Market Access Of Stock Index Futures

Kansas City Board of Trade (KCBT) in American released the 1st Stock Index Futures contract on February 24th in the world in 1982- Value Line Composite Average Future contract.Taking this as a foundation start , Stock Index Futures with its advantages, such as cheapness of its cost, highness of its liquidity and the ability of avoiding market's risks effectively etc, rolled up the global main financial markets and developed to be the Finance Derivative with the biggest global trade amount very quickly. Because the Stock Index Futures bargain has the function of transferring market's risks, which is substantially to transfer the expectative risks from the Stock market to Futures market, and then take in to enlarge (the leverage of the Security Deposit), the market of the Stock Index Futures bargain contains extremely high risks. This feature of high risks requests that the organization of directing and managing the Stock Index Futures market should take charge of perfecting its market system and rule of the organization, to control the occurrence of the market risks. Therefor, the rule of Market access as the important rule quasi of Stock Index Futures market, which is the rule how a market member obtains the provision of a qualifications to join into the market of Stock Index Futures, become the initial problem which should be studied. This paper discusses this problem of how a investor obtaining the qualifications to go into the market of Stock Index Futures from two aspects, one is procedure condition, and the other one is entity condition.The chapter 1of this paper, firstly makes a juridical define to the meaning of the Stock Index Futures market, and points out that the rule of Market Access is both the procedure and the entity request on the law for investment corpus of each kind of Stock Index Futures market. Because each investor corpus in any kind of Stock Index Futures market has his own different attributes and characteristics, their abilities to bear trade risks are different correspondly, therefore, this text connected down to discuss problem of the classification of the investor, which is the basis of directing and managing differently the investment corpus qualifications on law.The exchanges of Stock Index Futures abroad have existed and developed for a long time, and formed mature market rule system, therefore, it's very meaningful for our country which hasn't established exchanges of Stock Index Futures yet to draw lenssens from them. The chapter 2 mainly introduces and analyzes the characteristics of the following three Stock Index Futures markets, including the register system of Commodity Pool Operator and Commodity Trading Advisor in the United States, the system of Introducing Broker in Taiwan, and Hongkong Futures Exchange.The chapter 3 analyzes the methods and the conditions for organization investor, such as stock certificate company, fund management company etc, and personal investor to participate the futures market with the combine of the current system in our country, and nextly elaborates writer's own views on comprehending the current system, then discusses the shortages and disadvantages of the current system in our country with contrast of the contents in chapter 2 , finally puts forward some suggestions.In the last, it points out that the organization of directing and managing the market of Stock Index Futures should announce the procedures and the conditions of qualifications for Market Access to public definitely, take examining the approval as the main form, stimulate the aggressiveness of investors and raise the liquidity of market while strengthen managing and controlling of market risks, in order to promote the development of the Stock Index Futures markets.