中國金融期貨風險監管審視 -以監管主體的權力爲軸線 = Review on China`s Regulatory Regimes of Financial Futures Risks

다국어 초록 (Multilingual Abstract)

The regulation and supervision of financial futures risks have been playing an important role in monitoring and minimizing the disorder of the financial market both home and worldwide. China has established its financial futures market and first listed sock index futures in the year 2010, yet China hasn``t enacted the Futures Law, and the Administrative Regulations on Futures Trading promulgated by the State Council could not solve some fundamental problems ,leaving regulatory gaps, which may cause supervisory challenges. This thesis focused on and reviewed China``s regulatory framework of the financial futures risks by comparing the law and practice in some countries with developed financial market, identifying and analysing the key issues affecting the control of risks, including the supervision of the government, the market surveillance of both SROs and the Exchange. As to the supervision of the government, the appropriate and suitable regulation is mainly composed of regulatory objective and proper supervisory organs with efficient and effective power. Due to the absence of basic law, the Futures Law, the supervisory body, China Securities Regulatory Commission(CSRC) has not clear and enough authorities in the enforcement procedures, and could not effectively control risks or protect the lawful rights and interests of the parties in the futures transactions in a timely manner. As to self-regulation, China Futures Association has some duties in the surveillance of financial futures market, in the current supervisory framework, CFA has a dual functions, a SRO with some governmental power, and cannot self regulate according to the market rules. As to China Financial Futures Exchange, it has acted a good practice by formulating many rules prevailing in the developed futures markets, including transaction rules, by laws and standardized contracts. The author makes suggestions to perfect China``s risk control regulations of the financial futures. The power of the governmental bodies should clear and limited to overcome the market failure, the SROs should be completely independent in its regulation and cooperation limited to the authority and duties empowered by law, and the Exchange should be empowered more self-regulatory duties including the decision of list and delist of futures contracts. To enact futures law as early as possible is the urgent work.