Research On Supervision Of The Risk After Our Country's Stock Index Futures Listed In The Market

The stock index futures is a variety of financial futures taking stock price index as trade target, which cane from the financial innovation in the 1980's and became one of the most important and successful financial derivatives, and it is also one financial derivatives that has the shortest history and grew fastest. Stock index futures play more and more important role as a mature risk management instrument of international capital market. With the development of Chinese capital market, the investors from different organizations, such as open-end fund, social security fund and assurance capital are forming continued flow in the stock market. For investors in futures and stock investors ,stock index futures is a new thing. For the role of stock index futures, an optimist would expect it to resolve economic bubble, digestion, market risk; pessimists worry about fire triggered the stock market crash and then the entire capital market serious harm. In order to ensure the safe operation of huge sum of money and the normal development of the stock market, there is an urgent need of efficient risk prevention instruments such as stock index futures in Chinese capital market. Due to the speculative, indirect and concentrate characteristics of stock index futures , the entire risk of the cash market is more intensively shown in the futures market, also due to the stock index futures trade's financial lever characteristics of "little against big",the accumulated risk is thus increasing, which will affect the corresponding financial capital markets. Therefore, the risk prevention and management of the stock index futures is especially important.In this paper, in the course of the study using systems theory, summarized interpretation, comparison and analysis of empirical research methods. In the foreign stock index futures successful risk management system on the basis of experience, in light of China's securities and futures market characteristics, in accordance with the risk management process from the stock index futures risk identification, assessment, control of three aspects of research, and use of financial market risk measurement techniques, upcoming index futures risk measurement simulation analysis, simulation analysis is the purpose of Introduction about the risk assessment approach of China's financial derivatives ,for the future of China's stock index futures risk measurement.Provide reference. And establish China's stock index futures to establish risk management systems.VaR introduction of this technology will be listed on China's Shanghai and Shenzhen 300 Index futures risk measurement, and with the failure frequency test that the calculated value of VaR is effective. By analyzing the calculated that the value of VaR basic grasp its market risk, this study for the future of China's stock index futures risk management provides a relatively viable theory. In the stock index futures risk management study, which draws on the international stock index futures regulatory approach, combined with China's existing futures market risk management system, China's stock index futures market to be used unitary and three-tier regulatory model and the corresponding risk control measures . Finally conclud that as long as we set up a rigorous system of market risk watch and control,and take advanced technique of risk control to strengthen the harmony of security and future market,the coming risks would be managed well after the establishment of Stock Index Futures.