我国股指期货交易风险的法律监管论析

【作者】 李远浓；

【导师】 陈斌彬；

【作者基本信息】 华侨大学 ， 法律， 2011， 硕士

【摘要】 2010年对于中国资本市场的发展具有重大意义。从2005年起,随着国务院原则同意推出股指期货品种,并由证监会统筹股指期货上市的各项工作,中国金融期货交易所先后发布沪深300股指期货合约和修订后的交易规则及其实施细则。在中国股指期货市场筹建的过程中,国务院审查通过了《期货交易管理条例》,中国证监会发布了一系列关于股指期货管理的办法,中国金融期货交易所发布《中国金融期货交易所交易规则》及其配套实施细则。这一系列的举动都促成了我国股指期货的顺利推出。经过5年紧张的筹建工作,2010年2月22日起中国金融交易所正式受理股指期货交易开户申请。可以说,5年的股指期货筹建历程对于中国金融期货市场的意义是重大的。股指期货作为一种衍生金融工具是应股票市场风险管理的市场需求而产生。经过二十多年的发展,股指期货在世界范围内的交易规模和市场影响力得到了迅猛的发展,并由于其本身所具有的杠杆性、交易灵活性等显著优越性,成为20世纪最为成功的金融衍生产品之一。但是,股指期货是一把“双刃剑”,它在给现代市场经济提供了一个高效风险转移和规避场所的同时,也孕育着巨大的风险。关于股指期货的风险包括市场风险、操作风险、信用风险、流动性风险、结算风险、法律风险等类型。并且这些风险具有扩张性、突发性、关联性、复杂性等特点。此外,股指期货交易采用保证金方式,投资者只需动用少量的资金即可以进行数量巨大的交易,这种“四两拨千斤”的杠杆作用会导致市场风险成倍地扩大,使得微小的基础价格变动也会掀起轩然大波。因此,股指期货操作稍一不慎,便可能给当事人带来极其惨重的损失,严重者还可能引发整个金融市场的动荡。百年老店巴林银行因在日经225股指期货交易上造成的巨额亏损而倒闭破产;1987年美国股灾冲击香港案例,其中最重要的一个原因就是股指期货交易与股市现货交易的联动性引发了股票抛售狂潮。1998年老虎基金袭击期货在其中扮演了重要的角色。这些案例都进一步证明了股指期货风险交易法律监管的必要性。尽管在中国有关股指期货的法律规范已经初成体系。但股指期货作为我国真正意义上的第一个金融衍生产品,对其风险防范的研究尚处于起步阶段,国内的研究的范围和内容也相对狭小,实践经验相比国外特别是西方发达国家也相对欠缺。故研究股指期货交易风险的防范并寻求相关法律监管对策则成为摆在监管当局面前亟待解决的课题之一。本文运用比较分析、例证等方法,通过三个章节对海外有关期货交易法律监管的总结和分析,试图为我国股指期货法律监管提出具体建议。第一章主要对股指期货进行基础性概括。股指期货的概念、特征及功能的介绍,使得读者对股指期货有个大致的了解;我国股指期货的发展历程的介绍,为该篇论文的奠定了论证的背景;股指期货交易潜在风险的特点及类型的介绍,表明股指期货的法律监管是具有必要性的;股指期货交易法律监管的模式和方式的介绍,为本文事前监管——事中监管——事后监管的研究思路奠定基础。第二章主要介绍海外股指期货市场的法律监管实践及我国现存问题的揭示。通过对海外发达国家股指期货市场的监管体制以及股指期货经典案例的介绍,总结和分析海外股指期货市场的法律监管实践经验,进而归纳出我国股指期货市场仍然存在的问题。第三章是该篇论文最重要的部分。主要针对我国股指期货市场仍存在的问题,从事前监管——事中监管——事后监管三个方面对我国股指期货监管提出的具体建议。更多还原

【Abstract】 2010 for development of China’s capital market is of great significance. Since 2005, with the principle of stock-index futures agreed under the state council by CSRC varieties, and overall stock index futures listed the various work of the financial futures exchange, China has issued stock index futures contract and shenzhen 300 trading rules of the revised rules for its implementation. Futures market in China during the process of preparation, the state council review by the regulations on the administration of futures trading, the China securities regulatory commission released a series of stock index futures management measures, China’s financial futures exchange issued the Chinese financial futures exchange transaction rules and related implementation rules. This series of actions are contributed to our stock index futures smoothly launched. After five years of the preparatory work, tension on February 22nd 2010 that official acceptance within zhongjin futures trading account opening application. Can say, 5 years of stock index futures preparation process for the significance of Chinese financial futures markets are significant.Stock index futures as a derivative financial instruments is should the stock market risk management market demand and produce. After 20 years of development, the stock index futures in worldwide trade size and market influence has developed rapidly, and because its itself is leveraged sex, trading flexibility and other significant superiority, become the most successful of the 20th century one of financial derivatives.But stock index futures is a "double-edged sword", it is to provide a modern market economy moving and avoid the risk transfer efficiency, but also places gestates huge risk. About the risk of stock index futures market risks, including operation risk, credit risk, liquidity risk, settlement risk, legal risks type etc.And the risk has expansionary, sudden, relevance, complexi -ty, etc. In addition, the stock index futures trading using margin way, investors just use a small amount of money that can be huge amounts of transaction, this kind "to achieve" leverage would take market several-fold expanded, the wind risks based price change makes tiny will set off a frenzy. Therefore, stock index futures operating a slight inadvertent, may bring the party concerned extremely heavy loss, serious still could cause the whole financial market turmoil. A hundred years barings bank in the nikkei 225 stock index futures trading has huge losses and collapse bankruptcy; 1987 American cataclysm impact Hong Kong case, which is One of the most important reason is that stock index futures and spot transactions relevance stock frenzy triggered stock sell-off. the tiger fund in which hit futures played an important role in 1998. These cases into step stockindex futures trading proved the necessity of the risk for legal supervision. Although in relevant Chinese laws regulating of stock index futures are the first to become system, but it is a system on real significance as our countries financial derivatives, the first of its risk prevention research is still in its beginning order section, domestic research scope and content also is relatively narrow, practical experience of foreign especially compared with western developed countries is relatively deficient. We investigated stock index futures transaction risks laws related to prevent and seek countermeasures in the prison pipe before regulatory authorities has become the urgent to solve one of the subject.This paper uses methods of comparative analysis, the example, through four chapters on futures trading for overseas summary and analysis of the legal supervision for Chinese stock index futures, tries to put forward concrete Suggestions for legal supervision.The first chapter of stock index futures for basic mainly summarized. Stock index futures the concept, characteristics and functions of introduction, so that the reader to stock index futures have a general understanding; Our stock index futures development course of introduction, for this paper laid a demonstration of the background; Stock index futures trading of potential risk characteristics and types of introduction of stock index futures, that is a necessity of legal supervision; Stock index futures exchange regulatory model and the law, the paper introduced for way prior regulatory -matter regulatory oversight - afterwards foundation research ideas.The second chapter basically introduce overseas stock index futures market in the legal supervision practice and the existent problems reveal. For overseas developed countries by futures market supervising and managing system and classic case stock index futures, summarize and analyze the introduction of overseas stock index futures market for legal supervision and practice experience, then summarized the futures market still I countries existing problems.The third chapter is the most important part of papers. Mainly aiming at Chinese stock index futures market remains of ask questions before, engaged in three aspects -- supervision in China - afterwards futures regulatory proposed specific build appropriately.更多还原