A Study of Self-Regaluations in the Futures Markets of Taiwan，China，and the United States:the Discipline and Relief Procedure

• Main Authors: Huang Chin Kuei, 黃金貴
• Other Authors: 易建明
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/41282441398372231585

碩士 === 南台科技大學 === 財經法律研究所 === 98 === International futures markets products have evolved along with the expansion of the market economy. The futures market has become an integral part of financial markets around the world and is the most important market for institutions seeking to reduce risk. Therefore, it is fundamental that the futures market operates in a stable environment to help maintain risk reduction opportunities for institutions and individual investors. How is a stable market to be encouraged? Excessive regulation of the futures market is not productive and hampers efficiency. Regulations should only go so far as to protect the interests of investors. Excessive regulation leads to a lack of interest in futures markets products and as such lowers their development. Government regulation should not be a burden to the market, but simply be an assistant to the self regulating market. Its main role should be that of protecting investors.This thesis is divided into six chapters, beginning with an introduction of the futures markets in China and the United States. Chapter Two discusses the evolution of futures markets discipline mechanisms. Chapter Three discusses appropriate punishments for those found guilty of engaging in illegal activities as it relates to the futures markets. This chapter argues that the self regulatory model is still superior to other models but that discipline meted out by self regulatory bodies needs to be controlled. Chapter Four examines the United States self regulatory model in futures markets and how that model might be implemented in other nations. Chapter Five compares differences in jurisprudence in China and Chinese notions of self-regulation. Chapter Six offers solutions to inadequacies found in regulating the futures markets in China. Chapter Seven summarizes the analysis and conclusions of this paper and recounts the recommendations made to authorities to improve self discipline in the futures markets of China.