Stock Index Futures Market Manipulation And Their Regulators

Manipulation of stock index futures market destroys the principles of'justice,fair,open'. It not only blocks the stabilization and trouble-free operation of the market, but also damages the interests of investors. Consequently, it has been one of the wrongful acts which are hit by the world's financial regulatory authorities. When stock index futures is coming in China and the international financial crisis has deepened further, China's financial regulatory authorities have to face the difficult problem to ensure sustained and healthy development of the capital market even the national economy. The problem is how to guard against manipulation of stock index futures market and how to effectively control the risk of financial derivatives.This paper firstly described the concept and the harm of market manipulation, and then it briefly summarized the general pattern of the stock index futures market's manipulation. Combined with the manipulation cases at overseas'stock index futures market, the second part of the paper explored the performance of stock index futures market's manipulation in practice. At the same time, the third part of the paper introduced some regulatory experience of stock index futures marke's manipulation at overseas mature markets, and it included the regulatory institutional framework, the relevant legal provisions, and specific monitoring measures. Based on the analyses and arguments above, the last part of the paper approximately forecasted the behavior of manipulation that maybe occured in China's stock index futures market, and made countermeasures and proposals of supervision from a legal building, institutional arrangements, and an international perspective.