Research Of China’s Share Price Index Futures Risk Management

Being one of a financial tools which can effectively hedge systematic risk and carryout value retaining, Share Price Index Futures（SPIF）has been born in80’s of the20thcentury and has been considered one of the financial derivative of best transaction andLiquidity.As we can see, the innovation of financial derivative tools has brought hugefinancial risks. For instance, the global financial depression triggered by the sub-loancrisis in2008, almost destroy every industry in the world, even the GM. Therefore, SPIFas one of a financial derivative tool, whose high leverage effect produce high risks inscale and range more than other tools produce. For instance, the American stock crisis in1987, Barrings bank collapsed in1995and French banks Societe Generale events2008.Being the primary tools of hedging marketing risks, SPIF has been not only the wayavoiding investing risk for the inventor, but also been reflecting national economy andbringing huge social benefit in the marketing stabilization. As our financial systembecoming more and more mature from the failure SPIF test running in Hainan, The CSI300Index Futures has born in April16th,2010.Based on our special financial condition, this paper mainly attempt to study thereasons of stock futures risk, characteristic and the management through theoretical andempirical analysis, with drawing lessons from international advanced experiences andsuccessful management of China Hongkong. Then this will summarize the study above,so as to contribute to the development of our stock market.