| The accomplishment of Process of the Split Share Structure Reform, the advance of outstanding achievement of listed company, the continuous appreciation of the exchange rate of the renminbi (RMB) against the US dollar, the ceaseless inburst of international hot money, which make Chinese Securities Business which never experience this situation before in a raising market. The system risk of Securities Business will be more cumulated. Because of the price discovering mechanism of Stock Index Futures and the Function of avoiding risk, China Securities Regulatory Commission decide to carry out the trade of Finance in a proper time at the end of 2007. Carrying out the Finance Stock Index Futures, which will be have effects on the trade volume and variance in market of stock spot, even on the trade strategy of investor. Moreover, the particularity of timebargain also decides the trade risk of Stock Index Futures. The way of how Stockjobber and Future Company's Business reply to trade risk of Stock Index Futures, which have become a unconventional problems concerned by supervise institution.This thesis starts with the trade of Stock Index Futures. Through the investment researching strategy of Stock Index Futures, this thesis will make an analysis of the major risk of Finance Stock Index Futures for the time being. Following the risk control and changeless direction in the main management of Northeast Securities Co., Ltd headquarters, combining the risk control in sales department and management Status, this thesis will discuss how Northeast Securities Co., Ltd will strengthens and consummated the risk control and management during the process of developing Finance Stock Index Futures business. And this thesis will do a empirical study of risk management system with its own characteristic.The main content of this thesis are discussed below:The formation of the concept and the process of development of Stock Index Futures. As the process of international integration,each country carry out its own kind of Stock Index Futures one by one. Stock Index Futures have become the derivative products with the most rapid speed. This thesis does an analysis from the function of Stock Index Futures, and does an analysis what is the reason make Stock Index Futures develop in such rapid speed. The conclusion is that hedge against arbitrage function allure more investor. The reason is that they could avoid the tread risk in the market of stock spot. More individual investor accounts carry out their speculative profits which can not get from stock market by leverage of Stock Index Futures.On the Second Chapter, this thesis introduce that China Financial Futures Exchange is about to carry out agreement, Shanghai-Shenzhen 300 future Index agreement, from the subject of choice, the sample space, selection method, the method of calculating the index and the amendment method, at last Shanghai-Shenzhen 300 futures contract structure is carried out. From above, it is easy for us the understand more about the actuality of first Stock Index Futures which is about to be carried. Then this thesis will introduce the exchange rules and clearing method of future agreement which is about to be carried out by Financial Futures Exchange. This will make us to understand how clearing company do risk control for clearing member. The notice of clearing company to member and trade client will make us to know about the potential risk hidden trouble between Future Company and tread client when they are trading of Stock Index Futures.On the Third Chapter, this thesis makes the classification of Future market risk from the view of the classification of Stock Index Future. Future Market Risks are listed below: controllable and uncontrollable risks; acting risks; trade and delivery risks; the risk of Futures Exchange; the risk of Future Company's Business; the risk of clients and policy; market risk; liquidity risk; operational risk and legal risk, and make an explanation of the original of these risks. According the classification of risks, from the view of Future Company's Business and investor, this thesis will demonstrate how these risks are kept away and sloved. Morever, we start with the actual situation of the company, through the simulation tests by Financial Futures Exchange for carrying out the Stock Index Futures company, discovering and concluding some problems and risk hidden trouble which is often occur to investor. Then this thesis illustrates them one by one in order to provide some guidance advice to investor for operate Stock Index Futures in the future.On the last chapter, this thesis introduces the brokage process of Northeast Securities Co., Ltd and the history of brokage business. Since the company purchases the Bohai Futures, it makes use of brokage process for the time being, and prepares work for the clients of Stock Index Futures trade of Dalian Bohai Future Company. Meanwhile, it will provide a avoiding risk tool in for major stock investor. Because Stock Index Futures is about to carry out, and it is new business for future and stock companies, which is an opportunity and also challenge.According to risk point of Stock Index Futures trade, this thesis designs a process of opening an account for the clients of Stock Index Futures trade in the stock company, keeping away the potential legal and business risk in opening business. Establishing professional ethics and self-discipline guidelines for employees who worked in stock company, when they are guiding business in Stock Index Futures business. And according to the causes for the risk, combining the factual characteristic of the company, designing the risk management system, carrying out the headquarters as the leader,Bohai Future Company has set up the third class risk control management system, which included technical support, supervise management and risk control member in each department. It could make a favoring process for Stock Index Futures business in stock company. Realized the two different kinds of business, securities agents business and derivative varieties transactions, mixed operation in one management main body. Based on the content we discussed below, we get conclusions below:1.The carrying out of Stock Index Futures, which take a positive effect on expanding the scale of the capital market, increasing efficiency, improving the structure, increasing flexibility and optimizing the allocation of social resources, improving the competitiveness of financial institutions and the ability to resist risks.2. The carrying out of Stock Index Futures is not able to fundamentally change its internal rules, but it many has a particular way of aspect which has an impact on securities markets3. The risk of securities markets from many aspects. According to the character of future trading, the cause of risk in securities markets comes from four aspects:price fluctuations, margin trading leverage effect, the non-rational transaction speculation and whether the market mechanism is healthiness.In conclusion, the risk can be prevented. We could control risk in a acceptable range as long as we have a scientific decision-making,operation criterion,management of efficient management team, establishing a internal control mechanisms which is strict, comprehensive, able to penetrate into the decision-making,implementation,monitoring,feedback, enhancing the prevention awareness of all staff. |
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