随着中国证券市场的发展，为有效规避市场的系统风险、有效缓解国内券商的经营压力、提高其竞争力，
为QFII、保险资金和社保基金、企年金在内的机构投资者以及最近推出的上海证券50ETFs提供有效避险工具，股指期货的推出具备了一定的紧迫性。同时，中国证券市场的蓬勃发展己引起国外投资者的重视，道•琼斯和摩根斯坦利已经设立了中国股指期货并开始交易，香港联合交易所于2003年12月8日正式推出了H股指数期货，2004年10月18日，美国芝加哥期权交易所正式推出中国股指期货。同时新加坡、文莱国际交易所和香港骏溢期货有限公司也想推出中国统一指数。在这种国际形势下，中国一些证券交易所开展了一系列关于股指期货的大讨论，并且讨论的重心已经从可行性、必要性等问题转移到了股指期货的具体实施方式、上市时机的选择、股指期货的风险控制等更加具有可操作性的问题上。因此，无论从我国资本市场发展的要求，还是国际资本市场发展趋势来看，股指期货对于中国股市来说，己经不只是一种致命的诱惑，更是一种必不可少的内在需要。
关键词：股票市场；股指期货；风险；防范
Abstract
With the development of the security market of China in order to evade the systematic risk of the market effectively，alleviate the management pressure of the domestic securities traders and raise their competitive power effectively, and provide institutional investors including QFII, the insurance funds，National Social Security Fund，the business enterprise annuity, and Shanghai security50ETFs which offer recently with insurance tools，the introduction of the stock index futures has possessed certain urgency. At the same time,the booming development of the Chinese stock market has already caused the attention of the foreign investors. Down Jones and Morgan Stanly have already set up the stock index futures in China and begun to trade .Hong Kong has put out the H-share index futures formally on December 8，2003. On October 18, 2004, Option Exchange in Chicago of U. S. A. has put out the stock index futures of China. Meanwhile，Singapore, Brunei international exchange，Hong Kong JunYI futures Co. Ltd. also want to put out the index of reunification of China. Under this kind of international situation, some stock exchanges in China have launched a series of free discussions about the stock index futures. And the center discussed has already been transferred from the questions,such as feasibility, necessity, et c. to the concrete mode of execution, listing choice, controlling risk of stock index futures. So, no matter from the request for development of capital market of our country, or the trend of the international capital market to see, the stock index futures are not only a kind of deadly enticement to Chinese stock market, but also one kind of essential intrinsic need.
Keywords： Securities market；The stock index futures of China； Risk；Avoiding;
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