1. Account opening: To participate in stock futures trading, customers need to sign risk warning and futures brokerage contracts with qualified futures companies and open futures accounts.
2. Place an order: The customer sends a trading order to the futures company before each transaction, explaining the type, direction, quantity, price and other behaviors of the trading contract.
3. Settlement: Settlement refers to the business activities of calculating the trading margin, profit and loss, handling fees and other related amounts of members and customers according to the trading results and various provisions of CICC.
4. Liquidation or delivery: Liquidation refers to the behavior of customers to end futures trading by buying or selling contracts of the same variety and quantity but with opposite trading directions. Stock index futures contracts are delivered in cash. After the stock index futures contract is listed on the last trading day, it will be traded based on the settlement price, and all open contracts will be closed.