The essence of buying and selling stock index futures is to sign a contract with others and buy and sell futures indexes at the agreed price and quantity within the agreed time. This contract has an agreed final trading day (that is, the date of final performance of the contract, usually the third Friday of the contract month), and this trading day is the delivery date of the futures index. When the agreed final performance time comes, the buyer and the seller must close the position (terminate the contract) or make delivery (cash settlement).

That is, on the delivery date of stock index futures, the "delivery date effect" often mentioned by foreign media can be said to be a common phenomenon in overseas markets, and the underlying stock price and trading volume are temporarily distorted due to the imbalance of trading. For example, on the eve of the delivery of stock index futures contracts in China mainland and Hongkong stock markets, the Hang Seng Index often fluctuates greatly, and the market sometimes goes to extremes, which is obviously beyond the normal state. Of course, with the completion of contract delivery, this influence will quickly dissipate and the stock market will return to normal.

Since the introduction of stock index futures, the stock market has been falling and always plummeting. I really think stock index futures should be suspended. This is the confession of a stockholder. Then, what effect does stock index futures and the delivery date of stock index futures have on the stock market?

To be sure, the impact is certainly there, but the impact is debatable. Because stock index futures is only a financial derivative product after all, it has no decisive effect on the market, but at present, due to the influence of macro policies and overseas markets, the market is already in a weak position, so stock index futures further amplify the power of shorting. As a result, investors have great opinions on this. Stock index futures is not the chief culprit of the market decline, but a scapegoat, because the main factors affecting the rise and fall of China stock market are fundamentals and policies.

In China, the scale of stock index futures is still very small, and the market scale of stock index futures is not the same as that of the stock market, which has little impact on the stock market. Therefore, investors should not worry too much about the "delivery day effect" and should not let panic disturb their investment strategies. As long as there is a correct trading plan and strict fund management, I believe that risks will be controlled, not controlled by risks!