Research On The Legal Supervision Of China's Index Futures Market

In the 1970s, the world's financial system has undergone major changes. The disintegration of the Bretton Woods system, resulting in national currencies getting away from the dollar link, and establishing the floating exchange rate system. As the Western countries have relaxed controls on financial markets, exchange rates, interest rates and stock price volatility. These fluctuations in financial index increase the risk of investment. In order to effectively avoid risks, financial futures came into being. In May 1972, the Chicago Mercantile Exchange launched the first foreign exchange futures. Since then, Treasury futures and stock index futures successively show up.Some economists called the financial derivatives as poison, when the capital markets climb up, bullish, financial derivatives will follow the crowd; and when the capital markets plummeted, financial derivatives have also disappeared. China's capital market structure is not sound, specialized financial derivatives market is not established, stock index futures as an important financial derivative products, although its launch has already been put on the agenda, but the detail schedule could not be established. In looking forward to, the risks of its own stock index futures and supervision to guard against what has become a top priority.Any important financial regulatory requirements are ultimately passed the law to ensure its implementation. The scientific design of the legal risks of stock index futures regulatory system is to make the stock index futures able to give full play to their role in the protection and basic of the fundamental. On the basis of the history and development of the stock index futures, learn the success of the development of stock index futures from developed countries, stock index futures in order to standardize our system of paper being put in the background, stock index futures on the legal supervision to carry out in-depth discussions.This article is divided into four main parts: the first part is a brief introduction of the stock index futures and stock index futures market; the second part is a analysis of the stock index futures market's prerequisite for the legal supervision system, including the risk causes types and the legal relationship constituted; the third part is by comparing of the study, summed up the United States, Britain and Japan stock index futures market regulatory law and its legislative mode, as on China's stock index futures market, legal system construction monitor An important inspiration; in the fourth part of the analysis of the status quo of China's capital market supervision, as well as monitoring the success of the experience of foreign countries on the basis of China's stock index futures market regulatory legal system design, including the objectives and principles, the main supervision, the Legal Liability.Finally, concluded that legal supervision of stock index futures market of our country is an important link and cornerstone in building a perfect supervision system, and a perfect legal supervision of stock index futures market can provide a solid basis and guarantee to economic regulation and the government macro-control.