China has initiated 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. 65438-0999 the State Council issued the Interim Regulations on the Administration of Futures Trading, which is being revised. This 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. In addition, the judicial interpretation formulated by the Supreme People's Court also indirectly regulates the futures market. As the most systematic judicial interpretation of futures, the Provisions on Several Issues Concerning the Trial of Futures Disputes (Fa Shi [2003] 10) issued in June 2003 has played an important role in regulating the futures market. Moreover, from the perspective of self-regulation, the trading rules and self-regulation rules formulated by futures industry associations and futures exchanges according to law are also an organic part of the legal supervision system of futures market.