The Futures Market Regulatory System Based On Evolutionary Game

In this paper, the basic logic is that the regulation in futures markets which from the micro subject to the macro subject, to investigate separately the analysis of evolutionary game between the future traders, the analysis of co-evolutionary game between the agencies which submit the power of supervise, as well as analysis of the futures regulation department in charge of monitoring the executive power to balance and the evolution mechanism of legal order on futures.Whereby penal stipulations are virtually non-existent, administrative rules and regulations are lagging and civil regulatory framework lack legislative founding. Through the establishment of replicator dynamics model, which is Monomorphic population between the speculators and the hedgers. Futures speculators and hedges between the single-income groups are symmetrical copy of the dynamic model shows the evolution of the system and choose the path of the balance point is not the only, with the balance of the existence of multiple features; and futures operator As a random copy of the introduction of dynamic model, with the futures speculators are hedging strategy formation and evolution of a stable, well able to resist the manipulation of the invasion strategy. In practice, though China's law on the futures manipulation of the increasingly strict requirements, but because of their own futures manipulation of hidden, high-tech, leading to the implementation of the law in the field of regulation exists in name only facing criminal, administrative regulations lagged, civil regulation no legal the plight. We should be thinking changes, in practice focus on the futures speculators in particular, to cultivate the hedge, and give full play to futures speculators and hedge those mutual relations between the game and thus, through market forces to make up for the national compulsory costs high enough.At the same time, the futures and securities companies, for example, the establishment of deterrence under the regulation of the agency co-operation between the more groups of non symmetrical continuous-time dynamic model to copy, proves that if we do not consider the regulation of deterrence, futures companies and securities companies are uncooperative or evolution is a steady state, and its evolution from the initial conditions. To maintain a strict separation of the operating system for the authority, stringent regulation of the financial system can change the rules of the competition in cooperation with the proceeds of the structure of the game, but would result in the securities and futures companies in an unstable state; the current regulator of the securities and futures company co-operation to take or encourage the loose attitude, so as to the securities and futures companies to cooperate more in revenue, it will promote the securities and futures companies to become co-led strategy to form a trend in the evolution of mixed operation.Finally, we passed on a "dynamic copy the" mechanism of evolution of the game model to show the "social contract" under the legal authority of government checks and balances, and to prove in the futures market order in the process of the evolution of the internal legal effect of the rule of law, as well as the external environment of the two factor for the formation of the futures market played a decisive role. Therefore, we recommend that the rule of law in order to form a futures and futures regulatory authorities will not be able to phase out completely the "quasi-futures market," and the existence of the economy should ensure that a certain person or people to avoid futures regulation of channels or channels futures innovation system, so that the government Mandatory system of supply and the people of automatic supply system of spontaneous good combination; Second, the constitutional system should be done on futures regulation of the futures regulatory target a certain degree of regulation, such as from the regulation of the National People's Congress or administrative proceedings related to the system to ensure that the people of regulators to monitor the abuse of power has a right to boycott.