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buted to the bubble level of real estate and sub-debt market. 17 consecutive rate hikes was direct cause of the burst of sub-debt bubble. In addition, the international division of labor and economic order, as well as the U.S. and global economic cycles and other factors can not be ignored.

3.4.2 Effective regulation on financial derivative market.
It can be predicted that derivatives will continue to be an important part of the financial markets, but only under efficient supervision can the derivatives market become an important means of market mechanisms. Through this crisis, at least we can draw the following conclusions.
·Start the joint cross-market supervision
The voice of the market and regulation are going to be consistent. In the context of the global financial crisis, domestic financial derivative should not wait or stagnation, but develop rationally and steadily. Joint supervision is the need for development but also reality. After years of development, the domestic derivate markets has formed a certain scale, strengthen supervision is conducive to the healthy development of the stock products and appropriate innovation of incremental product.
The development of financial derivatives makes the demand for joint supervision increasingly urgent. In the New Year, with the deployment and coordination of the SFC, a lot of departments including CICC, SSE, SZSE, China Securities Depository and Clearing Corporation and the China Futures Margin Monitoring Center will complete and sign series of cross-market supervision and collaboration agreement to make the joint supervision of the financial derivatives market into the orbit of systematization.
·Exchange onto the front of regulatory
Facts show that, for emerging market countries, due to higher credit risk reasons, the focus on the development exchange market is more likely to succeed. In China, the systems have been implemented maturely in relevant domestic exchanges for many years such as debt free day clearing system, settlement guarantee fund system, the information disclosure system, the risk management, etc. Therefore, it is a realistic option that to develop derivatives markets as a priority, and to accumulate experience in supervision and risk control.
·Develop “the venue derivatives” preferentially
The financial crisis has revealed the serious consequences of over-development and lack of supervision of OTC derivatives market. For the emerging markets, giving priority to developing the venue derivatives is the right policy direction of financial innovation. Compared with venue derivatives, OTC derivatives dominate in the derivative markets. A lack of transparency in OTC financial derivatives and the failure of CDS and other OTC derivatives make people realize that lack of supervision of OTC financial derivatives market is an important reason leading to spread of the crisis. In conclusion, financial institutions and investors in China also lack experience in derivatives trade, so we should give priority to the development of basic, simple standardized venue financial derivatives, mainly including stock index futures, interest rate futures, currency options and the corresponding futures.
 
4. Summarization of domestic and foreign financial derivative market
4.1 Development of China’s financial derivative market
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