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What is the cause of the "327" incident, and what enlightenment can we get from it?
1. The spot bond market is underdeveloped, and the bond variety and maturity structure are unreasonable.

2. At that time, treasury bond futures were not typical treasury bond futures.

3. Lack of unified regulations and supervision system.

4. There are misunderstandings in spot mechanism management of futures.

The fundamental reason lies in the immature market conditions at that time, and the lack of unified supervision and corresponding risk control experience for financial futures.

Enlightenment: 1, the financial futures varieties lacking the necessary market conditions contain huge risks.

This mainly means that the marketization of interest rate mechanism on which treasury bonds futures depend has not yet formed, and the financial spot market is not perfect.

2. Policy risk and imperfect information disclosure system are important sources of risk in the futures market.

3. Only by perfecting the management system of the exchange can we prevent the endless risks in the futures market.

4. The risk control of modern futures trading needs computer system to provide necessary technical support.