China's Stock Index Futures Risk Of Legal And Regulatory Discussion And Analysis

2010 for development of China's capital market is of great significance. Since 2005, with the principle of stock-index futures agreed under the state council by CSRC varieties, and overall stock index futures listed the various work of the financial futures exchange, China has issued stock index futures contract and shenzhen 300 trading rules of the revised rules for its implementation. Futures market in China during the process of preparation, the state council review by the regulations on the administration of futures trading, the China securities regulatory commission released a series of stock index futures management measures, China's financial futures exchange issued the Chinese financial futures exchange transaction rules and related implementation rules. This series of actions are contributed to our stock index futures smoothly launched. After five years of the preparatory work, tension on February 22nd 2010 that official acceptance within zhongjin futures trading account opening application. Can say, 5 years of stock index futures preparation process for the significance of Chinese financial futures markets are significant.Stock index futures as a derivative financial instruments is should the stock market risk management market demand and produce. After 20 years of development, the stock index futures in worldwide trade size and market influence has developed rapidly, and because its itself is leveraged sex, trading flexibility and other significant superiority, become the most successful of the 20th century one of financial derivatives.But stock index futures is a "double-edged sword", it is to provide a modern market economy moving and avoid the risk transfer efficiency, but also places gestates huge risk. About the risk of stock index futures market risks, including operation risk, credit risk, liquidity risk, settlement risk, legal risks type etc.And the risk has expansionary, sudden, relevance, complexi -ty, etc. In addition, the stock index futures trading using margin way, investors just use a small amount of money that can be huge amounts of transaction, this kind "to achieve" leverage would take market several-fold expanded, the wind risks based price change makes tiny will set off a frenzy. Therefore, stock index futures operating a slight inadvertent, may bring the party concerned extremely heavy loss, serious still could cause the whole financial market turmoil. A hundred years barings bank in the nikkei 225 stock index futures trading has huge losses and collapse bankruptcy; 1987 American cataclysm impact Hong Kong case, which is One of the most important reason is that stock index futures and spot transactions relevance stock frenzy triggered stock sell-off. the tiger fund in which hit futures played an important role in 1998. These cases into step stockindex futures trading proved the necessity of the risk for legal supervision. Although in relevant Chinese laws regulating of stock index futures are the first to become system, but it is a system on real significance as our countries financial derivatives, the first of its risk prevention research is still in its beginning order section, domestic research scope and content also is relatively narrow, practical experience of foreign especially compared with western developed countries is relatively deficient. We investigated stock index futures transaction risks laws related to prevent and seek countermeasures in the prison pipe before regulatory authorities has become the urgent to solve one of the subject.This paper uses methods of comparative analysis, the example, through four chapters on futures trading for overseas summary and analysis of the legal supervision for Chinese stock index futures, tries to put forward concrete Suggestions for legal supervision.The first chapter of stock index futures for basic mainly summarized. Stock index futures the concept, characteristics and functions of introduction, so that the reader to stock index futures have a general understanding; Our stock index futures development course of introduction, for this paper laid a demonstration of the background; Stock index futures trading of potential risk characteristics and types of introduction of stock index futures, that is a necessity of legal supervision; Stock index futures exchange regulatory model and the law, the paper introduced for way prior regulatory -matter regulatory oversight - afterwards foundation research ideas.The second chapter basically introduce overseas stock index futures market in the legal supervision practice and the existent problems reveal. For overseas developed countries by futures market supervising and managing system and classic case stock index futures, summarize and analyze the introduction of overseas stock index futures market for legal supervision and practice experience, then summarized the futures market still I countries existing problems.The third chapter is the most important part of papers. Mainly aiming at Chinese stock index futures market remains of ask questions before, engaged in three aspects -- supervision in China - afterwards futures regulatory proposed specific build appropriately.