On The Extraterritorial Application Of The Futures And Derivatives Law In China

Futures is one of the important ways for enterprises to participate in risk management.China’s futures and derivatives market has played an important position in the global financial market since its establishment for more than 30 years.Building an international futures market can enhance China’s pricing power in global commodity prices,and then improve China’s position in the international capital market.As the international boundary of the financial market is becoming increasingly blurred,the opening degree of China’s futures and derivatives market is gradually expanding to the outside world,and the internationalization process is also constantly advancing,which poses new challenges to cross-border market supervision and the application of law at home and abroad.China’s legislation in the field of futures and derivatives has been blank for a long time,with only a series of administrative regulations and regulations issued by the State Council and relevant supervision and administrative agencies for a long time.The cross-border supervision of futures and derivatives markets has problems such as imperfect relevant laws and regulations and strong supervision and administrative color.The Futures and Derivatives in the ongoing process of formulation will provide a legal basis for the extraregional supervision of China’s futures and derivatives market.On the basis of studying the external application of futures and derivatives law in the United States and Singapore,combined with the typical cases such as "Morrison case",this paper analyzes the external applicable principles,standards and applicable boundaries of futures and derivatives law,and makes suggestions on the construction of the external applicable legal system of futures and derivatives law from both domestic and foreign levels.This paper is divided into four parts.The first part describes the current situation and challenges of futures and derivatives law,The system introduces the connotation of extraterritorial application and the relationship with extraterritorial jurisdiction and long-arm jurisdiction,combined with the current situation of external application of futures and derivatives law,analyze its challenges at the legislative and regulatory levels;The second part compares the legislation,law enforcement and judicial practice of Chinese and foreign futures and derivatives law,in particular,the most skilled United States that applies to law at home and abroad,sort the current application of legislation,cross-border supervision experience and typical judicial cases outside the field of securities and futures,it also highlights the applicable legislation and regulation experience outside of the domain in Singapore;The third part focuses on the legal mechanism of futures and derivatives,analyze the basis of international law applicable at home and abroad,discuss the reasonable boundary of futures and derivatives law;the fourth part makes suggestions for improving the application system of futures and derivatives,strengthen legislation,improve regulatory mechanisms and improve justice at the domestic level,actively participate in the external bilateral cooperation between futures and derivatives law at the international level,we will strengthen multilateral cooperation and coordination in international securities supervision.