Stock Index Future Introduction And Market Supervision Mechanism Design

In April 2010 China launched his first team of stock index futures products, namely "hushen 300", this for our country's futures markets mature has huge contribution. It will appear also reflected the objective necessity, China's stock market development has been relatively mature, such as stock market laws and regulations system and have centralized and unified supervision system, the stock market scale expands unceasingly. But meanwhile, which also exist certain system risk. Because the market function and mechanism imperfect, the proportion of various investors imbalance, investors can invest financial product single, all of these restricts the stock market's effective development. Thus, China's financial market in desperate need of a can safeguard the interests of the investor, effectively avoid the risk of the investment financial products. Stock index futures at this time arises at the historic moment, because of his special can effectively allocation of assets, the transfer of risk. Abstract: through contrast of stock index futures in developed countries, such as the United States regulatory model, Hong Kong, Japan, in their respective characteristics, analyzed from their essence. Thus the supervision actuality in China is put forward the author of their views. For those who developed countries he their regulatory pattern is roughly "level 3 regulation", namely government, the futures industry association and trading calculate common supervision. The government is the highest regulators, with independent decision-making power, it mainly in large policies to face on the futures market to guidance. The futures industry association of stock index futures market is the medium level of supervision on guidance. Exchange the role in the whole regulatory system is great, it mainly specific implementation regulations. As a stock index futures trading in China, in line with the emerging countries that its regulatory system should also be roughly divided into such a dollar level 3 supervision modern, but combined with the actual conditions of our country has its own characteristics. The highest level in China, the government regulation is in the CSRC in the supervision system of unified supervision to assume the role of accountability and effectively setting. The futures industry association is the first level 2, regulatory system mainly in the self-disciplinary organization plays a coordinated action among, and develop the industry standard. Last level in the exchanges is the important position of regulatory systems, also not allow to negligible, it is the basis of the regulatory system. Exchange is transaction directed place, it can directly control the market trends and all kinds of information. So exchange formulated specific operation to strengthen the risk prevention measures.This paper summarized the last is in developed countries and regions and the advanced experience of the perfect their supervision mode. In this regulation mode the government plays the key position, how to effectively play to the government's core status, how to make exchange effectively enforce are the essence of paper to discuss the problem.