A Comparative Study On Risk Supervisory System Of The Stock Index Futures Between Chinese And American Markets

The first index futures contract was born in American for about 30 years since 1982. As one of the important instrument that can evade the stock market effectively, almost 30 years developping and perfection, stock index futures has becoming the most dazzling derivatives of nowaday's financial market. The development of Chinese stock index futures has experienced a long preparation, and finally marketed on year 2010.The complexity and high risk makes stock index futures trading must not only have the consummate trading mechanisms, but also the more important is to let the stock index futures risk supervision makes sence to futures trading levels.Our stock index futures has just started, to ensure its proceed orderly, perfect the supervision system of futures market is more important.Meanwhile, the stock index futures business has developed in American for almost 30 years, the risk supervision system is more ripe and consummate, we can reference for our precious experience.Based on the stock index futures market risk and the importance of supervision mechanism of economics from China and the United States on the basis of the stock-exponential futures risk supervision system, legal system and regulatory measures, the comparison of China and the United States on the risk of stock index futures, thus perfecting the measure index futures market risk supervision advice, is divided into five chapters.The first chapter is introduction, it will mainly elaborated the background and meaning, this is the research purpose of the article, and the related concepts defining based on it. Then the system from four research factors which related literatures and evaluation,finally briefly on the analysis framework, writing thoughts, research methods and main points and innovation are introduced.The second chapter is analysis the market risk and regulatory mechanism of the economics of stock index futures market.The Cause and the importance of market risk monitoring are two aspects of the mechanism of economics and using economics to analysis, the key point to build support for the theoretical points, risk analysis of stock index futures market and regulatory mechanism of Economics. The third chapter is the comparationof the supervision Sino-US stock index futures market risk. compared to the risk of China-U.S. stock index futures market regulation from the regulatory body, regulatory legal system and regulatory measures in three areas were compared. The fourth chapter in Sino-US stock index futures market risk measure, VaR-GARCH model reference stock index futures market risk measurement, the use of data collected on the U.S. stock index futures market volatility in the empirical analysis, and summarizes the comparison of the U.S. stock index futures market risk regulatory advantage. The fifth chapter proposed that the regulation of stock index futures market risk proposal.The key point of this article's own system for the stock index futures unstablely, the volatility of stock index futures, stock index futures vulnerability information, information asymmetry, traders herd effection, excessive self-confidence is the main reasons which caused the risk of stock index futures market. Based on it, combined with the U.S. and China stock index futures market risk supervision of the actual situation, generated from the stock index futures market to avoid the risk of comparative analysis of various aspects. And through empirical results show that China's stock index futures market volatility and risk to be larger than the United States, which validated the Chinese stock index futures market risk regulation than the U.S. in terms of improved risk-averse. Finally, according to China-US economic analysis, and comparative analysis of the mechanism, proposed to optimize empirical analysis of Chinese stock index futures market risk regulatory system recommendations. It is mainly from establishing fully stock index futures legal settings, establish a completely monitoring system of stock index futures, strengthen supervision and improveing the exchange of stock index futures regulatory system of these four areas to improve.