Research On Monitoring Pattern Of Stock Index Futures In China

As one of the burgeoning capital market, China stock market has huge development in recent years, but it should be paid attention to the huge fluctuation of stock price in China. Thus it means China stock market has higher systematic risk comparing with other developed countries. It is necessary to introduce the stock index futures. With the implementation of new 'Securities Law', the completion of Reform of Non-Tradable Shares, the implementation of Regulations for the Administration of Futures Trading and the running of simulating trading in China Financial Futures Exchange (CFFE), China financial futures are coming with the precursor of stock index futures.But, the trading of stock index futures has obvious leverage called 'making it big'. On one hand, it has functions including hedge and price discovery, on the other hand, it also brings various risks including market risk, credit risk, liquidity risk, operating risk, contract design risk and so on. Facing these risks, it needs to design appropriate supervising model to reduce these risks. Rational designing the supervising system of China stock index futures is the guarantee and basis of promoting this system to play its role effectively. Thus this study analyzes the supervision of China stock index futures trading in terms of supervising models.In detail, this study has five parts as following.The first part is introduction. It mainly introduces the aim and significance in terms of the influence of stock index futures on China capital market, and it also introduces the national and international literature review of stock index futures.The second part is the theoretical basis of stock index futures supervision. Firstly, it introduces the concept and definition of stock index futures. Secondly, it mainly pays attention to the functions and risks of stock index futures, and discusses the motivation of stock index futures supervision aims to these risks. At last, it discusses the variations in financial market when promoting stock index futures.The third part is the supervising models comparisons of stock index futures in developed countries or areas. It discusses the supervising models in countries or areas where the financial market has matured, including Untied States, British, Japan and Hong Kong, which are representations of North America, Europe, and Asia separately in this part. It introduces the development of stock index futures firstly, and then discusses four representative supervising models of stock index futures in these countries or areas. And it also compares these four models on the basis of previous discussion.The fourth part constructs China supervising model of stock index futures. On the basis of analysis in the third part, it discusses the development of China stock index futures, the elements of China supervising model of stock index futures, the factors affecting the supervising efficiency of China stock index futures, the selection of China supervising model of stock index futures and the relevant political suggestions in this part.The fifth part is conclusion. On the basis of conclusion, it also discusses the expectation of research on supervising models of stock index futures. We believe that new and more rational supervising models will be designed and implemented with the development of financial market.