Legal Research On The Supervision And Management Of Stock Index Futures

Stock index futures was born in the United States since 1982, it developed has nearly 30 years. With its value found, risk investment, hedging function, unique leverage characteristics, stock index futures developed Rapidly worldwide, and become a global financial derivatives markets mainstream varieties. Stock index futures launched officially in China's financial futures exchange in April 8,2010. Eight days later, Shenzhen 300 index futures contracts listing traded in April 16, all of this marked the Chinese financial futures market construction made the crucial step.Meanwhile, as the capital markets the most modern tool, the power and influence of Stock index futures was equivalent to nuclear weapons. Its exploitation and utilization exists fairly risk and difficulty. Because China's stock index futures'short running time, lack of senior personnel, the insufficiency of core technologies and ability by using modern financial technological means. From the formal issue of stock index futures, the Stock market slumped, especially the deep background of "11·12" slump worth to be probed. "This surely had the need to adjust the market itself, but the crash of the fuse is the rumor of raised stamp duty and some international famous investment Bank sent e-mails to shareholders and sold China's stock mail to investors. However it is the investment Bank issued a strategy report that positive value of China's stock market investment prospects, and it shiftily had a suspected manipulation of stock-index profiteering" Therefore, from the protection of capital market's healthy development, even from the protection of the national financial security, it is so important that strengthening supervision of the stock index futures through the legalization in China.The inspiration of international and domestic series of financial futures risk events, and the background of our stock index futures just listing become two influence factors of the topic determination. This paper adopts comparative analysis, law-economics, law-sociology and historical analysis method of study. The central theme of the paper is to explore how to construct and perfecting our Regulation system of stock index futures from the legal aspects. This paper considers that China's financial futures market listed administrative intervention from propose to the movement can be seen everywhere. The core value pursuit of financial futures regulation should be set up a government supervision and self-discipline supervision combination of system. The key elements of stock index futures market success and failures are whether Government supervision and self-discipline supervision could realize dynamic equilibrium, whether the market illegal behavior deserving punishment, whether the lawful rights and interests of small investors can be maximum protection.