| Stock Index Futures is a financial derivative which was produced in the United Stated in 1980 s.IT has functions such as value discovery,hedging and risks aversion,so it rapidly spread to the whole world.China financial futures exchange introduced the first Stock Index Futures of China in 2010.We should strength legal supervision of Stock Index Futures to guard against market risks and remedy the market defect.This paper starts from legal supervision system of Stock Index Futures market,discussing about the necessary,difficult point and principle of supervision.And then,this paper analyses about the present situation and insufficient of Chinese legal supervision system of Stock Index Futures market.Chinese legal supervision of Stock Index Futures depends on supervision laws and regulatory regime.The main supervision law is Administrative Regulations on Futures Trading.There are also some regulations by China Securities Regulatory Commission and rules by Futures Exchange.About regulatory regime,China Securities Regulatory Commission acts the role of government regulatory,and Futures Association and Futures Exchange acts the role of self-regulation.Now,the main problems are: lack of effectiveness of the supervision laws,application conflict among supervision laws,improper supervision authority.On the basis,this paper introduces legal supervision system of Stock Index Futures market about America,the US and UK,and suggesting some ideas to Chinese supervision system.Last,this paper suggests some advice to Chinese supervision system of Stock Index Futures market.We should improve the legal supervision systems of Chinese Stock Index Futures from supervision laws and regulatory regime.First,we should publish Administrative Regulations on Futures Trading in time.Second,we should improve dividing of authority in supervision institution. |
