The Mode Of Operation Of The Chinese Stock Index Futures And System Build

Stock market is the important way of the enterprises' direct financing. However Chinese stock market lack the risk-evasion mechanism which can reduce the system risk, it is disadvantage to the development of institutional investor and the financing of enterprises. In order to promote the stock market's development, exert the function of the stock marker and accelerate the national economy, China must consummate the structure of market investors and encourage rational investment. Thus risk-evasion mechanism is absolutely necessarily in our country. Developing stock index futures transaction will help consummate the function of stock market, reduce the transaction cost, complete the price system of the stock market and offer the risk-avoid way for investor. The well development of our stock market require the opening of the stock index futures, so developing the stock index futures transaction is our necessary choice for advancing our economic.Based on describing the basic conception, function, history and international experience, this paper discusses and analysis the construction of Chinese stock index futures' running mode and system. The paper contains foreword and four chapters. The first chapter studies and expatiates the conception, specialty, history and international experience of the stock index futures. The second chapter illustrate the function of stock index futures, and analysis the necessity and feasibility of Chinese developing stock index futures. The third and forth chapters are the the emphases of the paper. The third chapter discusses the design of our stock index futures running mode from three aspects: the choice of running mode, the optimized design of the agreement and the selection of the invest manner. The forth chapter anal sizes the system circumstance which our stock index futures market requires, and then bring forward to set up supervise system, transaction system and assorted system.