合格境外机构投资者资格认定制度(QFII)对股市避险工具的需求正日益凸显。先行国家和地区的经验说明了实施QFII制度与推出股指期货之间的互动关系,而由股指期货“非专属性”导致的离岸市场竞争给我国带来了巨大的潜在压力,如果不能及时应对,我国有可能失去股指期货市场的主导权,进而威胁到本国的金融安全和市场公平。 The demand for stock market hedging instruments by QFIIs is becoming increasingly prominent. The experience of the first countries and regions shows that the implementation of the QFII system and the introduction of the interaction between the stock index futures, and the “non-exclusive” stock index futures lead to offshore market competition has brought tremendous potential pressure on my country, if not timely response , Our country may lose the dominance of the stock index futures market, thereby threatening the country’s financial security and market equity.