futures can be counted as securities or not. Futures is a derivative securities, it is a contract, and whether this contract is a securities or not is up to you. (In fact, it belongs to securities in a broad sense. The most important function of futures is to match the spot contract to achieve the purpose of hedging. Instead of letting speculators speculate, although most people speculate. When the derivative financial market was just emerging in the United States, it was almost abolished by the US Congress. Finally, the Federal Reserve, together with economists and a series of experts, came to Congress to issue a report on the derivative financial market. It is precisely because of the hedging effect of futures spot that Congress finally made up its mind to develop the derivative financial market. (Because futures are too easy to speculate. )