China's Futures Investment Fund Operations

Based on the progress of market reforming, the economy has a high speed of growth and the market structure is continuously keeping perfecting. But compared with the bloomy commodity market, the capital market of China has big trouble in managing social resource efficiently, especially the securities market. It results in the risk concentration on the bank system which was on the key points of reform and impacts the social construction. On the other hand, the futures market absorbed part of capital and volumes withdrawn from the securities market and got a fast development. The short mechanism and the security deposit trading method in the futures market provide vast accrual space for the investors.The private pools got great development on the circumstance of inadequate investment outlet in China. It mainly invests in the futures market through methods of arbitrage, speculation and etc, making full use of leverage of the futures market. But this investment type belongs to the gray district of law, supervision and regulation. Operating with no norm, and having higher risk in the meantime, it will have the negative influence on the social stabilization and investors'benefits. For the long development of the futures market, supporting a new lucid, legal and valid investment outlet is as much important as regulating the underground private pools. Therefore, the preferential way is to develop the public managed futures.This text commenced from the managed futures, through the market function and organization system of the managed futures in USA, designed the development way of managed futures in China. The text analyzes the organization form, the structure constitution, the concerned party role and the funds management operation, investment operation. And discuss the basic method to operate the managed futures in current market's situation, trying to get lower cost and market fluctuating.