Research On Self-regulatory System Of Derivatives Exchanges

As the core and hub of the derivatives market,the derivatives exchange is not only responsible for the organization of trading and delivery,but also responsible for the clearing and settlement of futures and derivatives trading funds.On the other hand,it also assumes the function of first-line supervision of the market.However,the debate about whether futures and derivatives exchanges can effectively perform the market supervision function has not stopped.While the supervision mechanism of the derivatives market is developing towards the supervision mode of the global mature derivatives market,the self-regulation of the exchanges will become the focus of the supervision of the derivatives market in China in the future.Under the trend of exchanges becoming more and more international,electronic and non-mutual assistance,derivatives trading is becoming more and more complicated.The problems existing in the self-regulatory system of derivatives market in China,such as the low level of legislation,the absence of exchange regulatory functions,and the direction of reform should be the focus of discussion.For these challenges,on the one hand,China should fully absorb the existing research results and experience of the developed derivatives market in foreign countries on self-regulation,so as to improve the supervision mode of the derivatives market and promote the safe and stable development of the market by strengthening the self-regulation of the derivatives market.On the other hand,the characteristics of China’s domestic exchanges shouldbe analyzed to further clarify the role of exchange self-regulation in derivatives regulation.This paper is divided into four parts.The first chapter is the concept definition,summarizes the definition and characteristics of the self-regulatory derivatives market,and explains the scope of this paper.This paper analyzes the power distribution of derivatives regulation among exchanges,industry associations and government regulatory departments,and puts forward that the establishment of rules by exchanges to identify abnormal trading behaviors and make follow-up measures is not only the function of exchanges to carry out self-regulatory management,but also to meet the needs of exchanges to improve their competitiveness.The second chapter divides the global derivatives into mature markets and emerging markets according to the development stage,analyzes and summarizes the self-discipline management system of relevant countries,sorts out the differences of futures markets developed under different historical and economic backgrounds,and summarizes the advanced experience.Secondly,after the change of the organizational structure of derivatives exchange from membership to company system,the paper analyzes the possible contradictions such as the change of regulatory role and the change from "non-profit legal person" to "profit entity",and introduces the solutions adopted by other countries and regions.The third chapter is analysis of derivatives exchange self-discipline management specific content,as the objects of exchange-traded futures and derivatives contracts,as well as trading main body of the member units as the breakthrough point,separately from the new products listed,member management,and abnormal behavior regulation in three aspects: the new product listing part introduces the CFTC regulated by the "self listed" system,combines both innovative and control a contract to be manipulated and risk characteristics of exchange and the typical cases of government regulatory cooperation management;The member management and conduct supervision section introduces the ways in which the exchange manages membership by controlling the member’s seat and continuously controls the transactions of members and investors during the trading process--the characteristics of abnormal trading behavior supervision,disciplinary action and dispute resolution.It explains that the selfregulatory management of the exchange,on the one hand,controls the trading objects and risks through the management of new products,and on the other hand,completes the supervision of abnormal market behaviors through the behavior management of members and investors.The fourth chapter return to the actual situation of China’s derivatives exchanges,first of all,by analyzing the relation between the exchanges with members,clients,legal relationship,to exchange the boundary of the self-discipline supervision,believe in the corporations of this organization exchange,exchange mainly by the contract relationship between investors and constraints,so the self-discipline management of exchange for investors range will be limited and need to be clear in the contract in advance;Secondly,it combed the cases of administrative punishment on the futures market made by China’s securities regulatory commission in recent years,and analyzed that the punishment targets were mainly investors(including institutions and individuals),and the evidence chain was mainly formed by citing the trading rules formulated by exchanges,so as to identify the illegal behaviors of the parties.Finally,the key to our country futures exchange "non-profit legal person status were analyzed,and the introduction of non-profit legal person said" voluntary failure ",exchanges and cooperation between the government supervision and administration department shall,at the same time,the futures exchange path Suggestions of regulating the self-discipline management rules,deems the rectification to exchange the range of power sources and functions of clear,defining the scope of disciplinary action,and with the futures regulatory regime of the supervision and administration department.