United States Stock Index Futures Market Development Analysis

Stock index futures as a stock price index for the underlying assets of the financial derivative products, financial futures is the youngest in the family, one of the most dynamic members. Stock index futures as a representative of the financial futures and the emergence and development, the futures market has undergone enormous changes, and fundamentally changed the pattern of the futures market. At present, the Financial Futures Exchange has occupied the majority share of the Futures Exchange, and the world's economic development has far-reaching implications.After World War II ended, the United States economy has entered a phase of sustained and stable development, the stock market in the United States rapidly growing institutional investors, the scale and complexity of the stock market has greatly improved. Although investors through investment portfolio to reduce the non-systemic risk, but the market could not avoid systemic risks. 20 since the 1970's, with the decline in the economic status of the United States, due to exchange rate fluctuations and the oil crisis and other events, the United States stock market is also faced with the risk of sharp fluctuations. Under such circumstances, the search for a systemic risk to effectively reduce the demand for the investment vehicle, has become pressing up.After long-term preparations, in February 1982 Kansas City Futures Exchange (KCBT) launched the first stock index futures contracts - Kansas City Value Line stock index futures contracts, stock index futures proclaimed the birth in the United States, and have achieved greater success. Despite the stock market crash of 1987, but the United States concluded in the development of stock index futures on the basis of lessons learned, quickly resulting embarked on the road of rapid development. Stock Index Futures United States financial futures market as an important component of the stock market can not only reduce the systemic risk, improve investor structure to meet the needs of investors diversified investment, but also price discovery, hedging and asset allocation function can effectively improve the financial and the function of the market mechanism, which in the international capital market development in a more and more important position.Based on financial derivatives, stock index futures and related theory, seek to clarify the development of stock index futures market theoretical and practical basis, then the United States stock index futures market on the course of development of the past 30 years and the status quo of stock index futures and the historical reality reasons, the United States also approved stock index futures market operation mechanism and monitoring system analysis, stock index futures market that the United States was developed in the root of its mature operation mechanism and monitoring system.China since the past 30 years of reform and opening up, the national economy achieved rapid growth and the stock market has continually develop and grow, but for the lack of space in the market mechanism, the risk of price fluctuation can not be effectively eliminated, is not conducive to the country's economic and financial macro-control. This paper summarized in the United States stock index futures market development experiences and lessons learned on the basis of China's stock index futures for the development of the market for reference and reference value.