On The Legal System Of Supervision Of China’Index Futures

Stock index futures is the product of modern capital market,1970s, western countries by the oil crisis, economic development is very unstable, leading to stock market price volatility, investors urgently need some instruments that can evade the risk effectively, achieve asset value of financial. Then, Stock Index Futures born. As a financial derivative product, in addition to have a variety of other general futures, Stock index futures also have some own characteristics. Stock index futures bring up futures market prosperity, but also bring the potential financial risks to the futures market. As one of the emerging capital market, China’s securities market has made great progress, but the price volatility of the stock market is very fierce. According to calculating, the developed country stock market systematic risk is in twenty percent or so, While the China’s stock market systematic risk is in a high proportion of forty-nine percent. Obviously, China’s stock market has a higher systematic risk. At present, China’s stock index futures supervision system has exposed many problems. Development and how to avoid the stock market risks becomes the most urgent problem. And effective legal supervision undoubtedly becomes the best means of the risk prevention and control.In China, stock index futures has just started, the relevant laws and supervision system is not matched with it. Therefore, we should study and learn the developed countries and regions of the advanced experience of legal supervision of the stock index futures. Looking at the countries of existing stock index futures supervision legal system, because of its legal system and economic system different, showing a different characteristics. As the birthplace of the stock index futures, the relevant legal provisions of The United States is relatively perfect; The British followed the self-supervision of tradition in the stock index futures industry; Japan’s most notable feature is the classification of departments of supervision. Stock index futures legal supervision system was not built in one day, but according to their own characteristics gradually formed.As the stock index futures in China have just started, the stock index futures supervision legal system is not perfect yet. Therefore, at present, the construction of China’s stock index futures legal supervision system requires three steps:First of all, we should draw lessons from foreign experience and combining China’s own legal characteristics as soon as possible to legislate "futures trading law",perfect the government supervising of stock index futures. Secondly, we should strengthen self-discipline supervision of construction, perfect China’s stock index futures supervision system at the provincial level. Finally, China should improve the stock index futures supervision legal system construction at the micro level. Perfecting the supervision of stock index futures legal system course have a long way to go. Fundamentally speaking, we must be based on the actual situation of our country as the starting point, learn the advanced experience of developed countries and the lessons of failure, use legal means to build the defense system, construction stock index futures supervision legal system for our country.