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In addition, there is a part beats by dr dre solo hd white herve leger dress of the study proves the stock index futures increase or decrease the spot market volatility. Damodaran (1990) the S&P 500 index futures, found that the fluctuation of the  component increase with the rising black herve leger dress of. Lockwood and Lin (1990) on the dow Jones industrial index of the study show that, stock market gains the coefficient of variation of rising. Antoniou and Holme (1995) on the FT-SE100 index research shows that, the stock index futures trading increase the share price volatility, but improve the spot market reaction speed and quality of information. Bessembinder and Seguin (1992) 1978-1989, analyzes the S&P 500 index futures launch of the situation before and after, and found that the introduction of the futures market in stock market volatility reduced. Robinson (1999) for 1980-1997 FT-SE100 index of the spot market research showed that the futures market in stock market volatility after decrease. Antoniouetal (1999) to the German DAX index and futures research shows that, the stock index futures reduce the volatility of the stock black herve leger dress market. Kuserk and Cocke (2002) to the U.S. stock market the empirical research shows that, carry out stock index futures trading, due to attract a lot of ibeats by dre arbitrage, and the hedgers entering the market, the stock market size and liquidity has greatly raised, and the stock index futures market and cash market trading volume of its foundation is two-way promote the situation. Damodaran (2007) on the S&P 500 index YangBenGu of the empirical research shows that, and carry out stock index futures trading after five years, the market value of YangBenGu index increased by the YangBenGu of more than two times. This shows that the launch of stock index futures will promote the component index trading activity, improve the liquidity of individual stocks. Jegadeesh and Subrahmanyam (2009) to study the S&P 500 index futures on the spot market liquidity to spread the judge index as liquidity. They think, when have the information the investors to trade futures market, market maker in information disadvantage, so the stock price expand, liquidity is poorer In conclusion, foreign scholars is the main point of: stock index futures out to the spot market liquidity in the effect of positive and negative two aspects. Reverse effect from view, stock index futures and spot stocks have between substitution effect, leading justin bieber justbeats to the launch of stock index futures may reduce the spot market liquidity; And from a positive influence on view, out of stock index futures, stock market trading will promote the active and reasonable price fluctuations, arbitrage and hedging incremental capital listed by demand, may improve the spot market liquidity. Out of stock index futures monster turbine pro copper for the spot market liquidity is the effect of both the positive and negative aspects of the comprehensive results. From the whole consideration, and in the long run out of stock index futures will promote the spot market trading active, stability and effective price discovery, make the stock market more healthy development. Above about of stock index futures research can show that stock index futures may influence in the short term to the volatility of the stock market, but in the long run, such effects are not so obvious. Of course, our country of stock-index futures time only half a year, plus China's capital market and not very mature, out of stock index futures may be limited time to the volatility of the stock market has a great influence, to the question further studies are needed.

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