Futures market function less eciently without speculative traders 

providing liquidity and assisting with price discovery. Moreover, 

the liquidity brought by speculative traders’ frequent trading 

activity may attract more hedgers or investors to participate in 

futures trading. Therefore, speculation is indispensable in the 

futures trading ecosystem.

Speculation is often mistaken for price manipulation, but this view 

lacks objectivity and fairness. Under certain market conditions– 

such as low market liquidity, inecient regulation, or excessive 

speculation, speculation may create an opportunity for market 

manipulation. What a futures market really needs is a solid 

regulatory infrastructure and robust surveillance system to inhibit 

market manipulation.

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