Comment on the influence of the launch of stock index futures at the capital market of China

In the global perspective,the stock index futures has become most active futures variety of the international financial market transactions.Besides the capability of avoiding systemic risks,it also has the function of activating stock market,scattering investment risks,hedging and keeping the value.The characteristics of selling-up trading,hedging and value keeping brought by the stock index futures have a positive impact on the capital market of China.It includes the impact on the capital market structure,market innovation,market efficiency,and the shock to the domestic spot market.As it is the first time to push ahead at the underdeveloped capital market of China and there is no experience to draw on,the implement of stock index futures is problematic.