Research On The Stock Index Futures Investors Appropriateness System

Appropriate regime for investors began in the United States, has become one of the maincontent of world’s major capital markets regulate rights and obligations between investors andsecurities companies, but also important system design in countries to protect the interests ofinvestors. As China’s Growth Enterprise and stock index futures have launched,"Investorsappropriateness" has gradually become an important part of protection of China’s securitiesmarket system.Compared to the spot market for stocks, stock index futures have listed ashort time, professional, high leverage, high risk and other characteristics.Coupled with aspecific emerging and transitional market environment in our country, establishing aappropriate regime for investors that matches requirements of Investors protection hasbecome the proper meaning of the healthy development of the futures market.Our explorationof stock index futures market began when CFFEX launched the Shanghai and Shenzhen300Shares Index Futures futures contracts in2010. In the same year,the SFC and CFFEXunveiled with a series of regulatory documents that constructed appropriate regime forinvestors of the stock index futures market, and based on above documents initiallyestablished our appropriate regime for investors of stock index futures. So far, the system hasbeen running for more than three years, and playing a positive role in its practice in stockindex futures market to protect the interests of investors.However, the transitional attributesand contingency colors of the system itself determines that it cannot meet the investorsprotection demand and not be able to play its due function of investor protection systemwithout the scientific and complete institutional framework and effective accountabilitysystem. Therefore, this article is aimed to draw on the experience of extraterritorial maturemarkets,consider our characteristics of China’s securities market and stock index futuresmarket’s development process, clarify the localization thought,and provide theoretical supportfor improving stock index futures investors appropriateness system.The first part is a section the theoretical basis of the entire article, mainly introduces thetheoretical connotation and development course of investors appropriateness, clarifies thenature of the stock Index Futures investors appropriateness system and analyzes theparticularity of the system; on this basis, the article return to legal analysis paradigm and useanalytical tools such as the legal relationship stock index futures on the legal basis ofInvestors in the system for a more meticulous deconstruction. The second section applies comparative analysis method on the extraterritorialapplication of the more mature stock Index Futures investors appropriateness system andanalyzes in detail from three aspects:stock index futures investors classification system,appropriate agency obligation system and investors appropriateness interests reliefmechanism; on this basis, this part summarizes the characteristics of mature stock IndexFutures investors appropriateness system empirically.The third part teases our current stock index futures investors appropriateness system andreveals problems in current problems from the macro and micro aspects.The fourth part is the conclusion of this article,against the question of stock index futuresinvestors appropriateness system revealed in third part of the, on the basis of appropriateinstitutional investors in stock index futures learn extraterritorial mature, clear thinkingInvestors in localization of the system, to improve our futures appropriate institutionalinvestment suggestions macroscopic and microscopic levels.