Research On Supervision System Of Futures Margin In China

The futures margin is the premise and fundamental to the development of futures market. If we want to develop Chinese futures market, we must face and solve the problem that how to supervise the security of futures margin effectively. Now the overall background that the futures market bases on has changed dramatically. The level of financial innovation in domestic financial market is in-depth reform, and the requirement of opening Chinese financial market from international financial market has been strengthening. On this background, the Chinese futures market should change itself to adapt the overall financial background all over the world.Now the financial committee of the National People’s Congress had public the draft (the second script) of<Futures Law>. This paper bases on the improvement to futures margin in before-mentioned draft and connects with background of financial innovation which is put forward in the Third Plenary Session of the Eighteenth of CCP. Full text begins with clarifying the elementary issues of futures margin, analyzing it’s legal nature and related essential theories and stating the necessity of improving Chinese futures margin system. By using comparison analysis method, this paper researches American supervise pattern under the government-led, the unified liquidation pattern by LCH in Britain, the depository system in Japan and the most important supervise in German and summarizes and mirrors the characterizes about the supervise pattern of futures margin overseas. Then this paper is established in the supervise status to futures margin in China, points out the problems existed in the futures margin supervise system and analysis the reason that results in above-mentioned problems. According to foresaid research, this paper mentions that we should improve Chinese futures margin supervise system by fellow measures: transiting the supervise thought from the single risk controlling to the balance between risk controlling and efficiency improvement; strengthening laws about futures margin supervise, enhancing the class of written law, clearing the statue, nature and form of law, changing the status of unspecific legislation; clarifying the supervise power and improving the cooperation among the supervise objective.