| The subprime lending crisis started in 2007, which made the United States and the whole world involve in the vortex of the financial tsunami. The main reason for the subprime lending crisis is the mix using of subprime mortgage and credit default swap. The situation also made world economic bodies rethink their faults in supervising financial derivatives market. The United States and the European Union have done everything possible to revive the economy, at the same time they start a new round of financial regulatory reform. In contrast, China's financial derivatives innovation is far behind other countries. So, it is necessary to form our own characteristic and scientific concept of financial derivatives innovation. To implement the writing goal, straighten out ideas, and ultimately complete the essay, I made the following preparations. First of all, after collecting and collating the formation, development, advantages, disadvantages, policy and regulatory aspects from inside and outside financial derivative research literatures, I conformity the useful information for my essay. Then, in order to get more specific information on the design of the stock index futures contracts, the current ways and strategy for monitoring the stock index futures contracts, the restrictions and conservation measures for current investors, I went to China Financial Futures Exchange (cffex) and Shanghai Future Exchange (shfe) to do a specific research and got some first-hand information. I also dig out some current operation problems of some domestic futures brokerage firms. Finally, I wrote this essay in a discover problem– investigate problem– solve problem way. The essay will introduce the inner concept of financial derivatives, analysis some financial derivatives risk events and Chinese present situation. At the end, the essay will give some suggestions on rebuilding financial derivatives supervision department and supporting legislation. |
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