| Futures Markets,as an important part of Socialist market economy,nowadays plays an important role in the development of social economy.However,as the high leverage of futures trading itself,the Futures market will inevitably produce lots of risks.Futures Exchange is an place that provides facilities and services for futures trading.It is the organizer of futures trading and its related activities.Moreover,Futures Exchange’s self-regulation is an essential part of self-regulation of futures market,compared with administrative regulation,the self-regulation of Futures Exchange costs lower money,could be closer to the futures market in order to get more information,helps promoting the effectives of allocation of resources and risks preventing.It is an important subject to study how to perfect and realize the effective self-regulation of futures exchanges so as to give full play to the role of self-regulation of futures exchanges in the prevention of major risks.Through the research on the subject of self-regulation of futures exchanges,combining with some theoretical studies on the effectiveness of self-regulation of futures exchanges by domestic and foreign scholars,this paper makes clear the orientation and goal of self-regulation of futures exchanges in China,by comparing the latest trading rules of the four major futures exchanges in China,this paper finds out the existing problems,and looks forward to improving the self-regulation of the futures exchanges in China.This thesis is divided into four parts.The Foreword explains the background and the purpose of this thesis,and then introduces the main content,the structure,and the purpose of this thesis.The first chapter introduces the Futures Exchange and the basic theory of self-regulation.Including the concept of Futures exchanges,power sources,advantages,and several regulatory model of self-regulation,basically explains the necessity of Futures Exchange’s self-regulation.The second chapter mainly analyzes to what extent in theory the self-regulation of Futures Exchanges should be achieved,through the theoretical research on the effectiveness of Futures Exchanges’ self-regulation,and verified by the historical development and practice of Futures Exchanges in China,this thesis researches the margin of effectiveness of Futures Exchanges’ self-regulation,and based on this,further studies the aim of Futures Exchanges’ self-regulation in China.Chapter Three is a comparative study of the core systems of basic transaction risk management in the latest trading rules of China’s four major Futures Exchanges: the margin System,the price limit system,the position limit system,the forced liquidation system,the forced reduction system,the large position reporting system,and the risk warning system.This thesis analyzes the current situation and tries to find out the problems of self-regulation of China’s four major Futures Exchanges.The Fourth Chapter is the summary of the first three chapters,and puts forward the methods to improve the futures exchange’s self-regulation,including the rational distribution of the supervisory power between the government and the Futures Exchange,the improvement of the standard management level of the Futures Exchange,the improvement of the internal governance structure of the Futures Exchange,and the strengthening of the management of the participants of the Futures Exchange,and consummates the Futures Exchanges’ supervision on basic trading systems,etc.Provides the latecomer reference. |
