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Research On Self-Regulatory System Of The Futures Market

Posted on:2008-10-17Degree:MasterType:Thesis
Country:ChinaCandidate:J WeiFull Text:PDF
GTID:2166360215963217Subject:Economic Law
Abstract/Summary:PDF Full Text Request
Self-Regulation is a different regulatory manner from the government regulation on the futures market. It assists the government regulation, and regulates the futures trading and other relevant conducts and legal relationship together with the government, in order to ensure the integrity, safety, efficiency and fairness of the futures market and to protect the investor's interests. As the futures market's development and the introduction of the financial futures, the advantage of self-regulation is more and more clear, and self-regulation is more and more important to the futures market.The futures market developed late in China, which only developed in China more than ten years ago. At the beginning of the development of the futures market in China, the futures market was irregular, hence the government enhanced it's control on the futures market and centralized the regulatory power on the futures market. Although there is self-regulation in the regulatory system of China's futures market and it definitely provide the self-regulatory status of China Futures Association (CFA) and the Futures Exchanges in Futures Trading Management Regulation effective on April 15th 2007, the government regulatory institution interferes CFA and the Futures Exchanges a lot, which results the non-independence of the self-regulatory body and the lack of self-regulation in fact. Because of the delay and inflexibility of government regulation, and the in time, flexibility and save of cost of self-regulation which can cover the defect of government regulation, and is good to the development and safety of the market and the protection of the investor's interests. As the establishment of the financial futures exchange and the list of the index futures in China, the regulation of the futures market will turn to the timely and flexible self-regulation. This thesis provides some proposal regarding the completion of self-regulatory system of the futures market in China by the analysis of the self-regulatory body, self-regulatory power and the restriction of the self-regulatory power.This thesis includes four parts:The first part defined self-regulatory system first and confirmed that the scope of this thesis was the self-regulation of the futures industry association and the futures exchanges. After that, this part represented the history of self-regulation and discussed the reason and feasibility on the selection of self-regulation.The second part discussed the self-regulatory body. This part provided the proposal on the structure of the self-regulatory body in China by the introduction of China Futures Association and the Futures Exchanges and the analysis of their legal status.The third part discussed the key part of self-regulatory system, the self-regulatory power. This part started with the sources of self-regulatory power, and then provided the proposal on the completion of the self-regulatory power by analyzing the content of the self-regulatory power of the futures industry association and the futures exchanges and considering the real condition of China. The forth part discussed the restriction of the self-regulatory power. As the power may be abused and the self-regulatory power may results the non-competition, it is necessary to restrict the power. The problem in China is that the self-regulatory body was lack of power now, so we have to consider giving the power besides the restriction of the power.
Keywords/Search Tags:Self-Regulation, Self-Regulatory Body, Self-Regulatory Power, Restriction of the Power
PDF Full Text Request
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