When there was crazy speculation in large-cap stocks in the fourth quarter of 2006, stock index futures were one of the hot spots. Public opinion at the time also unanimously believed that stock index futures were positive. However, just a few months later, stock index futures turned into a scourge again and became a big negative.

Stock index futures are used as risk-taking tools to hedge stock market risks. Unfortunately, stock index futures have become an effective tool for international hedge funds to manipulate international capital markets. This thing that complies with compliance laws in the European and American capital markets has become a demon that is causing harm to emerging markets. In recent years, major international capital market turbulence has been caused by futures.

The experience and efficiency of China’s regulatory authorities and the ability of decision-making departments to respond to crises are indeed unflattering. In the past few days, the China Securities Regulatory Commission has successively announced penalties for certain stock market manipulators. This is a good thing. However, looking at the timing of the manipulation incident, the "iron fist" of the China Securities Regulatory Commission is actually a source of deep concern. The illegal incidents that occurred in 2000 were not dealt with until 2007.

Can this efficiency cope with sudden crises? !

Guangzhou Click Network Answers