Legal Analysis On The Transaction Of Stock Index Futures

As a newborn product of the capital market, stock index futures derive from stock transaction. The transaction of stock index futures can promote circulation of stock price information, stabilize stock price, transfer risk in stock transaction. Having existed and developed for nearly 30 years, stock index futures have becoming a mature derivative in the western capital market and playing an important role. As the maturity of our stock market and increasing demand of investor, our country starts stock index futures transaction in April 2010. Though the one year transaction shows no disputes, this doesn’t mean the investor knowing the nature of stock index futures, the regulator and judicator having no doubt on legal relation and illegal act of stock index futures transaction. In order to dispel the existing confusion of stock index futures by the related person and perfect the legislation of stock index futures, this dissertation does a thorough analysis and research on the transaction of stock index futures applying civil and commercial law theory.For the structure of this paper, in addition to the introduction and conclusion, the main part is divided into four chapters.In the introduction, on the review of the practice and theory of stock index futures, this part put forwards the thesis of this dissertation and its meaning. After raising the thesis of this dissertation, this part also defines the scope, logic and methodology of this paper.The first chapter is overview of stock index futures. This Chapter firstly analyzes the nature of stock index futures in the process of development of futures. Having explicating the nature of stock index futures, this chapter goes on studying theoretical foundation of stock index futures and its practical functions. Afterwards, this part analyzes the legislation concerning stock index futures and introduces the legal relationships arising from stock index futures transaction.The second chapter analyzes the legal relationship in stock index futures transaction. Having explicating the legal fact of stock index futures transaction, this chapter analyzes the legal relationship in stock index futures transaction from subject, object and content three facets thoroughly applying the general theory of civil legal relationship. After giving a crystal analysis of the legal relationship in stock index futures transaction, this part continues analyzing the performance of stock index futures contract.The third chapter analyzes the guarantee relationship in stock index futures transaction. This chapter firstly presents the conception, category and function of cash deposit in stock index futures transaction. Having a thorough knowledge of cash deposit in stock index futures transaction, this chapter analyzes the structure of the guarantee relationship in stock index futures transaction. Finally, this part researches some insuring methods for cash deposit guarantee in stock index futures transaction.Chapter four researches on the regulation of illegal transaction in stock index futures. First of all, this chapter gives an overview of illegal transaction in stock index futures. Having a general knowledge of illegal transaction in stock index futures, this part does separate research on manipulation of stock index futures price, stock index futures transaction using nonpublic information and fraud in stock index futures transaction with specific reference to the character of stock index futures transaction using composing and culpability theory of illegal act. The conclusion of this dissertation summarizes the core viewpoints in this paper and points out the value of this paper and some problems for further perfection.