April 16, 2010, China's official stock index futures were up on the stage, one of the most important milestones in the whole history of China’s financial markets. According to successful foreign experience, we can see that in mature markets: price discovery function of stock index futures on the spot market impact is positive and effective, it can not only reduce the price of the stock market volatility, but also can relieve, in some extent, the clustering effect of leverage making the market more efficient...