Research On China's Futures Intermediary

Futures mediator and the futures market also appears. Futures mediator has existed in the futures industry for a long time. The broker has become a major market power in the futures market. Futures mediator has played a decisive role in the development of futures market, however, there is not yet established a classification system of futures brokerage and the law also does not make a clear definition of futures mediator, nor the scope of its operations delineated. The law will define the futures intermediary as the person or legal entity, who provide services for investors and futures companies signing economic contracts. Futures intermediary mainly played an intermediary role in bringing investors to futures contract. But, in fact, Futures intermediary not only to introduce also provide financial management advisory services and even the valet money.Currently in the futures market, people make the concept of futures intermediary include a series of prime brokerage relationships. The futures market brokerage relations, including line of discipline, intermediary and agent. Futures companies directly develop customer, when the relationship between futures companies and investors is line of discipline. The relationship between futures intermediary and investors or futures is intermediary. Finally, The relationship between the futures investor and agents is trust relationships. In fact, because futures intermediary involved in all brokerage business, so in this case, the futures triggered a mediator in many disputes. We should correct understanding of the futures mediator, or the chaotic phenomena will seriously hamper the development of futures markets.In this paper, we make futures mediator as the starting point, and actively explore the futures brokers issue. we try to use principal-agent theoretical to analysis the issues of futures intermediary and put forward to give some suggestions to improve the futures mediator regime. At the same time, we try to resolve the problem through the establishment of principal-agent model of futures intermediary.