The objective of this paper is to study the changes in the expiration-day effect of Taiwan index futures. In order to alleviate the anomalies before the maturity of the futures market and increase the liquidity of the spot market, the Taiwan Stock Exchange set its daily price fluctuation limits release to 10% on November 21, 2008 and June 1, 2016. In the past literatures, they have not been discussed whether the reform of these two policies have a trade-off on the expiration-day effect. Therefore, this paper uses the ARJI-TRAND model and collects relevant market volume and closing index for testing. The sample period is from July 2, 2007 to May 17, 2019. After the data is sorted, there are 143 futures contracts in the whole sample period. The results of this paper show that the futures market has significant abnormal negative returns during the sample period and five days before the expiration date, and the policy reform has a significant negative impact five days before the expiration. There have the same result when the stock market is release to 10%. In addition, this paper further observes the interaction. The institutional legal person transaction volume and the futures remuneration are positively correlated. When the market undergoes institutional reform and relaxation of the price limit, the impact of the institutional legal person's transaction volume on the futures market remuneration is reduced. After the relaxation of the price limit, the institutional legal person's transaction status has indeed reduced significantly the impact on the futures market. In addition, the trading volume of the futures market turned negatively from the negative impact to the positive impact five days before the expiration. Therefore, after the government releases the price limit, the impact of the institutional legal person on the maturity effect of the futures market was significantly slowed down. It helps information investors to slow down the interference of market anomalies. This paper also suggests that the future market mechanism should be adjusted as the market changes to activate the market to improve the market.