Research On The China’s Legal System Of Oil Futures

Oil, as indispensable energy sources for global development, plays an extremely significant role in every field of the world, different from other general commodities. Oil security problems, raised by high oil price, have drew to a high degree of attention of the international community. Oil, due to its characteristics of supply and demand as well as its imbalance spatial distribution in the world, has financial attribute, which transaction is not just confined to the spot market. The functions of oil futures are finding price、 avoiding price risks and standardizing speculation. Therefore, all countries in the world are actively seeking to participate in oil futures, so as to maintain economy and society stability development. The development of oil futures in china is conductive to obtaining oil pricing power step by step, improving the ability to cope with risks of changes of international oil price. As a result, developing oil futures for China is imperative. However, as the big energy-needs country, China is also outside the gate of the international oil futures market, which makes our country’s economy and energy security under hand. At present, the world has several relatively perfect oil futures markets, which is worthy of reference in China.This paper, starting from the basic theory of oil futures, analyzes in depth the necessity of oil futures legal system and status quo of China’s oil futures laws and regulations. By comparison with oil futures markets of the U.S., UK, Japan and Singapore, which legal system of oil futures are relatively well developed, I want to explore effective measures, on the base of the reality of our country, to build the perfect legal system of China’s oil futures. Full text is divided into three parts. The first chapter introduces oil financial attributes, the basic theory of oil futures and the significance of the legal regulation for oil futures. The second chapter summarizes the successful legal system of oil futures markets, as the model for construction of legal system of oil futures in China. The third chapter, first makes an empirical research on the development and the status quo of China’s oil futures, then analyzes the current legal system and the restrictive factors of oil futures in our country and finally proposes some suggestions for the legal system of oil futures in China using the experience of other markets for reference on the base of China’s actual situation.