1. Lack of necessary market conditions is the root cause of the incident. Hedging is the primary economic kinetic energy of the futures market, and the function of the futures market must have a suitable market background and a good spot market foundation: the spot market is the root and the futures market is the leaf; The spot market is the foundation and the futures market is the extension.

2. At that time, China's treasury bond futures were not real treasury bond futures, and the marketization of interest rate mechanism on which it relied was not formed. ?

3. China's narrow primary market and underdeveloped secondary market restrict the function of treasury bond hedging, but provide conditions for speculators to manipulate the treasury bond futures market.

4. The risk control system and management system of the Exchange are not perfect.

5. Lack of unified regulations and supervision system. ?