Research On Legal Issues Of The Supervision Of The Stock Index Futures

Stock index futures, refers as to the financial futures whose object is a kind of stock index. Stock index futures, one kind of financial derivative which are based on the stock market, are standardized contracts which the buyers and sellers agreed that in the future at particular time in accordance with the agreed price to sell or buy a particular quantity of contracts. In addition to the general points of futures, stock index futures have a certain peculiarity. It mainly manifested in the functions of stock index futures, billing methods, the transaction object and transaction procedures. These characteristics make the achievements of the good and the win-win situation between the stock index futures market and stock market, as well as enormous risks to stock index futures markets. China's financial markets need to be further improved and the market mechanism is not fully developed. So the development of the stock index futures market is determined by the extent of avoiding the risks. Effective legal supervision must be the best way of the prevention or control of stock index futures market risk. Therefore, to establish the legal system, especially the legal supervision system is the central issue of this thesis. This thesis is divided into four parts:The first part is a summary of stock index futures. This section is started from the basic concept such as stock index, stock index futures, and introduce the history and development trends of stock index futures. It analyzes the characteristics of stock index futures, and focuses on the basic functions of the stock index futures.The second part is the analysis of the legal supervision of stock index futures which is essential. This section is divided into two levels as the theoretical and practical basis to demonstrate the need of legal supervision. At present, China's financial market is not yet mature, and the system remain need to be improved, and credit mechanism of the market is not perfect. China's specific national conditions called for the establishment of a legal supervision system for stock index futures market.The learning from abroad of the supervision systems are contained in the third part. It includes three aspects: regulatory agencies and power allocation, the technical administration measures of futures exchange, and the supervision of the futures trade associations. The experiences and shortcomings are concluded. Then the author draws some inspiration about legal supervision system of our country, emphasizing the use of the supervision measures and the self-supervision of futures trade associations. The last part of this thesis is of the construction of the legal supervision system of stock index futures of China. In this part, the author firstly analyzes the situation of the stock index futures market, and concludes the shortcomings. Secondly, for China's specific conditions, the author makes the overall plan of the legal supervision system and confirms the objective and planning of the supervision. Finally, the three-hierarchical-layers legal supervision system of stock index futures market consisting of government, futures exchange and futures trade association is constructed.