英语论文网

and completed basis of financial instruments. Till 1994, financial derivatives in the international financial market had been had been more than 1200 kinds.
 
2.2.2.2 The evolution of financial derivative markets in major countries
·The financial derivative market in America
The U.S. financial derivative market occupies a crucial position in the international financial derivative market. A lot of innovations first appeared in American financial derivative market. There are Futures Exchanges in Chicago, New York, Kansas and Philadelphia (Kuprianov, Anatoli, 1995).
·The financial derivative market in Britain
Britain was among the first countries to engage in futures. There are eleven Futures Exchanges in Britain. LIFFE is the only financial derivative market. LIFFE was launched in September, 1982. Till 1989, the futures volume in LIFFE ranked fifth in the world (Kuprianov, Anatoli, 1995).
·The financial derivative market in France
The French International Futures Exchange and the Paris Board of Options Exchange are the two exchanges engaging in financial derivatives transactions. The former is the largest financial derivative market in Europe. It ranks the fourth in the world (Kuprianov, Anatoli, 1995).
·The financial derivative market in Japan
The financial derivatives transactions appeared in Japan in 1985. The Tokyo Stock Exchange pioneered Japan government bond futures at the first time in 1985, and then they pioneered the Subject of Futures Products, including 20-year Japanese government bonds, the Tokyo stock index, and long-term U.S. government bonds. The Futures volume of financial derivatives in Tokyo Stock Exchange ranks third in the world (Kuprianov, Anatoli, 1995).

2.2.3 The function of the financial derivatives markets
Firstly, Financial derivatives can improve the efficiency of financial markets， reduce transaction costs，meet a variety of requests from market participants, increase the liquidity of market, and also improve the development and perfection of the market. The financial derivative market can separate the risk of price changes from risk of other commercial activities. Investors can shift the risk of price changes through financial derivative transactions.
And then, Financial derivative transactions weaken the economic fluctuations， improve the steady development of economic and financial. As the use of financial derivative transactions can be performed to avoid price risks, people can shift the risk when they develop economic and expand investment. Financial derivative transactions ensure the production order and stability of earnings, reduced economic volatility and inflationary pressures and also improve the stability of the national economy (Phelim Boyle, 2001).
Finally, financial derivatives transactions can enhance the country’s financial macro-control ability. In the country’s financial macro-control ability, people can affect the relationship between supply and demand and price formations by the use of price discovery function of financial derivative transactions. And then, the country can change the passive control into active control of the spot financial market prices to maintain financial stability of spot market prices and promote the balanced development of national economy.
 
2.3 Regulation on financial derivative market本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。