Study On Market Access Rules Of Stock Index Futures

The stock index futures have the Functions of Value Discovery, hedging, risk management. But the stock index futures is high risk financial derivatives, and it linkage with stock market, so we should rule out of the investors who does not meet the conditions from the market of the stock index futures. In this way, we can protect the interests of investors and make the market stable. So,it is necessary to establish the market access of stock index futures.After the introduction of stock index futures, The government Introduced a series of laws about the market access of stock index futures. But these laws is not systematic, undetailed, and there are many ways is not formulated. For example, if the social security funds can participate in the market of the stock index futures is not formulated, and the insuranse funds is the same. Relatively, such as the USA, Hong Kong, Taiwan, The stock index futures market is maturer and earlier than our country. I attempt to reference their experience and propose some suggestion about how to compiete our market access of the stock index futures. In the chapter 1 of this paper, firstlyⅠmake a juridical define to the meaning of market access, On the basis of the definition, the paper dicuss the market access rules of the stock index futures from two aspects, one is entity condition, and the other is procedure condition. Next, the author believe security, fair, and efficiency shuold be the value of the pursuit of the market access of stock index futures. In the chapter 2 of this paper, the author introduced the market access rules of the stock index futures which country's capital market is mature. Mainly introduced the USA fund management companies participate in the stock index futures, the HongKong futures exchange member entitled conditions and procedure condition, the model of Taiwan security company pacitipate in the stock index futures, and in the last of this part, introduced the model of Taiwan futures brokerage company pacitipate in the stock index futures. Because of the investors who involve in the stock index futures have different characters and different parcitipation pattern, so, In the chapter 3 of this paper, according to the different investment subject, I introduced the status and problems of the current stock index futures trading market access rules. On this basis, In the chapter 4 of this paper, Combined with the specific conditions in China, compare and reference the experience of the mature capital market, the paper make some suggestion about how to perfect our stock index futures trading market access rules in view of the different participation body.The stock index futures stable operation, is based on a set of scientific and reasonable market access rules. According to different investment subject, limited in the entry procedures, entry condition, and the entry scale, allow qualified investors through legal channels to participate in stock index futures,make the investors who don't meet the requirements out of the stock index futures trading market, control the risks of stock index futures from the source and make the transaction risks in the bud, thereby wo can create a safe, fair, efficient trading environment for the stock index futures stable operation. The establishment of Stock index futures market access rule is benefit to protect the lawful rights and interests of investors, and it is helpful to the Chinese capital market continued to prosper and lay a solid foundation.