Research On The Legal System Of Cross-market Supervision Between Stock And Stock Index Futures

Finance is the core elements of modern economic.Due to the continuous development of financial market and continuous innovation,stock index futures was born in 2010.Under the influence of the financial globalization,the stock index futures has become the most influential financial derivatives,its development speed is second to none.Stock index futures has many functions,such as hedging,price discovery,etc.,it can play the role of optimizing the allocation of resources,thus to stabilize the whole financial market.However,it is also a double-edged sword.If it is used improperly,it will have the opposite effect,furthermore,it may even cause a crash.In a word,the financial securities market will face the blow like "earthquake",so they asked us to make the necessary regulation.Since a stock market crash was happened in China's stock market 2015,there is no lack of stock index futures figure,when the vicious circle has been generated,the broader market in the continuous decline,the stock is to make money,so there will be more funds into the stock short,resulting in the broader market continued to fall.Therefore,it is necessary to take strict supervision.At the same time,based on the risk relevance between the two,the top-level system design is very necessary in the stock and stock index futures cross-market regulation of clear provisions to be standardized.It is noteworthy that stock index futures as a financial derivative products,as much as possible to enlarge the leverage,it is easy to lead to systemic risk,so it is necessary to pay special attention to its regulation.In a word,how to optimize the existing cross-market regulation under the existing regulatory system is worthy of further study.The time of stock market and stock index futures market in our country is shorter,Although the stock market belongs to an emerging market that is young and vigorous,but its internal is filled with many violation behavior,such as market manipulation,excessive speculation,insider trading,it is necessary to draw lessons from the United States,Britain,Japan and other regions of advanced across stocks and stock index futures market supervision mode and experience to establish and perfect the stock and the stock index futures cross-market supervision legal system,through the formulation of the futures exchange act,establishing and improving the manipulation of the legal system,market information disclosure system and represented by " circuit breaker " across the market stability mechanism,implement measures that protect investors' legitimate rights and interests at the same time,in a timely manner to evade and dissolve the risk,guarantee the stability of the financial securities market.Specific to do,first of all,it should formulate relevant law,introducing the function regulation,to determine the stocks and stock index futures cross-market supervision pattern,determine the scope of their respective power and implement responsibility;Secondly,it is necessary to learn advanced experience from the abroad,the comparative analysis is to put forward about perfecting our country across the market manipulation system,perfecting the information disclosure system across the market,improving the system of fusing the specific strategies,making our country's market in the aspect of risk aversion's ability to get rapid ascension;Finally,with is the sustainable development of financial market in our country,the retail of the financial market main body will further be solved,the corresponding will further increase the proportion of institutional investors,such as the launch of the "new three board" in our country,which put forward higher request of qualification for investors,for the healthy development of the financial market in China has injected new blood,but the regulatory issues is still worthy of attention and prevention.Playing the advantages of these investors and improving its own internal risk control mechanism can effectively prevent and avoid the happening of the risk,reduce the occurrence of a risk of adverse effects,so as to keep the stable development of stock index futures market in China.