The International Research On Stock Index Futures

On September 5, 2006, the Singapore Exchange (SGX) promoted the first China A market stock index futures in the world- New China Fuji A50 stock index futures. Later, on August 28 the Chicago Commodity Exchange (CME) has promoted the Renminbi futures. All facts showed that, in recent years the high speed growth of Chinese economy greatly strengthened the international investor to invest the Chinese market. But under the capital market control, only minority capital could be able to participate in the Chinese market. Huge demand means huge benefit, between competitions of the exchanges also from this launches. The financial product pricing power drains, the benefit shared by other countries, the financial independence becomes weaker, and all of these remind us that our own financial derivatives must be carried out ASAP.Most of the literatures in relation to stock index futures are independent research, This paper attempts to incorporate them into our process of internationalization of the securities markets the system, is the continuous improvement of China's securities market, and the international community an important step. The international processes have strict internal logic process and the lack of any link will have overall effects. And the introduction of QFII, SIF (STOCK INDEX FUTURE) with the launch has its necessity and urgency.The main content and structure of this article are as follows:The first chapter introductory remarks, elaborated the paper research object, the goal and the significance, description this article analyzes the frame, reviews domestic and foreign refers to the stock question regarding the stock each kind of research angle and the research results, and in detail points out this article the innovation place.Second chapter takes Taiwan as example, unifies several main emerging money market, around the QFII implementation stock market each aspect, showed QFII regarding the introduction foreign capital, expands the market scale and its the international influence aspect vital role, and points out the Chinese QFII system development the relative insufficiency.Third chapter elaborated SIF regarding the internationalization advancement vital role, and positively impelled the native place money market development to SIF take Taiwan, South Korea to carry on the international comparison as the example, take this as the foundation, proposed the Chinese advancement international model, and the necessity of promoting SIF.Chapter IV first expounded on the SIF unique "Freestyle" and the resulting SIF and offshore development, followed by Japan, Taiwan, as an example of offshore SIF to local financial market volatility and the volume of funds, SIF said the volume of domestic financial impact on the market, analyzing the successful launch of the SIF local Korean model proof of the urgent introduction of SIF;Chapter V is the focus of this paper. This chapter describes the volume in China SIF development status, the analysis was made on the reasons, offshore China and the impact of derivatives and future development trends, No. 1 on the global view of the A-share market index futures -- when Xinhua A50 Index Futures in-depth exploration, pointed out that in spite of its initial listing not amazing performance, but will remain on the capital market in China have far-reaching impact. Subsequently, South Korea initial state of the financial markets comparison, China, and South Korea are Asian financial circle, 2 financial markets in many ways they are similar, but also enabled us to understand that in learning from Japan and Taiwan lessons at the same time, should actively learn from Korean experience in a timely and reasonable launched China's domestic SIF, and in these international comparisons on the basis of preliminary exploration of the Chinese mode of local SIF vision.