Research On The Negative Inventory System Of Futures Market Access

Futures market access system is a legal system which regulated futures market subject into the futures market, and is an indispensable system arrangement of the futures market. Since the late 1990s, the futures market adopted strict access control policies in our country. In recent years, the regulatory policy is relaxed, but still adopt "positive list" mode, which inhibit the innovation and vitality of futures market and hinder its functions to play.The Third Plenary Session of the eighteen made a decision that performing the uniform institution for market admission, on the basis of "Negative List", all kind of market entities in accordance with the law can enter equally into the areas outside the negative list. Then, the China Securities Regulatory Commission proposed to establish a negative list system in the field of securities and futures, in order to improve the market access regulatory mechanism. Establishing futures market access negative list system and reducing the administrative examination and approval of the government which is significance to further streamlining administration, establishing a unified market access system, giving full play to the decisive role of the market in the allocation of resources and stimulating the vitality of market players.In order to establish a scientific, reasonable futures market access negative list system and provide an effective theoretical basis and theoretical support for the establishment of a sound legal supervision system of futures market, this paper use concept analysis, normative analysis and other methods to making systematic, comprehensive and in-depth analysis of the futures market access negative list system, based on the study of the negative list system and combined with the specific conditions of China’s futures market.This paper is divided into four parts:the first part introduces the development of negative list system, the concept and the rule of law. And from the development of China’s futures market access system, the paper points out the problems existing in the current market access system, and puts forward the necessity of establishing the negative list system. The second part mainly discusses the target and principle of the establishment of the futures market access negative list system.In order to exert the effectiveness of the negative list system, the paper proposed to uphold the value of the target of "establishing a unified futures market access system, dealing with the relationship between government and futures market, restricting and regulating the public power of the futures regulatory institution, and ensuring the fair and efficient", and follow the basic principle of "ruling by law, necessity, safety, step by step, and protecting the interests of investors". The third part is the focus of this paper that explores China’s futures market access in the negative list of substantive. First of all, considering the condition of the assets, the qualification of shareholders, and the business scope, the paper reviews the contents of the Futures Company market access negative list. Secondly, from the organization form of Futures Exchange, the listing of the trading varieties, membership conditions and so on, the paper reviews the contents of the Futures Exchange market access negative list. Then, this paper made a futures market access negative list, on the basis of the above researches. The fourth part discusses the procedure system of China’s futures market access negative list system, including the establishment of a negative list, implementation and adjustment, the security measures in implementation processing and so on.