90年代以来,金融市场的国际化趋势日益明显,机构投资者的主导作用不断增强,金融工具的创新不断加快。不仅发达证券市场竞相开设股指期货交易,新兴证券市场也紧随其后,股指期货交易的发展极为迅速。据统计,全球股指期货的未平仓名义余额从1991年的760亿美元增长到1998年的3210亿 Since the 1990s, the internationalization of financial markets has become more and more obvious. The leading role of institutional investors has been continuously strengthened, and the innovation of financial instruments has been accelerating. Not only the developed securities market competed to open stock index futures trading, the emerging securities market followed, the development of stock index futures has been extremely rapid. According to statistics, the outstanding open nominal balance of global stock index futures increased from 76 billion U.S. dollars in 1991 to 321 billion in 1998