China’s Legislative Choice And General Framework Of The Futures Law

Nowadays, the world economic development can be described as “rapidly”. The global economy is connecting the economy and social life of various countries in the world as a closely related entirety in an unprecedented speed and influence. Under this market circumstances, forward market is a kind of convoy of the smooth and steady development of substantial economy wherewith its unique functions of avoiding risk and price guiding. In the face of the complexion of lack of basic laws and a late started futures industry in China while the fictitious economy is developing and growing stronger with commercial law system is getting sane little by little, how to take action to promote the futures industry of China become urgent affairs. The formulation and coming out of Futures Law, which is a fundamental law of industry, is of great importance to guarantee, regularize and promote the futures market of China in a legal way at a higher level.After two decades’ exploration and development, the futures market is getting stable and developing healthily gradually, whose economic function is able to emerge. Currently, what ought to be paid attention to is that the futures market is at the crucial stage of going from expansion of quantity to quantitative leap. However, the highest existing legal system of futures is The Regulations on the Administration of Futures Trading applied in 2007 and revised in 2012 and 2013 respectively, which is just an administrative laws and regulations rather than the fundamental law. In the meantime, the existing system is short of stipulation to a series of important issues such as maintaining the foundation of institution of futures trading and civil legal relationship about long-term development of futures market.At present, China is under a historical background of having economic regulation and control of market and re-balancing the two ideas of “improvement and rectification” and “standardize and develop”. Almost every powerful nation of futures around the world is regulating and promoting their futures market by means of strengthening and perfecting basic law. On account of this reason, this article is aiming at discussing the two particular matters, which are legislative selection and general idea of long-expected Futures Law, attempting to advance optimized structure of Chinese legal system of futures and reflecting the realistic demands of developing modern futures market and keeping pace with the times under the general situation of “rule by law”.This article is divided into six parts altogether. It will put emphasis on discussing the legislative selection, constructions and general idea of basic rules of Futures Law.The first part is introduction, which focuses on introducing the research background and research contents, illuminating the elementary structure and research basis of this article.The second part focuses on integrating the concept and value of futures market, reviewing the development history of Chinese futures market briefly and summarizing current situation of legal construction of futures market, and then reveal the necessity, significance and feasibility of Futures Law’s legislation.The third part focuses on introducing relevant legal system of countries whose futures market is developed around the world whereby presenting some enlightenment and main examples of overseas typical legislation of futures to China.The fourth part focuses on unfolding a broad and thorough discussion aiming at the key contents of this article, which are essential issues of Futures Law’s legislation and corresponding solutions. Furthermore, it will put emphasis on the basic ideology proposed by the legislation and the basic rule and orientation which should be followed.The fifth part provide some opinions and suggestions available for reference of Futures Law’s introducing soon, given the examining and weighing of legislative techniques with sound and scientific conceive of Futures Law’s frame structure and essential contents.The last part is giving a interpret to several conclusions of this article, to point out this anticipated Futures Law will promote the regulated development of Chinese futures market more powerful while legal construction of futures will be a long lasting system which need to be advanced by the whole society.