The Development Of China's Financial Derivatives Market And The Selection Of Its Regulatory System

The world financial derivatives market has exploded in the recent thirty years. And the fundamental reason is that it has provided the numerous companies, enterprises and financial institutions with the efficient instruments to manage financial risks in the financial liberalization tide with less cost, and it has formed a unique capital market outside commodity market which can transfer risks and find prices. But at present China's financial derivatives market is still stagnant, which does not match with the state of China's society and economic development concerning no matter the developing scale or the developing level. China needs financial derivatives market. This is not merely the objective request for perfecting the financial market structure from the economic marketization, but also the realistic need of financial deepening. On the other hand, the complexity of financial derivatives trade makes the potential risk of the financial system increase greatly and its regulation becomes one of the urgent tasks faced by the financial institution all around the world. So we can see it is necessary to prompt the research on the development of China's financial derivatives market and regulatory system by using the international experiences for reference. This dissertation aims at exploring for the relatively reasonable selection of development route and regulatory system of China's financial derivatives market by referring the international experiences based on China's current economic development stage, marketization level and legal system.This article regards seeking the development route and regulatory system of China's financial derivatives market as the thread. The author starts with the history review of the world financial derivatives development, and then explained the current situation of this market and development trail of main country and region's financial derivatives product. Then based on the economics analysis of the financial derivatives market regulation, the author compares the regulatory systems of financial derivatives market of the main countries and regions in the world hoping to offer theoretical support and practical evidence for the construction of regulatory system of China's financial derivatives market while drawing the experience and lessons. In key parts, from the analysis of China's historical practice and current situation, the author explores a comparatively suitable phased development route and a comparatively integrated regulatory system for China's financial derivatives market by using the international experiences for reference and concerning China's current situation. In the final part, the author looks forward to the future development of China's financial derivatives market regulatory system.