| The stock futures, a kind of financial products derived from the underlying stocks, has the closed relationship with the stock markets. Just like the stock index futures and other derivative products, it has the essential function of price find, risks hedged and resources collocated. It make the functions and mechanism of the security market more effectively, and playing a more and more important role in the international financial market. However, the stock futures were high-risks products, the countries list it all had a material regulation regime.Looking to the development tendency of China's financial markets, we can see that stock futures would be list in our financial markets sooner or later. However, before we developed stock futures, the most urgent matter is to establish a perfect regulating system on stock futures trading. In the article, the author uses the comparative research and the historical deduction methods on stock futures trading regulation in the United States and the United Kingdom, aim at stock futures' development history, the regulation legislation and the regulation patterns to conduct the comparative research. Through the comparative research, the author combined our country' s reality and the regulation experience in the United States and the United Kingdom, proposed the three-levels legal regulation systems on stock futures trading. On the government regulation level, the government as the mainly regulation body, carries the regulation on the stock futures as whole and in the high level, including established the regulation goals and perfect the regulations laws;on the industry association's self-regulatory level, emphatically on market access, inspector general member' s transaction behavior, disposal the disputes and training his members;on the Exchanges self-regulatory level, includes establish and perfect the rules of the margin .requirements, mark to markets and others.
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