CAJ | 학술논문

股指期货的推出,在交易机制和违规行为等方面,均对投资者产生了一定影响,因此股指期货创新中的投资者保护应成为其应有之义。本文认为股指期货在杠杆交易、双向交易和到期日制度方面会对投资者造成一定影响;另外在信息敏感性和跨市场联动性等方面也会对投资者造成影响。当前股指期货市场对投资者保护主要从投资者适当性,风险揭示和保护基金三方面着力,有待扩展和深化。本文在借鉴美国、日本、香港等成熟股指期货市场投资者保护立法及实践的基础上,提出了完善我国股指期货投资者保护的一些建议。
고지기화적추출,재교역궤제화위규행위등방면,균대투자자산생료일정영향,인차고지기화창신중적투자자보호응성위기응유지의。본문인위고지기화재강간교역、쌍향교역화도기일제도방면회대투자자조성일정영향;령외재신식민감성화과시장련동성등방면야회대투자자조성영향。당전고지기화시장대투자자보호주요종투자자괄당성,풍험게시화보호기금삼방면착력,유대확전화심화。본문재차감미국、일본、향항등성숙고지기화시장투자자보호입법급실천적기출상,제출료완선아국고지기화투자자보호적일사건의。
After the introduction of stock index futures, there are some impacts on investors in the trading mechanism and violations, so it is necessary to include the investor protection in the innovation of the stock index futures. This paper argues that stock index futures will affect the investors in the aspects as leveraged trading, two-way trading and maturity systems, as well as information sensitivity and cross-market linkage, etc. The current investor protection of the stock index futures is focused on three aspects, investor appropriateness, risk disclosure and protection funds, which need to be extended and deepened. Learning from the legislation and practice of investor protection in some mature index futures markets, such as the US, Japan and Hong Kong, this paper provides some suggestions for improving the investor protection of the stock index futures in China.