| From February 1982, the American KCBT initiated the first stock index futures contract is called VLF. Since then, the stock index futures developed rapidly in the world, which are accepted and favored by investors. The American CME invented S&P500 which becomes the largest number contracts in the world markets now. In Europe, many countries such as England, German, France, Switzerland and so on have their own stock index futures contracts .In the past few years, Japan, Hong Kong, Singapore and a lot of Asia and South American countries developed their stock index futures, and most of them met with success. Along with the markets developing, the functions of stock index futures become more and more obvious, stock index futures have become the indispensability part of financial market in the developed countries.From 1992 to 1995, financial futures markets had experimented in China when the futures came forth. At that time, Shanghai foreign exchange center regulated the foreign exchange futures, Shanghai stock market and the other futures exchanges dealt with national debt futures, stock Index futures was dealt in Hainan province. Because the spots markets were undeveloped and the futures markets were nonstandard, the financial futures caused high risk and were banned in China. With china's financial systems reformed, administers and investors become more and more mature, financial futures markets will be more canonical, meantime financial ramification such as stock index futures also will bring more positive effect for Chinese financial futures markets. At the same time, after China entered into WTO, Chinese financial market must operate according to the international rules immediately, but in the important stock markets of the whole world, only China doesn't have stock index futures market. Therefore, developing the futures market is benefit to investor structure, capital marketconstruct and making China join international capital market, many investors especially stock funds organization investors, they expect to obtain a low cost financial ramification tools in order to avoid stock market system risk and get profits of price. Under this kind of background, to some key to problems of developing Chinese stock index futures market, making forward-looking research is significant.With the stock market developing and the futures market improving, many specialists of capitals market put forward the conceptions and proposals resume stock index futures trade. Since 1998, the relevant research reports were often published, stock index futures became the hottest research of financial theories, CSRC and each stock exchange also focus on it. In January 15 2000, on the seminar of " future decade of Chinese capital market ", experts put forward the design of stage developing financial ramification market. in 2000 shanghai future exchange completed《the whole project design of stock Index futures market》, and have reported it to CSRC. At drawing lessons from the experience that all countries successfully put out stock index futures market, joining together our market features, some organization and scholar designed the preliminary project of the stock Index futures, but had not become widespread. Therefore, how to design the deal and the market is the key of successful build Chinese futures market.The stock index futures are research object in this text. Research contents include relations stock index futures dealing with spots market, the necessity and possibility of building Chinese stock index futures market, how to design the operational mode of the market and its contract, in order to give some proposals for developing our stock index futures market.By combining theories with practices, comparison international mode, focusing on theories studying and policy suggesting, analyzing international theories research,digging out its logic regulations , this paper proposes the design of stock index futures market .The dissertation make up of four sections. Stock index futures deal with spots mar... |
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