A futures contract on a payment of $250 times the Standard and Poors 500 Index is traded

Question:

A futures contract on a payment of $250 times the Standard and Poors’ 500 Index is traded on the Chicago Mercantile Exchange. At an index level of $1,000 or more, the contract calls for a payment of over $250,000. It is settled by a cash payment between the buyer and the seller. Who are the hedgers and who are the speculators in the S&P 500 futures market?