The first chapter describes the history of stock index futures and the new trends of development in the past few years , from which we can conclude that stock index futures have been the focuses of innovation and competition for capital markets all over the world . from the angle of attendants , the second chapter analyses the conceptions and roles of hedging > speculation and arbitrage 第一部分叙述了股指期货的国际发展历程及其近年来发展的新趋势，从中可以看出股指期货已经成为各国资本市场创新和竞争的焦点所在；第二部分从股指期货市场交易主体的角度，分析了套期保值交易、投机交易与套利交易的含义及各自的作用。
