The Research On The Supervision And Control System Of The Stock Index Futures Market In China

Stock Index Futures(SIF)is a kind of financial futures contract which takes stock index as a subject matter. It was the most exciting innovation in the financial area in 1980`s. After over two decades'development, it has become one of the finance derivations with the biggest trading volume in the world. This achievement is enough to explain the rationality and necessity of its existence.Under modern market economy, stock index futures exchange's risk, the fictitiousness, the high release lever will test the investor benefit protection intensity and the SIF-market stability, making market supervision especially important. In our country, stock index futures has made full preparations in systematically and technically. Thus it is right time to push the stock index futures out. At present, the research about stock index futures should theoretically and practically transfer from the arguments about whether it is necessary to promote the stock index futures to the considerations of how the related legal systems to the stock index futures of our country, particularly the supervision and control system, are to be constructed and consummated.The supervision and control system of stock index futures is the reasonable allocation of organization structure and supervisory power of the supervising subject of SIF-market. Its properties show the trend of publicization of private law. It aims at raising the market efficiency,keeping the stability of the market,and implementing the economic function of stock index futures by way of establishing and maintaining the market order of stock index futures. In practice, various countries have set up the supervision and control systems of stock index futures which adapt to their national conditions, but concrete patterns were significantly different, and the majority of them pay attention to strengthening the front-line supervision of exchange as well as the government supervision on the macroscopic level. The supervision of market tend to be unified and internationalized.The SIF- market's development of our country should adopt the"legislates first, constructs later"pattern, but this kind of pattern cannot be too stodgy and doctrinal. Refering to the overseas SIF-market supervision pattern and unifying the present related laws and regulations of our country, our country SIF-market should establish three supervision systems, namely the stock supervisory management supervision on the macroscopic level which is in the dominant position of the three supervision systems; the profession association self-supervision on the intermediate perspective level which is an important supply to the government supervision and the exchange supervision; the financial futures exchange self-supervision on the microscopic level which is the soul of the supervision systems. The key of constructing the SIF-market supervision and control system lies in the optimized disposition of the government supervision and the autonomy supervision responsibilities, and the realization of the dynamic equilibrium between the government supervision and the market autonomy.