Abstract

In April 2010, Hu-Shen 300 index future begin to trading, it is first finance derivatives of Mainland, after bond futures delisted for price manipulation in 1995. Viewed from derivatives history, majority market would listed stock price index options and VIX derivatives, providing more derivatives for Investors.

Of course, stock price index derivatives bring new problems, such as Expiration-day Effects, Cross -Market Manipulation and shocks. In addition, for market players, stock price index derivatives provide investment and hedge chance, but company's risk management face challenge for high-lever trading.

So, based on stock price index futures and stock price index options，this book Introduce the history&status quo of global stock price index derivatives market and its International Experience, then analyzing stock price index derivatives'innovation &disputation and new problem and its countermeasure given by stock price index derivatives. At last two chapters, this book review the history &status quo of Mainland derivatives market, and then gives some suggestion about how to develop Stock Price Index Derivatives.