Futures contracts based on stock indexes are called stock index futures. Due to the unique nature of its subject matter, its unique trading rules are determined: 1. Trading unit In stock index futures trading, the trading unit of the contract is represented by the product of a certain monetary amount and the underlying index. Here, the certain monetary amount is fixed by the contract. Therefore, the futures market only quotes the price of each contract in points of the underlying index. For example, major market index futures contracts listed on CBOT stipulate that the trading unit is $250 multiplied by the major market index. Therefore, if the futures market reports that the main market index is 410 points, it means that the value of one contract is $102,500. And if the major market index rises by 20 points, it means that the value of a contract has increased by $5,000.

2. Minimum price change The minimum price change (i.e. one scale) of stock index futures is usually expressed as a certain index point. For example, the minimum price change of S&P500 index futures is 0.05 index points. Since each index point is worth $500, the minimum tick for each contract is $25, which means that the minimum amount for each price move in the trade is $25 per contract.

3. Daily price fluctuation limits. Since the stock market crash in October 1987, most exchanges have stipulated daily price fluctuation limits for their listed stock index futures contracts. However, the regulations of each exchange different. The difference is both in the magnitude of the restrictions and in the manner of the restrictions. At the same time, each company often limits daily price fluctuations based on specific circumstances.

4. Settlement method Cash settlement is a major feature that distinguishes stock index futures trading from other futures trading. Under the cash settlement method, each open position will be automatically offset on the expiration date. In other words, traders compare the contract value at the time of transaction and settlement to calculate profit and loss and make cash settlement.

(2) CBOT main market index futures contract specifications trading unit 250 × main market index points minimum price change 0.05 index points (USD 12.50 per contract) daily price fluctuation limit is not higher than the previous transaction The daily settlement price is 80 index points, which shall not be lower than the settlement price of the previous trading day by 50 index points. The first three consecutive months of the contract month and the following three consecutive months are traded in the cycle of March, June, September and December. Time 8:15 am to 3:15 pm (Chicago time) The delivery method on the third Friday of the delivery month on the last trading day is based on the closing price of the major market index futures and is settled on a daily basis based on the closing price of the major market index futures on the last trading day. Cash settlement

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