我国推出股指期货可行性研究.pdf

Abstract With the development of the securities market in China over the past decades， the scale and liquidity of the stock index futures has been guaranteed．As a result，it 魏鑫s c援越ed favorable environment for launch of the Mock index futures。Considering the huge need of hedging due to the volatility of stock indices，numerous investment subjects come along with the increasing number of institutional investors。 Development of the futures market pays the way for．the launch of the stock index futures． Currently,lack of the legislative and regulatory systems is the major boRteneck for introduction ofthe stock index futures．Missing ofthe related laws tops the radical cause。The existing laws and regulations on futures are mainly designed for the commodity futures，lacking of directional regulations on stock index futures and financial derivatives，Thus，relevant regulations need establishing on a series ofissues， such as development,listing,transaction，risk control and regulatory supervision of stock index futures to lift the legal barriers of拓ansacfion subject,object and bourses hindering the launch of stock index futures,otherwise it is impossible for the stock index futures to be transacted under such condition． The call for launch of stock index futures is on the rise in China at present， however，the launch of stock index futures is still in the air．The major reason lies in that certain shares ofthe listed companies ofChina carl not be exchanged，SO call’’full circulation”，which gives rise to the launch of stock index futures not included On the agenda．Based on the current situation，this article gives a summary ofthe experiences and lessons we may learn from the foreign markets．The author sets out the feasibility of launch ofthe stock index futures in China,and discusses the major problems facing launch of the stock index futures，and point out that eliminating the bottleneck for launch of the stock index futures in the current stage depends on establishment and perfection