The Discussion On Developing The Stock Index Futures Of Our Country

The stock index futures is an important financial derivative tool. It develops widely in the developed countries and developing countries. It is an important tool for the investor evading the stock risk. During more than ten years of development of the capital market of our country, the market scale expands constantly and the Standard degree improves widely, we have already possessed the primary condition of introducing the stock index futures basically at present, the market risk of the stock market Of our country is very large . the organization investors lack some means to evade the market risk .Need to put out the stock index futures too objectively. But there are some obstacles while developping the stock index futures in our country: For instance laws and regulations are not perfect, the stock market is not standard and the behavior of the organization investor is not standard.etc.. As a kind of financial derivative, because of the characteristic of its lever trade and possible impact on the stock spot market, the contract design, trading, closing and risk control must go on studying scientifically.Since 2001, including the stock supervisory committee, Shenzhen, Shanghai Stock Exchange, and some security, futures organizations they have carried on deep discussion and study around the issues of the stock index futures at home. Some have already formed suggestion and proposed the implementing scheme formally. Trusted by the stock supervisory committee of China, the futures exchange of Shanghai has already finished" conceptual design of the stock index futures market of our country" study in 2000, Including total report and four partal reports ( contract design, closing and risk management , weaving unity index suggestion and regulation and transaction rule), Have put forward the scheme that the stock index futures can be operated. The successful experience of foreign stock index futures and the try of the financial futures of our country, All these offer the theory and realistic foundation to put out the stock index futures of our country. This paper combines relevant theoretical research of the stock index futures and practice of international and domestic security and futures market, Using the dialectics of Marxism, history combing with logic, the paper goes on dark discussions about developing the stock index futures of on our country on the basis of what forefathers studiedThis paper divides into five parts altogether:The first part is a preface: l.The writing background and research meaning of this paper.2.The content frame of this paper.The second part is the theoretical foundation of the stock index futures. 1.Production and development of the stock index futures. Have explained the production background of the stock index futures and some developed characteristics atpresent. 2.The characteristic of the stock index futures. 3.The function of the stock index futures. Including the function of shifting risk, the function of discovering price, and the function of disposing assets. 4. The basic operating tactics of the stock index futures. Including hedging, arbitraging and speculation.The third part is the environment analysis of developing the stock index futures of our country. 1. The necessity of developing the stock index futures. It helps to evade the market risk of the stock market of our country; Help to cultivate the organization investor of our country creativly; Help to improve the financing ability on the stock market of state-owned enterprise ; Favorable to the sound development of the stock market of our country; Favorable to the internationalization of the capital market of our country. 2.The required environment of developping stock index futures.Including active and standard stock spot market, rational investor's structure and perfect supervisory system and laws and regulations mainly. 3.The primary condition of developing stock index futures that our country possesses. 1. The stock spot market of our country develops rapidly; many years of operating experience and lesson of fo...