| Since the early days of China's opening, the economy has been in rapid development, but the futures market lagged behind. In October 1990, the first pilot operation of the grain wholesale market has been set up in Zhengzhou. Since then China's futures began its trading, and the futures market in our country has developed more than twenty years, still need a long period to become mature. High leverage is one of futures' main characteristics compared with the general financial derivatives, which means it has higher risk and special rules for supervization. And because of the lack of information,technique or speciality, investors stands in the relatively weak position compared to the futures companies. Thus, the major issue here is how to construct a legal system to protect the relatively weak investors, and form a healthy and stable futures market. In order to eliminate the unfair transaction and the legal risk in futures market, the legal system structure must be inclined to vulnerable, and making the market to obtain the greatest degree of openness, fairness and impartiality. Throughout the recent disputes in futures market, the brokerage contract dispute is the main cause of action, Mr.Qiu sue Luzheng Futures company has been a typical case for this type of dispute. Mr.Qiu and Luzheng Futures company has signed a futures brokerage contract, and Luzheng Futures provides Mr.Qiu trading services. 9:30-10:30am in January 7,2010, the trading software which defendant provides to the plaintiff failed, leading to that the plaintiff cannot place an order to do the operation, and this failure directly leads to economic losses amounted to 1220000 yuan. It is taken to court for the defendant to compensate the economic losses. This case has four points of controversy: the court jurisdiction disputes; whether the action has been out of time limitation; whether the trading system failure is considered as Futures Co.'s responsibility, should it bear the liability for breach of contract; and how to determine the scope of the liability for compensation amount; these topics of controversy is not only exist between the plaintiff and defendant, it's also questionable for the judge. "Regulations on the administration of futures trading" which published in 2007 is the core of Chinese futures legal system, which describes the processing principle and approach the common situation in futures trading, the relevant laws and regulations also promulgated in 2003 as "the Supreme People's court and the Supreme People's Courtprovisions on Several Issues".It concerned the trial of cases disputes over the futures and formed the implementation of a series of regulations, although these regulations has some impact on protecting investors,but it does' t make the obvious tilt to the vulnerable groups, these regulations also been considered to failed to become a complete system. In the absence of a clear, detailed legislation, the judgement has been made on certain rules and the subjective consciousness of the facts. Under this background, this paper takes Mr.Qiu's event as a breakthrough point, researched into our country in futures trading on the lack of investor protection system, which has a realistic significance. This research has a significance that by case analysis, the legal system of futures investor protection will draw more attention, and improve the relevant legislation or judicial interpretation, promote the development of the futures market. And the future market more healthy and legitimate. |
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