Study On The Supervisory Mechanism Of Futures Exchange Over Stock Index Futures

The Stock index futures is a modern derivative of financial markets. Compared with the commodity futures,it is not only open to higher rates of return and risk,but proves to be a mature control instrument against risks, which,in the context of modern economy,indicates the importance in strengthening the market supervision concerned.Futures Exchange,as a locale and operation center for stock index futures,plays a pivotal role in promoting the healthy development of futures market.Therefore,the establishment and enhancement over the supervisory mechanism of futures exchange turn out to be the prerequisite and guarantee to the promising development of stock index futures.This thesis introduces the concept of mechanism into the supervision of futures exchange and divides the supervisory mechanism of futures exchange over the stock index futures into four parts as viewed from supervisory mechanism:sources of supervision power,supervision forms,supervisory systems and mechanism for coordinating oversight.The present thesis centering on this four aspects develops its elaboration through the comparative analysis method and normative analysis.The thesis is consisted of four chapters.The first chapter mainly centers on the concepts and theories relevant to the stock index futures with its risk and necessary market supervision analyzed.In the second chapter,the author of the thesis analyzes the four aspects and advice the mechanism should include: sources of supervisory power,supervision forms,supervisory systems and the coordination between future exchanges and relevant supervisory institutions,all of which are contributing to the supervision of stock index futures against risks. In chapter three,several good inspirations for the supervision of futures exchange are elaborated after a detailed research into the more advanced supervisory mechanism and its legal tendency in the world.Then in the chapter four,after summarizing the legal supervision experience in the domestic futures exchange,the author of this thesis makes several proposals for the perfection of the supervisory mechanism of futures exchange in China,with the hope that the thesis may be of benefit to the effective supervision of the futures exchange and the healthy development of stock index futures.