Legal Issues Studies On Stock Index Futures

Since the 1970s,in the background of financial innovation,financial derivative instrument has poured great energy into the entire capital market. Stock Index Futures as one of the financial derivative instrument is according to the demand of risk management of stock market.Although having only more than 20 years development history,its transaction scale and market influence obtained rapidly growth.Stock index futures have became one of the most successful stock products of 20th century.In the background of the world's economics integration and China joining WTO,opening the domestic finance market gradually,and impelling finance liberalization is an inevitably choice for Chinese government.The promotion for the development of financial derivative instrument is not only the need for both of the China financial system and the international finance system,but also the inevitably request for Chinese enterprise and the financial organization participating international competition,dodging supervision and guarding finance risk.In that case how to gauge and regulate financial futures business and how to serve its turn meanwhile,avoid its disadvantages are the focuses which governments of different countries and relevant international organizations have been showing concerns for.As the establishment of financial futures bourse in Shanghai and the appearance of stock index futures,Chinese finance futures business has entered a new era.However,the present correlated laws can not catch up with the rapid development of finance futures business,and thus it is necessary to use international experience for reference so that we can establish law system of our own to gauge and regulate Chinese finance futures business.This paper presents some special suggestions for the legislation of Chinese finance futures business by using the comparative analyze and case research on different countries and areas` stock index futures experience.There are eight parts in this thesis.The introducing part gives the tendency of stock index futures,the meanings of executing the stock index futures in china,and introduces the target of this thesis,the research procedure it used in this thesis.The first chapter as the basic theory of thesis provides the conception, the features of stock index futures,outline of development process of stock index futures in the world,the economic analyze of stock index futures.In addition,it gives the legal theory basic of executing stock index futures.The second chapter analyzes the foundational action of stock index futures-deal and settlement action.It describes the legal relationship of each trade clients,definitudes everyone's rights and duties in stock index futures,analyzes several illegal actions in trade,and discusses the member management and legal issues in the settlement process.The third chapter describes that the point to research the legal issues in stock index futures is to risk management.It gives the kinds,the features of the risk in stock index futures exchange,several foreign markets` system of risk management,and our attitude on stock index futures` risk management.The fourth chapter analyzes the legal supervise of stock index futures. It describes the targets,principals,international harmonization of stock index futures supervise,it analyzes the foreign experience's affect on our country's policy,the aim of legal supervise is the trade action.In last,it discusses the policy's features we will employ.The fifth chapter describes several cases on stock index futures.The sixth chapter is about the legal responsibility of stock index futures.It definitudes that there are three kinds of legal responsibility in stock index futures,including civil responsibility,administration responsibility and criminal responsibility.The last chapter of this thesis proposes the framework and policy of our country's stock index futures.There was once stock index future in finance market in Hainan province,analyzes the market chance to pull out stock index futures in china,it gives some suggestion on our country's future development on stock index futures.The proposed Regulatory Board would consolidate authority and provide investors,traders,and exchanges with a single voice on the regulation of single-stock futures.