Study On The Development Of Stock Index Future In China

Stock index future is an important derivative instrument, which has Great impact and application in the world financial market. Generally speaking, the stock Index future is conducive to circumvent the system risk and makes the capital markets more effective and more sound. In April 2010, China has finally launched her index future in the China Financial Futures Exchange:the HS 300 stock index future, which opens up the channel to contact China's stock market and futures market, and tends to improve China's securities market system. From a long time, it is no doubt the stock index future has built a new arena on the long and short duel in the chinese capital market; but if from a short, the launched stock index future is likely to exacerbated the irrational behaviour and risks of the market so that it could not play the expected results. Although the foreign and domestic studies on the stock index futures has a history, and has accumulated a lot of experience, but for such a particular market in china, especially in the beginning stage of this new tool, we should constantly discover problems and solve the problems to make it develop in a benign cycling orbit. for this reason, we need to develop in theory as a number of studies and explore.In this thesis, we analyse qualitatively all kinds of obstacles and problems in the run of the stock index future in our country; and compare horizontally and discuss the transactional and operational mode, supervision mode and risk management in foreign stock index futures markets, put forward some corresponding solutions:Firstly, Improve the participants of the future market in structure, strengthen the investors'education of the stock index future; Secondly, Introduce and develop technical talents, improve the practitioners'quality of the future; Thirdly, Improve the credit system of capital market, strengthen the information's disclosure of market; Next, Improve the related laws and regulations of the future market, get to the integrity of supervision system of the market; Then, Gradually introduce the short sell mechanism of into the stock market, improve the functionality of the securities market; Finally, Establish emergency handling mechanism, prevent the sudden risks.