Legal And Regulatory Issues Of Stock Index Futures Research

January 8,2010, the stock index futures was passed in principle by the State Council, January 12, 2010, China Securities Regulatory Commission released the"the approved of Chinese Financial Futures Exchange be agreed to carry out the stock index futures trading."All these indicate that China's stock index futures was ready. The introduction of stock index futures can not only speed up the construction of financial futures markets, improving the structure of our capital market; but also enhance the risk-resisting ability, enhance the international competitiveness of the market.However, any regulatory authorities can not ignored the tremendous risk of the stock index futures market, especially China, as an emerging market countries, lack of experience in the financial futures market and the imperfect of the market system are obstacles. It is rather important to prevent the risk of stock index futures market. And it is of great significance to research the stock index futures market regulatory system in new situation, so we can achieve an efficient and standardized market. The market can eliminate the potential risks; can play the role of stock index futures hedging.The introductory section of this article introduces the concept and the development of stock index futures in recent years .Chapter one introduced the types and characteristics of the stock index futures, begin with the basic theory of stock index futures, It is can understand the regulation of stock index futures overall. The second part of the chapter one describe the information asymmetry, externalities and monopoly aspects in detail through the economics of market failure theory, Pointed out that the stock index futures markets should also be strengthened regulation in economic terms. The third part elicits that using the legal system to monitor the risk of stock index futures by the nature and role of law. Part four obtained the enlightenment of our stock index futures market by research the United States, United Kingdom, Hong Kong, Japan and other mature stock index futures market .And it provide valuable experience for release and regulation of China's stock index futures market.Chapters two and three are the focus of this article. The second chapter pointed out that the imperfections of the regulatory by analyzing current legal system and the operation of the futures market regulation. Excessive government intervention and huge power are the main cause of market failure. Lack of self-regulatory of association, imperfections of the exchange system, and lack of self-management of authority were also led to the failure of self-regulation .This chapter point out the deficiencies of regulatory in detail by analyzing the regulation of government, associations and exchange.Chapter three is the full command of the article. Provide some advices to the stock index futures market and legislation Based in the chapters one and two, find the relevant solution to the problem, so that the regulatory system of stock index futures market more perfect.