Research On Problem Of Chinese Futures Market Clearing System

At the early time of Chinese futures market establishment, the market once fell into the disordered state, because of the risk understanding insufficiency, the laws and regulations supervising and managing serious lag. Then the State Council has carried on comprehensive rectification to the futures market, reduces the exchange number from 50 to 3, and established supervising and managing laws and regulations suitable for the futures market. In order to guard against the system risk, the country has adopted the transaction code system, the traditional Margin system and other a series of stringent measures, and formed a futures clearing system to control the risk as the main principles. Due to neglect of market efficiency, which in the futures market into a low ebb, 1998 National Futures shrunk to 54 million in hand, the market turnover was 1.6 trillion Yuan. Experienced early rectification, Chinese futures market gradually recovers from 2001, Futures regulations and risk control gradually standardize and consummation the trading varieties and trading volume increase year by year. In 2006 National Futures market turnover created a historical new high with 21 trillion Yuan and exchange volume was 449 million hands. With the expansion of the scale of market, the existing clearing system safety hazards and efficiency constraints of the market gradually exposed. People appeal on futures clearing system reform is growing strongly. In view of this I think it is necessary for research in problem of China's futures market clearing system. To promote futures market better and faster development.Futures market clearing system main function is to guard against market risk, credit risk and liquidity risk. In the current market environment, the solution to the establishment of settlement structure, Clearing membership and the margin system is to prevent these three key risks. Because reasonable settlement structure is conducive to the establishment of exchange model to better serve the regulatory functions in order to better prevent the market risk; Clearing Member system implement to defend the credit risk; Margin system reform can improve market liquidity. Simultaneously these three aspects are interrelated, interacting, their organic combined can promote futures market healthy and stable development. This paper from the current situation in China's futures market, take the Chinese futures market clearing system as the research object, Through the analysis of the current futures market clearing system defects, and use foreign futures market success experience, from two angles of safety and efficiency, research against clearing institutions, Clearing membership system and margin system of Chinese futures market clearing system, system demonstrated the necessity and feasibility in reform and propose effective proposal. In the course of the study theoretical analysis and empirical study of the method have be used, on the basis of holding rich material as possible, use of the general theory and outcome of the latest trends in domestic and foreign futures market clearing system China's futures market, with our country futures market present situation, constructs the clearing system suits for our country futures market development.There are five chapters in this paper. The first chapter describes the background of topics, topics significance, the domestic and foreign research present situation, method and ideas, Innovation points of this paper; Chapter II our futures market clearing organization establishment question the issue. Through the analysis of the current exchange clearing department of internal potential risks and market efficiency constraints, demonstrated the necessity and feasibility of reunification clearing; Chapter III carry on the analysis of clearing membership, combining the futures market system status, against the obstacles of transaction coding system in implementation the clearing membership and the possible problems in implementation of the system of clearing members put forward own proposal; Chapter IV has carried on the analysis to our country futures market margin system question, Introduced dynamic margin system SPAN commonly used in futures market, demonstrated the feasibility of our country introduce dynamic margin system SPAN, and put forward own proposal. Chapter V summary is to do a clarification of the main points, afterwards forecast to our country futures market clearing system finally proposed question which waits for further studied.