(A) China's financial futures trading legislation is lagging behind and imperfect, which makes China's financial futures market face many legal risks. At present, the laws and regulations of China's financial futures market are lacking, the legislative level is low, the contracts in the financial futures market are invalid within the statutory scope, the contract contents do not conform to the legal norms, or the risks caused by the bankruptcy of the other party.
(B) too many management agencies, resulting in management confusion. The existing management institutions in China include China Securities Association, relevant functional departments in the State Council, local governments, Shanghai and Shenzhen stock exchanges, etc. Moreover, these institutions still have some problems such as unclear ownership and long-term policies, which make the financial futures market difficult to adapt and inevitably lead to market chaos and disorderly competition.
(3) Lack of real market equilibrium price. Financial futures market faces price risk. Because of the leverage of financial futures, they are extremely sensitive to the changes of their related basic financial instruments, such as stock index, exchange rate and bond price, and the fluctuation range is greater than that of the basic market. Due to the immaturity or unexpected events in the financial futures market, the transfer of financial futures is very difficult, or there is a risk of a sharp drop in prices. However, the macro-policy of the government or the supervision of the relevant market will affect the price of financial futures and make its income uncertain.
In view of the existing problems, some countermeasures are put forward.
(A) improve the financial futures market supervision legal system.
China is in the primary stage of the development of financial futures market, so we should constantly promote the construction of legal supervision system of financial futures market in China and realize the specialization, systematization and transparency of legal system construction. In the post-financial crisis situation, legislative thinking should follow the principle of scientific reference. Specifically, on the one hand, we should speed up legislation to meet the development needs of the financial futures market in quantity; On the other hand, in view of the rapid, complex and changeable development of modern finance, the legislative technology and professional level should be improved to avoid contradictions or ambiguities in various laws and regulations within the system. In order to establish a reasonable, complementary, coordinated and high-quality financial legal system. And pay attention to the matching and coordination between the financial legal system and other laws and regulations.
(2) Standardize the management order of financial futures market.
1. The central bank, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the exchange and other external supervision systems should maintain supervision and coordination, examine and approve listed futures contracts, review the establishment of relevant institutions engaged in futures business, futures settlement and consulting, and supervise their business activities.
2. Establish and improve the information disclosure system and financial disclosure system. Whether it is an internal risk management system or an external supervision system, its core lies in finding potential risks in financial futures trading and ensuring the orderly and smooth progress of futures trading, and information disclosure system is the key means to find problems.
3. Strengthen government supervision and industry management. Establish a more authoritative national unified futures trading management Committee as soon as possible, and its functional departments can refer to CFTC organizations; The government should attach importance to the role of futures associations when implementing futures supervision. The government itself should also pay attention to protecting the democratic decision-making mechanism and constantly enhance the rationality of regulatory behavior.
(3) Strengthen the construction of the basic market and provide strong support for the price balance of the futures market.
The stability of the foundation provides a long-term and effective guarantee for reducing some unnecessary risks in financial futures trading. As an emerging market, there are still many problems left by the stock market. The characteristics of policy market and fund-driven immature stock market are also very obvious. If the securities investment fund controls the stock risk, it will not reach a certain period. Bringing some market behaviors of funds into stock index futures may only aggravate the risks of funds and stock index futures. Therefore, it is necessary to strengthen and improve the construction of the basic market.