| The outbreak of the new crown epidemic in 2020 not only affected the health and life of most people,but also caused the international crude oil price,which was originally in the downward channel,to fall again and again due to the imbalance of supply and demand in the overall market.The May WTI crude oil contract even broke through the negative value for a while.And finally settled at a price of-37.63 US dollars per barrel,which triggered the Bank of China crude oil treasure liquidation incident.A large number of ordinary investors not only lost their principal overnight,but even owed Bank of China a total of 580 million yuan due to their penetration.paragraph.Investors who had suffered heavy losses realized this time: Crude Oil Bao is not a so-called fun financial product that "finance novices can make money",but a high-risk derivative based on futures trading.And the Bank of China is not only a product issuer independent of investor activities,but a combination of the two functions of market maker and entrusted agency,as an indispensable part between investors and overseas futures exchanges,directly Affect the risk and return of investors.This article focuses on the establishment and improvement of the investor protection system in the futures trading market,especially under the innovative development of various financial products,how to grasp the legal supervision of the new type of derivative financial products that are highly related to the futures market.The balance between encouraging innovation and ensuring that investors will not lose their way,go astray and suffer losses in the increasingly prosperous financial market.This article focuses on the protection of investor rights,and takes the Crude Oil Bao incident as the basic case to analyze the legal issues of futures derivatives.Excluding the introduction and conclusion,this article is divided into three chapters:The first chapter is about the innovation of futures derivatives and the crisis of investors.Mainly taking the Crude Oil Bao as a case,first of all,a basic definition and explanation of futures derivatives,analysis of the special risks of the futures derivatives market,such as market risk,liquidity risk,operational risk and legal risk.Then it analyzes the product design,event development process and main contradictions of Crude Oil Bao,and then expands to futures derivatives investors’ risk identification dilemma,risk responsibilities and the necessity of investor protection.The second chapter discusses the problems in the regulatory system of the futures derivatives market and investor protection.The first subsection analyzes the relevant regulatory system of the United States in the futures derivatives trading market,mainly from the three perspectives of the regulatory agency,the central counterparty settlement system,and the information reporting system.After analyzing China’s current regulatory status,it involves three aspects:regulatory agencies,regulatory regulations,and information reporting obligations.The second subsection specifically analyzes the legal issues existing in the protection of futures derivatives investors,including the suitability of futures derivatives transactions,information disclosure issues during product operation,and problems with products or risks beyond the investor’s tolerance.The issue of judicial remedies at the time.The third chapter is recommendations for improving the regulatory system for futures derivatives and the investor protection system.The first subsection draws on the experience of the United States to improve the regulatory system for the futures derivatives market.It is recommended that on the one hand,functional supervision and institutional supervision should be combined to clarify the supervisory responsibility of futures derivatives;on the other hand,it is recommended to establish a futures derivatives listing record system.Improve the transaction information database of futures derivatives transactions,and strengthen the statistics and monitoring of the whole-process,real-time and dynamic transaction information of the futures derivatives market.The second sub-section is to improve the investor protection system for futures derivatives,and propose to respond to the first,to improve the suitability rules for futures derivatives investors;second,to clarify the scope of information disclosure with investors as the core;third,to strengthen futures derivatives investment Judicial protection of the rights of defenders;fourth,improve the non-litigation dispute resolution mechanism.The summary part briefly summarizes the full text,and on this basis,looks forward to the future development of the futures derivatives market and the legal protection of investors’ rights and interests. |
PDF Full Text Request