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一、股票指数期货的定义 股票指数期货属于金融期货的一种,它是以股票指数为买卖对象的期货。所谓期货是一种买卖双方在交易时约定买卖条件,同意在将来某一时间按约定的条件进行买卖的交易方式。尽管股票指数期货1982年2月才在美国堪萨斯市期货交易所首次推出,但由于它具有的独特做空机制,可以让投资者回避系统风险,而且交易成本相对较低且流动性强,适应了广大投资者的需要,因而发展很快。在美国,股票指数期货的交易量占整个期货市场成交量的20％以上。 二、股票指数期货的特点
First, the definition of stock index futures Stock index futures are a kind of financial futures, it is based on the stock index for the sale of futures. The so-called futures is a buyer and seller at the time of trading conditions agreed to agree at some time in the future under the terms of the agreement to buy and sell transactions. Although stock index futures were first introduced on the Kansas City Futures Exchange in February 1982, due to its unique short-selling mechanism, investors can avoid systemic risks and have relatively low transaction costs and high liquidity to adapt to the vast majority The needs of investors, and thus developed rapidly. In the United States, stock index futures trading volume accounted for more than 20% of the entire futures market volume. Second, the characteristics of stock index futures