Stock Index Futures, "the Main Contract Funds Shift Positions" Impact On The Spot Market

Since China’s CSI300Index futures, the market size and the volume is growing, CSI300Index futures plays an increasingly important role in the country’s financialmarket. After the introduction of stock index futures,it has a great impact on the spotmarket. This paper aims to analyze the impact on the spot market by the stock indexfutures “main contract position-shift” and put forward relevant policyrecommendations.The paper reviews the history of the stock index futures at home and abroad,elaborated the concept of stock index futures and its main contract,and introduce thestock index futures “main contract position-shifit”.This article describes how thestock index futures “main contract position-shift” affects the spot marke and use localimpact analysis of time-series data in order to identify anomalies in the data.Theempirical analysis results show that, the stock index futures “main contractposition-shift”really had an impact on the spot market.Through the research, we draw the following conclusions: Due to the impact ofthe stock index futures “main contract position-shift”, the probability of the stockindex futures market’s abnormal trend fell sharply and triggered the spot market’sabnormal movements fell sharply has obviously increased.Finally, in accordance withthe above analysis and conclusions, this article lists the corresponding policyrecommendations in order to provide some useful information for the construction ofChina’s capital market system.