Research On Financial Futures Investor Appropriateness System

Investors appropriateness system originated in the securities market,bud in the National Association of Securities Dealers(NASD)in 1938,used to regulate the behavior that brokers recommend securities to investors.As the development of financial innovation in the global capital market,The role of investors appropriateness system is more and more obvious,in regulating the behavior of intermediaries and protecting investors’ rights and interests,so the system have been set up in many countries（regions).In financial field of our country,Financial futures market is the first one which have the Investors appropriateness system,and its emergence and development has played an important role on protection of rights and interests of investors.Financial futures investors appropriateness system,which is based on the product characteristics and risk characteristics of financial futures,asking financial intermediaries to distinguish different investors for the product of the difference of cognitive levels and risk tolerance,carefully selecting the appropriate investors to participate in a whole set of institutional arrangements of financial futures trading.Because of the financial futures trading very professional,financial intermediaries often have wider information channel,understand more professional knowledge,and have stronger economic power,so their status are not equal between intermediaries and investors.Intermediaries in order to maximize the profit,may recommend unsuitable products to investors,and investors due to the limited understanding of financial futures products,often accept agency recommended decision easily.This can make investors take greater risks than intermediaries.The aim of the investors appropriateness system of financial futures is requiring intermediaries to perform to the appropriate product sales to the appropriate investors’ obligations,so in order to balance the risk burden between investors and intermediaries,in the field of financial futures is in urgent need of an appropriateness system to alleviate the imbalance between market subjects.This paper consists of five parts:The first part introduced some relevant catastrophic events of intenational derivatives market,in order to reveal that,If there was lack of investor protection policy in financial derivatives market,investors will face great risks,is not conducive to the development of the financial system in China,are more likely to spread to social stability,so research and improve the system of financial futures investors appropriateness has far-reaching significance.The second part is to clarify the concept of system of financial futures investors appropriateness,clear the research object of this article.And through the comparing with some related and easily confused concept,try to grasp the essence of the system of appropriateness more accurately.The third part introduced the system of our country,and described the rules;Secondly,researched on the provisions,and summarized these provisions;Finally,when list these problems,pointed out its shortcomings.The fourth part focuses on the system of investors appropriateness in United States,the European Union,South Korea,Japan,Hong Kong,and Taiwan.of every country（region） in the study,on the basis of introducing these system,summed up the appropriateness system,clarify concrete connotation of appropriateness in the mature market system.The last part is the conclusion of this article,on the basis of above research,combined with the practical problems in our country,drew lessons from the relevant experience in mature markets,and obtained some suggestions for improvement.