The Legal Supervision Of The Stock-index Futures' Risk

Since 1982 when it was first introduced in KCBT, the stock-index futures, as a mature risk control instrument in international capital market, has rapidly developed in the whole world. With the great development in capital market of China, together with the continuous enhancement of the internationalization after China's entry to the WTO, there appears large demand of the stock-index futures. Therefore, it is common awareness in the theoretic community and practical departments that the stock-index futures should be introduced at proper time.Resulted from avoiding the systematic risks of stock cash market, the stock-index futures have the functions of transiting and converting the basic market risks. Meanwhile, the external macro conditions and internal operating mechanism of the stock-index futures prove them to be a market of high risk. As a practitioner in futures, I have witnessed the disorder, the rectification and the rehabilitation of the China's futures market. I have deeply realized that the supervision of the risks is the soul of the whole market with good order through the arduous and tortuous course in which the China's futures market developed from blindness to rationality, from disorder to order, from many years' government and rectification to normal development. Therefore, I make a conclusion: we must introduce the legal supervision to develop China's stock-index futures. Only by establishing scientific and efficient risk supervision systems, perfecting the corresponding risk control systems, and strengthening the law and statue, the market can operate in a legal and normative way and ensure the efficiency of its economic function. Based on these, I choose the thesis topic as " The Legal Supervision for the Risks of the Stock-index Futures " and the study on this subject will have strong realistic significance in establishing and developing China's stock-index futures market.From the view of the structure of the supervision, I divide the legal supervision into two parts: the lengthways structure and the horizontal structure. The lengthways structure refers to the system of the supervision, mainly including the selection of the main bodies of the supervision and its position in the whole system, and the allocation of the supervision powers among the main bodies. The horizontal structure refers to the basic system of the risk control, mainly including the legal system of the supervision of 1) the qualification of the market main bodies, and 2) the market dealings. I have the two contents as the core of the thesis and apply the comparative analysis method and close-link-to-the-reality method to develop the discussion. First, by the international analysis, I bring forward the legal supervision system of risks for developing China's stock-index futures through comparing the legal supervision of risks in the international mature stock-index futures market. Second, I classify the basic system of the risk supervision according to the three parts in market operation: the futures exchange, the futures commission corporations and the investors, and severally discuss the supervision system of the qualification of main bodies and their behavior correspondingly. In the entire argumentation, I emphasize the use of foreign experience and link to the reality, and manage to advance some advice on perfecting the existing supervision system and basic system of China's futures markets.The whole thesis is divided into four chapters and into three parts. The first part is the first chapter. With the start of the correlatively legal conceptions about the stock-index futures, I analyze the forming mechanism and classification of the stock-index futures risks and put forward the gist according to which we must introduce the risk legal supervision for establishing China's stock-index futures market. The second part is the second chapter. By comparatively analyzing the supervision system in the two mature stock-index futures markets, the USA and HK markets, I bring forward the risk supervision system we should ado...