Research On The Legal Issues Of Stock Index Futures Trading Program

After five years of development, CSI 300 stock index futures ranked fifth in the Global single trading volume of stock index futures, volume of business already accounted for 52.71% of Chinese futures market. In April 2015, officially listed China financial futures exchange SSE 50 and CSI 500 stock index futures contract marked that the stock index futures market of our country has entered a rapid development period.Meanwhile, China Securities Regulatory Commission (CSRC), the China Financial Futures Exchange, the China futures industry association composed "one body "of stock index futures regulatory mechanism and regulations system matching stock index futures market which have laid a good foundation for the healthy development of the stock index market. With the development of information technology, stock index futures program trading has become an important form. But in 2013 " Everbright Securities 8.16 Incident" shows that China’s stock index futures market still has many deficiencies in terms of the governance system. In the above context, the thesis analyzes the legal issues of stock index futures program trading based on the characteristic of stock index futures trading program as a starting point and combined with the "Everbright Securities 8.16 Incident".In addition to the introduction, the main body of this thesis consists of four chapters.The first chapter starting from the legal relationship of stock index futures program trading analyzes its legal relationship, subject, object and content. And the thesis reveals the essential characteristics of stock index futures program trading. It means the standard contract of program trading of stock index futures produces the leverage, duality, concealment, luckily, virtual sex, etc. The chapter establishes the theoretical framework for the thesis.In the second chapter, from the perspective of the stock index futures program trading elaborates and analyzes "Everbright Securities 8.16 Incident" legal issues. The author argues that "Everbright Securities 8.16 Incident" exposed the deficiencies of the Chinese stock index futures market in the rule of law environment and management system.The third chapter analyzes status quo of governance of China’s stock index futures program trading. The author contends, in terms of the stock index futures program trading, the stock index futures market in China should improve from three aspects that are supervision system, risk control and alternative dispute resolution mechanisms.The fourth chapter puts forward some countermeasures to improve the governance system of the stock index futures market in China from the point of stock index futures program trading. The author holds that, in terms of improving the stock index futures market regulatory system, our country should accelerate the legislative process, impel the cross market supervision mechanism, strengthen the exchange and industry association self-discipline supervision and attention should be paid to the high-frequency trading supervision innovation. In terms of risk control of the stock index Futures Company, three aspects, prior, during and after the event, should be taken into comprehensive consideration. To enhance the stock index Futures Company’s risk control capabilities by means of law. In addition, under the background of gradually opening up the capital account of RMB background, we should improve the protection of the stock index Futures Company cross-border transactions. In dispute resolution, the author indicates that we should build the professional arbitration institutions as the center and gradually develop China’s stock index futures program trading alternative dispute resolution mechanism.