Stock Index Futures Law Research

Stock index futures is the latest product of financial futures, but it is one of the most important and the most effective financial tools which is appeared in financial creative process in 1980s. Stock index can be regarded as the stock that pays interest on shares, that stock is the portfolio of index number foundation property (the stock certificate of the composing index number), that dividend is interest that portfolio one who hold to have receive. Stock index futures is derivative sock changing with stock index, its values is depending on the cost and changing of portfolio which is composing the index, its economic meaning is that both parties' reaches an engagement by promising in some day, according to in-advanced price hands over a certain stock index. The essential is that the investor transfers the forecast risk of stock market to the futures market, which is through the stock buying and selling between investors to reduce the risk of stock market. For the stock index doesn't have the object form, it uses the cash account. The stock index futures has the institutional function of price found, hedge, assets collocate. It is the significant risk management tools in the international capital market.From the view of legal relation, the stock index futures has outstanding features, which is presented in the inscape of stock index futures'legal relation, subject, object and content. The subject of stock index futures'legal relation includes state supervision department, self-disciplined management organization, bargaining market, managerial and settling organization and investor. The object includes the legal behaviour of stock index futures and the stock index futures contract. The thesis introduces Hu sheng-300 futures and its special rules which are soon publicized and the content includes the rights and duties of the subject of stock index futures'legal relation. From the law system, stock index futures'law is mainly appeared in the regulations of China Securities Regulatory Commission and the rules of China Financial Futures Exchange.The thesis apply the style of formal origin,choosing the special rules which is represented stock index futures, tries to outline the framework of existing stock index futures. The stock index futures is a newly-born thing in China, and all the research is just beginning, especially from the view of law. China need to creative to develop the financial derivation. The appearance stock index futures is the financial creative, which has great significant to expand market size, to abundant exchange kinds, improve market structure, to perfect market function, to optimize resources collocate, and to fasten the financial reform. The publicizing of stock index futures and the exchange rules is the creative of financial derivation law, which has great significant to keep market fluid, competitiveness and effectiveness, to safeguard the investor's right, to create a safe and stable market order. The thesis is also a creative from a new law view to research. It has great significant to understand financial derivation's market order from the law view, to master rules to plan financial derivation law, and to serve the above two creative.