Analysis Of Manipulation Behavior Of Iseton Stock Index Futures Market And Suggestions For Governance Countermeasures

The financial market is an important part of a country's national economy.Like other markets,there are market failures.There are many reasons for market disorder.Market manipulation is one of the common behaviors,and it is also the four major markets that China has focused on.One of the elephants.As for China's stock index futures market,the development time is relatively short.The CSI 300 stock index futures have been listed for 8 years.The CSI 500 stock index futures and the SSE 50 stock index futures have been listed for less than 3 years.Since the launch,the development history has not yet reached.The environment is not yet mature and the corresponding regulatory system needs to be improved.The stock index futures market is a derivative market with the stock index as the subject.Both have strong linkage effects based on current arbitrage,price correlation,and information correlation.If there is an actor who violates the market trading rules,it will manipulate the stock and stock index futures markets.Profits or losses can easily cause strong resonance in the stock and stock index futures markets,sharply raising the systemic market risk.Therefore,on the one hand,China's stock index futures have a short time to launch,and the supporting regulatory system and the brittleness of the market environment have potential risks to breeding illegal market manipulations.On the other hand,the stock index futures and stocks have strong interactions and resonances.Manipulation may easily lead to a decline in the resonance of the two markets and a greater harm.Therefore,a detailed analysis of the manipulation of China's stock index futures market and the study of governance measures are extremely important and urgent.Therefore,this article will conduct a detailed analysis of the Iraqi stock index futures manipulation case disclosed by the regulatory authorities in 2015,combining the means of market manipulation and its important characteristics,the current regulatory system and supervision system in China,and the current market environment in China.To test whether the Ishdon market manipulation path was achieved,including the use of the CCK model to test for the presence of herding and the use of the VECM model to test market panic sentiment and the transmission mechanism of stock index futures and futures.The analysis methods used in this paper mainly include theoretical analysis,case analysis and empirical analysis.Based on the above analysis,this article gives relevant recommendations in Chapter 4,including the following aspects: Level-by-tier regulatory defenses are established,and risk controls within futures dealers,such as risk control departments,asset management departments,and quantified departments,of market institutions are strengthened.,Implement real-time effective supervision and risk control system;improve the algorithm filing system,gradually form a strict supervision system for high-frequency trading and programmatic trading;loosen the rhythm of controllingpoint futures and gradually loosen it;do a good job in investor education.The basic knowledge of futures contracts and the logic of price analysis are popularized to reveal market trading risks and reduce the barriers for ordinary investors to obtain relevant information.It is hoped that they can inspire the authorities in the management of market chaos.