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agement institutions - the People's Bank, Banking Regulatory Commission of China, Securities Regulatory Commission of China, Insurance Regulatory Commission of China and the State Administration of Foreign Exchange.
The financial sector regulatory structure has been established for improving the level of financial professional supervision to prevent and defuse financial risks, which has played a positive role. However, with new situation of comprehensive management about financial industry, more complex new challenges and the accelerating, systemic financial risks, the current sector regulatory system has been faced with many incongruities issues that must be resolved as quickly as possible.
As China's financial industry promoting, the boundaries among Banking, Securities, Insurance, and Trust is increasingly getting blurred. If the supervisory duties between cross-operating financial holding companies (FHC) and cross-market financial innovation business are not clearly defined, coordinate regulation is more difficult, also create a duplication of regulation and regulatory vacuum. Both increased regulatory costs, but also prone to the phenomenon of escape regulation. Particularly in the circumstances of modern financial activities of globalization, cross-oriented and information-based, the regulation and stability (regulation) of financial system require systematic consideration and prompt response. Sector regulatory system involves systematic, global regulatory issues, such as relief and control, which are often difficult to form a rapid and effective response. The costs of coordination among regulatory bodies are enormous.
 
4.2.2 Main problems of China's financial derivatives market

Despite the rapid development of China's financial derivatives market, it is still in its infancy, there are still many problems in China's financial derivatives market. As follows:

4.2.2.1 Lack of market standardization
In general, the financial derivatives markets, according to their own specific management system, the case may be various, but in terms of its overall charter of principles, they are also consistent, and standardized. These standardized principles aim to facilitate trading, and can promote the further development of derivative products. The development of China's financial derivatives not only failed to achieve standard start, and its supervision and management (regulations) are also in chaos. First of all, in bull management, the SFC, the People's Bank, National Development and Reform Council, Ministry of Finance, local governments, as well as the Shanghai and Shenzhen stock exchanges have enjoyed a certain degree of management authority. Leading the market administered by too many bodies, the market lack of policy stability, unequal competition between exchanges, and confusion in management. In addition, the trading system, transaction process is not standardized as well.
 
4.2.2.2 Unmatched the size of the spot market
As the derivative nature of the derivatives, any development of derivative product market should have a mature and sound spot market as a guarantee. No reasonable size of the spot market, would be no a reasonable market price. The smaller the market capacity, the more easily give rise to artificially control of the price. These reflected in the bond futures market tha本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。