generally good, which has achieved the expected purpose. In the next step, the CSRC will adhere to the concept of comprehensive and strict supervision according to law, continue to improve and strengthen market supervision on the basis of the current system, do a good job in the construction of relevant supervision systems, and combine the operation of futures spot market to better promote the effective play of stock index futures functions. ?