摘要:This paper starts with analysis why the U.S. sub-prime crisis had been caused, which mainly describes the inspiration of the U.S.
e basic track of China's financial derivative market
In the development history of China's financial market, ever, there existed or still exist in financial derivatives instruments that are mainly currency futures, stock index futures, warrants, convertible bonds, bond futures. In addition to bond futures, the other several types of transactions had neither become larger.
Since September 1994, with the increase of Treasury bond futures trading exchange, the number of Treasury bond futures has become increasingly active. To the end of 1994, the National Treasury futures reached a total turnover of 2.8 trillion RMB, which is 10 times of that in 1993. However, in the fast development, there has been a spate of violations and irregularities; the greatest impact irregularity is “3.27 bonds incident.” Until May 17, 1995, China Securities Regulatory Commission suspended the National Treasury bond futures trading. On May 31, the liquidation clearance 14 National Treasury futures trading places is completed; the National Treasury bond futures trading had been suspended from then on.
4.1.2 China's financial derivatives market development status
Regarding early 90s of last Century, a few institutions engaged on underground futures trading as a starting point, in China's financial derivative markets, there have been foreign exchange futures, bond futures, index futures and warrants allotment transactions such as varieties. From the year 1992 to 1995, the exchange places in Shanghai and Hainan, had launched over treasury bonds and stock index futures; launched in 2004, bonds outright repo, in 2005, launched long-term inter-bank bond transactions, long-term RMB products, RMB exchange and long-term settlement of the institutional arrangements, these mean that China's derivative market has been on the scene. Since then, with the split share structure reform, the creation of various types of warrants opened to ordinary investors. Derivative market has entered the field of vision, has become the world's second largest market, only after Hong Kong warrants market. On September 8, 2006, China Financial Futures Exchange was established in Shanghai, which is a big screen of the beginning development of China's financial derivative market. Gold futures, on January 9, 2008 at the Shanghai Futures Exchange, go public listing, making the futures market further improve to various systems, in addition to oil, the major mature markets overseas commodity futures varieties have largely traded in China.
4.2 Current situation of the regulation on domestic financial derivative market
4.2.1 Present system of the regulation
Developed countries in Europe and the United States took the lead on the basis of a capitalist economy, to have established a vibrant modern financial system, with the creation of thousands of financial and derivative products. In contrast, China's financial innovation is basically an imitation and introduction of foreign products. If called China's current primary stage of socialism, financial industry is a weaknesses sector in the initial stage of market economy, and financial innovation has become the “short board”. Since reform and opening, China's financial regulatory system has experienced three major changes—in 1989, 1998 and 2003. Then it formed a division of responsibilities five financial supervision and man
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