| Since the official introduction of Stock Index Futures in April 16,2010 ,the development of our country's financial market has enter a new era. Stock Index Futures, which object is stock price index, based on the margin, exchanged on the T+0 model, improves cash flow velocity and allows investors high returns in a short time. But it also associates with high risk. Given that, many countries push a series of systems on risk controlling, including the margin system, the daily balance system, the position limits system, the mandatory liquidation system and so on. Among these, the margin system is the foundation while the mandatory liquidation system is the final bar.Compared with Commodity Futures, the risk of Stock Index Futures are higher, not only because of the same risks, but also because of the special risks Stock Index Futures has, such as basis risk and hedging ratio risk. It makes the mandatory liquidation more important, which must be implemented more stringent. Although the futures exchange makes a series of trading rules, they only be served as the reference not the legal basis for the court, because of the low level of legal effect. So far China has not made the Futures Trading Law, and lacking of laws and regulations to confirm legal attribute of mandatory liquidation causes conflicts among investors, futures companies and futures exchange. It not only increases the discretion of the court's rights, leading to injustice, but also hinders the long-term stable development of Stock Index Trading market. For that, we should improve the mandatory liquidation system.For the identification of legal attribute of mandatory liquidation is the basis for determining the rights and obligations of parties, this paper begins with it and then analyzes mandatory liquidation in stages, based on commenting on the four existing standpoints, pointing out the deficiencies. Finally, the advice to make Futures Trading Law to improve the mandatory liquidation system is given.
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