The meaning of stock index futures is also introduced and explained in detail in Basic Knowledge of Futures. Stock index futures are standardized futures contracts with stock index as the subject matter. The buyer and the seller agree that at some time in the future, the underlying index can be bought and sold according to the size of the stock price index determined in advance. There is not much difference between stock index futures and other futures in product pricing and trading rules. The special feature of stock index futures is that (1) prices are quoted at index points. (2) Cash delivery. (3) The price fluctuation of stock index futures is greater than that of interest rate futures. 907