The Comparative Institutional Analysis On The Development Of Domestic And Foreign Futures Markets

The development of futures market and its system improvement are inseparable from the guidence of related theories.Theoretical research is particularly important and urgent for the Chinese futures market which is in the stage of systematic innovations. Theoretically making problems clear what exist in developing Chinese futures market and proposing solutions to those what confused the Chinese government and the futures industry have important theoretical and practical significance for blooming futures market theory and practice. This paper will give a review of historical changes in Chinese and foreign futures market, use comparative analysis methods to find all the systemetic flaws in the Chinese futures market, and propose some policy recommendations.The article first briefly introduces the topics of the background, research methods and major innovations, next, and makes a preliminary review on the new systemetic economics of transaction cost theory and systemetic change theory. Second, it Chooses the largest futures market in the world, the U.S. futures market and the Hong Kong futures market, the latercomers surpassing the formers as comparison study objectives to make the empirical analysis of the emergence,development and result of Chinese and foreign futures markets.Then for the comparative systemetic analysis perspectives from the systemetic environment, the demand and supply of systemetic changes etc,it has a multi-angle analysis of systemetic changes in defects of Chinese futures market. According to the present situation of systemetic changes in Chinese futures market,the article finally combines the experience of futures market of United States with Hong Kong on systemetic change, and think over how to promote the further development of Chinese futures market.