Stock Index Futures Market Research

Stock index futures is one of the financial futures which came out the most lately but developed the fastest. From the very beginning, it had showed great vitality and led financial market to a new peak. In February 1982, American Kansas Exchange promoted Value Line Composite index futures contracts, which originated stock index futures trades. Shortly after, various exchanges put out stock index futures contract in not more than twenty years, and the trade volume of stock index futures had been increasing every year. By the end of 2000, about 40 countries and areas in the world had exploited over one hundred kinds of stock index futures, and stock index futures had become one of the most prevalent futures .Some developing countries of Asia and South America also put out their own stock index futures. In our country, along with the developing of our country抯 capital market and the deepening of the policy of opening to the outside world , the market basis of putting out stock index futures has preliminarily implemented, and the calls for openihg stock index futures has been rising day by day .However, stock index futures is a financial derivative of high risk, domestic study about it is still comparatively weak. We are short of the systematic study of the theory and the experimental study of foreign futures market especially. Basing on previous study achievements, this article is synthesizes what the author have studied and a large quantity of foreign material, systematically analyses, expounds and proves the development of world stock index futures and our country抯 routine selection of putting out stock index futures, conducts quantitative study and mathematical analyses to many details with quantity economic method, blends foreign advanced theories with rich practices rather completely and organically. All of the author抯 efforts aim to provide some reference values to the cultivating and developing of stock index futures market in our country. This article combines experimental study with normative study, confirms theory elaboration with practice induction, lays equal stress on vertical extension ABSTRACT and horizontal comparison. On the premise of a great mass of foreign theoretical material and market data, it deeply analyses and studies stock index market from different angles and levels, firmly grasps the newest traits and developing trend of the world stock index futures market, excavates the inner logic and objective movement laws from it, then implements it on the studies and analyses of Chinese stock index market, striving for forming a complete and systematic study result and scientific policy suggestion. The essay includes three parts, in all nine chapters. The first part is introduction; the second part is the investigation and study of foreign stock index futures market, from the second chapter to the sixth chapter; the third part is the analyses and proposition of putting out stock index futures market in China, from the seventh chapter to the ninth chapter. The introduction points out the theme, study background and realistic meaning of this essay, generalizes the structure and study method of the whole article, defines the study scope of stock index futures market, makes clear the concerning definitions, and lays a good foundation for the overall unfolding of the following content. The first section of the second cbapter investigates the production reason of stock index futur...