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Manipulation on Stock-index Future and Its Administration Methods

Author: ZhaoJingHua
Tutor: ChenZuoSong
School: East China University of Political Science
Course: Economic Law
Keywords: Stock-index future Manipulation
CLC: F832.51
Type: Master's thesis
Year: 2010
Downloads: 101
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Abstract

Stock Index Future is a future contract, which underlying asset is stock index. It is a mature derivative product in the international financial futures market. It meets investors’requirements of risk managing.On Feb 24th 1982, the first stock index futures in the world, Value line Average Index futures, listed on KCBT, which started a new futures contract. The CSRC officially approved to carry out Stock Index Future on July 12th, 2010. The first patch of four Shanghai-Shenzhen 300 Index Futures contracts listed on Shanghai Stock Exchange, which signed the introducing of short selling mechanism into China stock market.As we know, the purpose of development of stock index futures is to improve operation mechanism of stock market, to increase elasticity of market, to improve price discovery mechanism, to make resource attribute optimally. It also provides investors a tool to manage their risk. Comparing with the foreign countries with advanced stock index futures regimes, such regime in China is still in the preliminary phase.By comparing the laws, supervision system and model, and legal liabilities with other developed countries, with considering the manipulation’s special characters on stock index futures, I found some aspects of supervision system which needs to be improved.This article consists of five chapters. ChapterⅠintroduces characters of stock index futures and existed regime of stock index futures in China. It introduces the concept and history of stock index futures, and describes its characters by comparing stock index futures with commodity futures. In ChapterⅡ, we compare different definitions of manipulation in the world wide. In the following ChapterⅢ, we divide manipulation of stock index futures into three types, and point out their different characters. I compared varied supervision systems of stock index futures among some counties from system, model to liabilities. And in the last Chapter, I raised my opinions about how to improve the relevant Chinese laws and system, such as key issues of defining manipulation, exemption terms, kinds of liabilities, international cooperation etc.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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