股指期货风险及其防范措施刍议

Preliminary Discussion on the Risks of Stock Index Futures and Countermeasures

股指期货的风险主要是由于价格波动、非理性投机、杠杆效应和市场机制不健全等原因造成的。为防范股指期货风险,可采取的措施有:建立严密的法规与监管体系;科学合理地设计股指期货合约;完善市场运行机制,建立严密的风险管理制度;加强期货市场与股票现货市场的合作;壮大与完善股指期货的投资主体;加强股指期货宣传以加强风险意识与投资技巧的培养;对国际游资建立适时监控和防范预警制度等。

The risks of Stock Index Futures are mainly due to price fluctuation, non-rational speculation, leverage effect, imperfect market mechanism, etc. In order to prevent the risks of Stock Index Futures, we can take the measures： to establish strict regulations and supervision system, to design scientifically and rationally the Stock Index Futures contracts, to improve the market operation mechanism and establish stringent risk management system, to strengthen the coorporation between futures market and spot market, to expand and improve the investors to invest in Stock Index Futures, to strengthen the publicity of Stock Index Futures to foster risk awareness and improve investment skills, to establish the timely monitoring system and early warning system for international hot money, etc.