Research on Supervision of the Risk after Our Country’s Stock Index Futures Listed in the Market
|School||Tianjin University of Finance and Economics|
|Keywords||Stock index futures Hedging Risk Identification Risk measurement Risk control VaR technique|
Stock index futures stock index futures or for short fingers. It is based on the stock price index financial futures varieties, as the subject matter of the transaction is the most important wave of financial innovation in the 1980s, the shortest in the history of the most successful financial derivatives, is one of the financial futures, the development of the fastest financial derivatives. Stock index futures as a mature international capital markets and risk management tools, play an increasingly important role. Along with the development of China's capital market, open-end funds, social security funds, insurance funds and other institutional investors to the increasing influx of the securities market. In order to ensure the safe operation of the funds and the normal development of the stock market, China's capital market is in urgent need of effective hedging instruments such as stock index futures. The introduction of stock index futures will help to improve the function and mechanism of the stock market, enrich the majority of investors investment instruments, will play a major role in promoting the development of China's stock market. Stock index futures speculative, indirect and concentration, so that all the risks in the spot market transactions in a more dramatic way manifested in the futures market, and stock index futures, makes the \cohesion risk further expanded, and will spread to the related financial asset markets. Therefore, the stock index futures risk prevention and management is particularly important. The ability to control risk, whether an important prerequisite for the introduction of stock index futures. This article is based on the theory of risk management, risk management of the stock index futures. The paper is divided into four parts: the first meaning of the features and functions of the stock index futures; were discussed, and the necessity and feasibility of the introduction of stock index futures in China come to the launch of stock index futures is inevitable and viable conclusions; the third part of the analysis the risk of stock index futures. For risk analysis, can be divided into risk identification and risk measurement in two parts, in which the risk identification introduces the risk of fault tree analysis method, the measurement of the risk of stock index futures, the VaR method; Finally, from both internal and external elaborated on the stock index futures risk management system, and concluded that: as long as the establishment of strict stock index futures market risk management system and regulatory system, advanced and timely risk monitoring technology, enhancing the securities and futures market regulatory coordination, China's launch of stock index futures, risk prevention and control.