Stock index futures began in the USA in 1982, since they were -launched, there has been very rapid growth in the volume and value of trading in index futures. Overseas, it has made a thorough search for the stock index futures. But in our country, academe concentrate on the feasibility and necessity of introduce index future into Shanghai and Shenzhen stock markets.The present treatise introduced the stock index future, studied the broad principle governing the trading and liquidation of stock index futures, then analysed the design and regulation of futures contracts. It researched the piinciple and method of arbitrage and hedge. There are many additional ways in which index futvre~ can be used by fund managers, and these. are considered in this paper. The treatise finally discussed the prospect of stock index futures in Shanghai and Shenzhen stock markets. |