Feasibility Research Into Developing Stock Index Futures And Single Stock Futures In China

In the mid 1970s ,the market,technology and risk basis for the coming forth of Stock Futures transaction in the U.S had been established on the whole. But not until 1981,the reaching of SHAD-JOHNSON AGREEMENT removed totally the legislating obstacle of Stock Future transactions. By the 1990s,Stock Index Futures (SIF) transactions had been the most active part of global financial future markets. At the beginning of 21 century,the growing up of Single Stock Futures (SSF) has been the newest development characteristic of international financial futures markets,and it's labeled as "the ultimate derivatives". It is undoubted that the derivative financial instrument is the mainstream of present international financial market ,and the core of derivative financial markets is financial future market . The thesis take a deep research into the emergency of SIF( SSF),development status and experiences,and,by referring to which and considering the actual situation in CHINA,the thesis argues the feasibility of SIF(SSF)' coming into market in CHINA. As to the operating practice of SIF (SSF),the thesis bring forwards a series of complete operating design project;considering the high financial technical demand of SIF(SSF),the thesis make systematic packing up and analysis on basic transaction strategy of SIF(SSF).Because of the importance of financial safety,the author pay highly attention to the latent high risk of the intensively dummy SIF(SSF) transactions,on the ground of which ,then the author put forwards with foresee the design project of risk distribution and risk control mechanism in SIF(SSF) transactions in CHINA.From the development experience of international SIF(SSF) ,we can get the following apocalypse firstly,SIF(SSF) mainly functions as "risk evading" mechanism against spot stock transaction,and SIF(SSF) can improve the integrality ,stability and liquidity of security markets and financial markets transactions. Secondly,since the first foreign exchange futures' appearing in 1972,the immense transactions risk underlying in the financial markets ,only the SSF exists in which ,has found an approaching to avoid. It becomes imperative that financial futures surpass commodity futures sonly and get the mainstreamstatus of futures markets,which attribute to the advantage the SIF(SSF) own,such as low cost > manifest level effect and strong liquidity. Especially ,the SIF(SSF) become the most important part . Thirdly,the future markets can get new development opportunity from that of financial markets,and it has significant meaning to market system construction and price spot mechanism and risk control mechanism of market economy.At present,only financial spot transactions,not any financial futures transaction ,exist in financial markets in CHINA. This situation is very disproportional to the practice of quick development velocity in GNP and finance and entry into WTO of CHINA,and at the same time,it accumulates enormous financial risk prone to expose. According to this,we should extrusion SIF(SSF) transactions timely,and it will enhance the international competitive competence and risk defending competence ,and will accelerate the perfect and maturity of capital market. There are also some abnormity in nowadays security market in CHINAserious systematic risk embodied by abnormal fluctuating of stock price;market maker' manipulating prevail on the background of imperfect information reveal system and regulation system;market credit and interests and confidence of public investors impaired by the outstanding nonsystematic risk of individual stock. SIF(SSF) can afford effective risk management instrument to institutional and individual investors.The stock market scale has been large to some extent and investor structure get more reasonable day by day,and this will establish substantial spot basis for futures markets. Valuable experience on system construction contract design and transaction organization has been derived through the fathering and neatening to futures markets. The Security Regulation Association...