Chinese Futures Companies, Regulatory Systems Research

Futures industry is the area full of risks. The function of financial leverage of futures exchange will increase or reduce the investment value to a great extent, even bring in substantive losses because of the small changes of futures breeds. Futures firms are the financial agencies conneeting investors and futures exehange, the financial status, morality and operation ability of futures firms affect the confidence of investors in futures markets directly, and affeet the efficiency, stability, function of futures market, even influence the development of domestic economy and the political stability of society. Therefore, the supervision of futures firms is very important.The operation of the future market was carried on as the intermediary with futures firms, it is due to the changes of external condition or internal own reason. In the course of operation futures firms will meet various risks. Futures industry is a high risk trade, the probability of making the futures firms meet the risk will be larger.Part I: The first chapter has made the legal status that the futures company supervision clear, pointing it out has been that the marketplace supervision law ingredient, secondary in the economic law. Base on the company who has discussed futures supervision, ues two economic principles—"marketplace dysfunction", "risk control"—have analysed the rationale of the supervision of futures firms, two of classics case show the reality of the supervision of futures firms.Part II: Second chapters to fourth chapters. three aspect supervision after the event current situation and deficiency in advance. In advance, supervision is to refer to futures company market access system, includes mainly: market access of futures company assets condition, shareholder qualification condition and qualification of futures employee of company condition. Supervision is that the finger is in motion and does business in futures company in the thing the risk regulatory system, includes mainly: law manages to futures company as well as business range restricting, financial affairs risk supervision disobeying gauge behavior inspection. Withdrawing from being to refer to the futures company supervision, includes mainly supervision after the event: Building-up our country futures company removes from the system significance and removes from system current situation and deficiency.Part III: According to link of futures, futures firms is the bridge between futures exchange and customer. Futures firms occupy the important status on the whole futures market, thus the supervisory of it just has very important significance. Base on those analyses, the author put forward countermeasure which improve supervisory, it is for the policymakers and supervisor to refer.