At present, China has started the legislative procedure of the Futures Law. Before the promulgation of "Futures Law", the main body of the futures legal norm system was the administrative regulations formulated by the State Council and the departmental regulations formulated by the China Securities Regulatory Commission, the competent authority of the futures market. 1999 the State Council issued the Interim Regulations on the Administration of Futures Trading. Currently being revised, it is an administrative regulation that systematically regulates the futures market. As the regulatory body of the futures market, China Securities Regulatory Commission has formulated the Measures for the Administration of Futures Exchanges, the Measures for the Administration of Futures Brokerage Companies, the Measures for the Administration of the Qualifications of Employees in the Futures Industry, and the Measures for the Administration of the Qualifications of Senior Managers in Futures Brokerage Companies, etc. to implement the Interim Regulations on the Administration of Futures Trading. Together with the former State Economic and Trade Commission, the Ministry of Foreign Trade and Economic Cooperation, the State Administration for Industry and Commerce and the State Administration of Foreign Exchange, the Measures for the Administration of Overseas Hedging of State-owned Enterprises were formulated, which basically formed a supervision system covering all subjects and links of the futures market, and the supervision system of the futures market was basically perfect.