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Study on Market Access Rules of Stock Index Futures

Author: MaChao
Tutor: ZhangYuRun
School: Anhui University
Course: Economic Law
Keywords: Stock index futures Market access system Rule Transaction
CLC: D922.28
Type: Master's thesis
Year: 2011
Downloads: 68
Quote: 0
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Abstract

Stock index futures valuable discovery, the functionality of the hedge and manage risk, but their risk characteristics of stock index futures and spot market linkage effects makes the exclusion of the non-qualified investors outside of the stock index futures market is very necessary. To do so not only in order to protect the interests of investors, but also to guarantee the stability of the market. Therefore, it is essential to the establishment of the stock index futures market access system. Before and after the introduction of stock index futures, the management also unveiled some of the laws and regulations of the regulation of stock index futures market access, but the introduction of these regulations is a bit hasty, not the system, there are a lot of legal gaps, such as the social security funds, insurance The ability to participate in the stock index futures funds vague. Relatively speaking, such as Western Europe, USA, Hong Kong, Taiwan time of the introduction of stock index futures earlier, after years of practice, the development of relatively mature. This paper attempts to draw on the successful experience, to make a few Suggestions perfect China's stock index futures market access system. In the article, the article first concept of market access were defined on the basis of the stock index futures market access rules outlined both substantive and procedural, and talking about the stock index futures market access system should be a safe, efficient, fair value of the pursuit; Secondly, the introduction of mature capital market, stock index futures market access system introduces the access rules of the fund company in the United States to participate in the stock index futures, to obtain the conditions of membership of the Hong Kong Futures Exchange and The mode of the program, as well as Taiwan securities companies involved in stock index futures, and then describes the characteristics of Taiwan futures companies involved in stock index futures; based in part on the main line of investment entities, introduced China's current status of stock index futures market access rules and problems. On this basis, in the fourth part of the article, combined with China's specific national conditions, to compare and learn from the experience of mature capital market on the basis of a complete set of China's stock index futures market access rules for different participating subjects recommendations. Stock index futures steady run, is to establish a scientific and rational basis of market access system, depending on the investment subject to regulate market program, market conditions, market scale, allowing qualified investment through legal means to participate in the stock index futures, the exclusion of the non-qualified investors in the stock index futures market outside the gate, from the source to control the risk of stock index futures, stock index futures risk nipped in the bud, so for the sound operation of stock index futures to create a safe, fair, efficient trading environment. The establishment of the stock index futures market access rules not only conducive to the protection of the legitimate rights and interests of investors, and is also conducive to the continued prosperity of China's capital market and lay a solid foundation.

Study on Market Access Rules of Stock Index Futures

Abstract

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