On Futures Contract

In China, futures contract has exercised several periods, such as progranune research period, current contract test period, futures coutract test period, qovernmend and prepare period, etc. It is being the stage from research test stage to the normal development stage, and has finished a change from forward contract to futures contract. In the procession, contract always exists. Moreover, it results in many related legal problems. To date, few persons have a deep research on futures contract. So this thesis will overlook the elements of law deflnion, subject discernment, operation and legal proposetion of futures coutract. The thesis comprehensively utilizes comparative methods of many branches of learning, such as comparative jurisprudence, economical law, and history, etc. Not only does it do research historically of the forming of futures contract in macroscopic respect, but also studies each concrete element of futures contract in microcoamic respect, so as to present perspectives on futures contract Legal system. Firstly, it defines futures contract. The author reveals the evolution of futures contract through analysing the defect of forward contract and gives its development sequence of ideas; expounds the connotations of futures contract through analysing its diction and fixes its nature. The author considers that the object of futures contract is futures and futures contract is a contract. Secondly, it studies the subject of futures contract. The author gives the standards of the subject of futures contract and cognizances among the subjects of futures market one by one, and discusses emphatically futures commission merchant (FCM) connation and characters. It points out that the difference exists in the relations betweem FCM and custmor in different legal systems. In China, FCM not custmor is the subject of futures contract. Thirdly, it studies the operation of futures from making, offsetting to eliminating. The author excludes the errant opinions and points out the views that offsetting is the central content of futures trading and its nature of law is transference of contract, moreover, demonstrates the doctrine. Finally, it analyses current situation of futures contract law, points out the defects and making-ups of ralated laws of futures contract law, and puts forward the primary legislative conception on futures contract law.