国际股指期货市场的风险管理及其借鉴

The Risk Management of International Stock Index Futures and Its Reference

股指期货作为20世纪80年代发展起来的新型金融衍生工具,已经成为发达金融市场的重要组成部分。股指期货市场使得投资策略更加多样化。有利于优化投资者结构、完善证券市场的功能、为国内外金融机构投资者提供更好的服务,加强我国金融市场竞争力。但是,开展股指期货交易也蕴含着巨大的风险,可能会影响到整个金融市场。因此,借鉴国际上股票指数期货监管模式和风险管理措施,对我国股票指数期货市场的风险管理将有一定的借鉴意义。

Being the most successful financial innovation in the international financial market in l980s,stock index futures has been one of the financial derivatives of best transaction and liquidity in stock market.It is helpful to regulate the stock market,to the reformation of state-owned enterprise so as to ensure the smooth issuance and listing of new shares.Financial innovation results in new financial risks inevitably.The leverage feature of stock index futures,excessive market speculation,price volatility,imperfection of the market mechanism,and other factors will bring many risks to participants.Under the background of the sources of risk,learning from the international monitoring modes and risk management about stock index futures is necessary to establish a proper system of risk management in stock index futures of our country.