The Study On The Opening And Risk Control Of Stock Index Future In China

As an important instrument of financial derivative, Stock Index Future possessesthe ability of the price discovering, of the hedge and so on. It can prevent thesystematic risk of the stock market efficiently. At present Stock Index Futuresdevelops rapidly in foreign countries, but it does not be established in our country.The imperfect form system of the capital market must affect it to give free rein to thefunction abundantly, it is good for capital market of our country to open the outsideworld and develop. Some department has already aware of the flaw of the capitalmarket, and they speed up to study the problem of Stock Index Futures. This articlejust base on this background, it studies and requires the problem about developing theStock Index Futures, it will do it is best to play a little role in the Stock Index Futures.In this paper, first, we introduce the fundamental theories on the Stock IndexFutures, including the basic definitions, characteristics and functions of it. Now, weblessed with the condition of establishing the Stock Index Futures, as the person whotake part in the market, if the exchange place and supervision department can realizethe risk management problem, it is hopeful that our country present the Stock IndexFutures to public. That is the propose I write this article. Then we analyze the needand the possibility to develop it by combining the financial conditions and thematerial qualifications of the successful design of our money market. After that, wegive another research on Stock Index Futures contract. On the base of it, we designour own Stock Index Futures contract with Chinese characteristics.Last, due to the speculative, indirect and concentrate characteristics of stockindex futures, the entire risk of the cash market is more intensively shown in thefutures market, also due to the stock index futures trade's financial levercharacteristics of "little against big", the accumulated risk is thus increasing, whichwill affect the corresponding financial capital markets. Therefore, the risk preventionand management of the stock index futures is especially important. The control of riskis an important premise to the development of stock index futures. The thesis has designed a real-time risk monitoring and warning system for the stock index futuresand proposed a new method of risk assess in the stock index futures by usingBayesian Network.