Research On Self-Regulation System Of Futures Market

Futures Market was the product of the development of market economic, and also futures market was the important and necessary component of market economic. Since the first normal futures exchange in the world, Chicago Board of Trade (CBOT) was founded in 1848, futures market constantly made innovation and development with economic development and social progress as the site of dispersing risks and finding prices. The scale of the futures market enlarged quickly, economic function enhanced gradually and effects to industry were broader and broader. As the important bridge between financial market and commodity market, futures market played important role in perfecting socialist market economic system and strengthening macroeconomic just because of its special function of guiding production, finding prices, hedging and avoiding risks.Futures market is not a perfect competition market, and it has its own paticularity, if it operates spontaneously only by itself, overstrain venture, jobbery, monopoly control, sudden rose and sudden decline will appear in the market, and the market function will be affected. To establish and perfect supervision and management system of futures market is the necessary guarantee of developing futures market and protect investors'benefits.Futures market of China is confronted with important opportunities and challenges at present. Emerging and transition are the characteristics of the futures market of China, and the characteristics demand that China should pay more attention to government provision and management and endow more market supervision and management power to government supervision and management departments. However, to perfect supervision and management system of futures market is decided basically by the balance and harmony between government supervision and self-regulation. Although self-regulation can't be at the first place now, we should pay more attention to the importance of self-regulation. When our futures market is more perfecting, self-regulation organizations should be endowed more supervision and management power, government supervision and management should retreat from some material fields.Chapter One Summary about Self-Regulation System of Futures Market. Some concepts about self-regulation system of futures market are introduced in this chapter, and some supervision and management patters about futures market also have been introduced in this chapter. Self-regulation system of futures market originated from Europe guilds in middle age, and the self-regulation system of futures market of China developed with the development of the whole futures market.Chapter Two Theoretical Basis of Self-Regulation System of Futures Market. This chapter explains, considering characteristics of futures market, market failure theory in supervision and management of futures market, public benefit theory, legal incomplete theory and government supervision and management failure theory.Chapter Three Analysis of Elements of Self-Regulation System of Futures Market. Subjects of self-regulation system of futures market includes futures guilds, futures exchange and futures margin monitoring center and so on. Self-regulation measures mainly include making regulations, supervising actions of members and making punishment to members.Chapter Four Comparative Study of Self-Regulation System of of Overseas Main Futures Markets. Developed self-regulation system of American futures market is first introduced in this chapter. Self-regulation of American futures market played an important role in the whole market. Self-regulation system of England futures market is very typical, its practice showed that there was no conflicts between government supervision and management and self-regulation. After this, self-regulation system of Japan futures market also is introduced in this chapter. At last, comparative study was made between different countries and some lessons were disclosed to China.Chapter Five Relationships of Self-Regulation System and other Systems. At First, the relationships between self-regulation and government supervision and management of futures market were analyzed, then the relationships between self-regulation of futures market and justice intervention. At last, the relations between government supervision and management, self-regulation system and justice intervention were analyzed, three parts mentions above should be balanced.Chapter Six To Perfect the Self-Regulation System of China Futures Market. There are still many problems in our self-regulation system of China futures market including legal systems not incomplete, self-regulation subjects lack of independent status, less communication between self-regulation subjects and so on. On the basis, this chapter put forward some suggestions for perfecting self-regulation system of China futures market including perfecting legal system of self-regulation of futures market, rights and obligations should be united, power and duties should be united in self-regulation system of futures market, perfecting self-regulation system of futures guilds, perfecting self-regulation system of futures exchange, endowing punishment power to subjects of self-regulation system of futures market, improving the ability of self-regulation subjects and so on.Chapter Seven New Consideration for Self-Regulation System of Futures Market Under the Circumstance of Subprime Crisis. The background of subprime crisis was analyzed in this chapter, financial derivatives made important effects in expanding the crisis and the loss of supervision to OTC market was activators to the subprime crisis. Under the circumstance, China should speed up to develop our futures market to strive for the international price fixing power for some important commodities. At last, some new considerations for self-regulation system of futures were made including strengthening honesty system construction of the futures market, strengthening risks control and enhancing the protection of investors.