• Differences between Special Clearing Account of CFFEX and Special Capital Acco...
  • CFFEX’s Roles in Stock Index Futures Market
  • Functions of CFFEX Clearing Department
Structure of China’s Stock Index Futures Market


The stock index futures market of China consists of investors, futures companies, the China Financial Futures Exchange (CFFEX), regulatory authority, self-disciplinary organizations and relevant service institutions.


(1) investors: as the main body of the stock index futures market of China, they are not only the foundation of the market, but also the service objects of the market.


(2) futures companies: they are the legally established intermediaries who provide investors with entrusted futures trading services according to orders and charge transaction fees. Investors should assume transaction results on their own.


(3) the CFFEX: with the approval of the State Council and the authorization of the China Securities Regulatory Commission (CSRC), the CFFEX was founded jointly by the Shanghai Futures Exchange, the Zhengzhou Commodity Exchange, the Dalian Commodity Exchange, the Shanghai Stock Exchange and the Shenzhen Stock Exchange as a corporate exchange. Chinese stock index futures are listed and traded on the CFFEX.


(4) regulatory authority: futures market is regulated by government. For instance, American futures market is regulated by the Commodity Futures Trading Commission (CFTC). The regulatory authority of domestic futures market, including the stock index futures market is the CSRC.


(5) self-disciplinary organizations: the industry self-disciplinary organizations, such as the China Futures Association (CFA), play a positive role in industry self-discipline and administration on practitioners.


(6) relevant service institutions: stock index futures trading involves other service institutions. For instance, China has established the China Futures Margin Monitoring Center to ensure the safety of investors’ capital. Besides, there are relevant service organizations such as futures margin depositary banks and futures information service providers.