期货基金

再次，本文结合中国期货市场的历史和现状，分析了目前中国发展期货基金制度的必要性，也对中国期货市场中的不足和缺陷进行了阐述。

Thirdly , this paper explores the problems of the Chinese Futures Funds industry with the analysis of its history and the ongoing situation .

发展我国期货基金的研究分析

A Study on China 's Development of Futures Fund

如今，期货基金已经是美国金融市场的一支重要力量。

To date , Futures Fund has become indisputably a vital force in global financial markets .

一名投资者称，截至9月底，其旗舰期货基金上涨了10.13%。

Its flagship futures fund was up 10.13 per cent as of the end of September , an investor says .

本文首先对期货基金作了介绍，讨论了期货基金的特点和组织运作模式，并对其风险和收益进行了分析。

First , a basic introduction to futures fund , whereby its characteristics and operation modes have been discussed and its mean-variance analyzed .

鉴于此，笔者总结借鉴国外期货基金和国内证券基金的运作与监管经验，并结合我国期货市场现状和相关法律法规要求，深入探讨和构建了我国期货投资基金的运作与监管模式。

With regard to this , the author discusses and tries to construct a mode for the operation and supervision of future investment funds .

期货基金具有期货交易与基金的双重特征，并且受期货市场和证券市场的双重影响。

With both the features of futures and that of normal funds , futures fund understandably is influenced not only by futures market but also by security market .

两个市场的发育程度直接影响到期货基金的设立和发展，两个市场的风险和收益，也直接反映于期货基金。

As such , situations in both markets have direct effect on successful establishment and healthy development of futures fund . The risks and yields in both markets also find their expressions directly in futures fund .

因此，笔者总结借鉴国外期货基金和国内证券基金的运作经验，分析我国宏观经济环境与期货市场现状，认为目前在我国建立期货投资基金已经具备可行性。

Refers to the operation experience of the foreign future investment fund and native securities fund , the author analyze the native microeconomic environment and the present phase of the future market and then conclude that china have the feasibility of the establishment of futures investment fund .

我国期货投资基金运作与监管模式研究

On Operation Supervision Modes of Futures Investment Funds in China

现阶段，发展我国期货投资基金的条件已经初步具备。

At present , we have had the condition of developing our futures .

中国亟待创建期货投资基金

Futures investment funds : urgently founded in China

期货投资基金是期货业与基金业的一个结合点。

The futures investing fund is an intersection of the futures industry and the fund industry .

目前，期货投资基金已成为全球发展最快的投资领域之一。

Nowadays , the futures fund has become one the most developing investment scope in the world .

共同基金业的快速发展为期货投资基金的发展壮大创造了良好的外部条件。

The fast developing of futures fund creat a good circumstance for the development of futures fund .

力求对我国期货投资基金的培育和发展起到重要的借鉴作用。

Make every effort to play an important reference arrives role to the cultivation and development of the futures investment funds in our country .

我们的产品特点是优质多样化，有风险投资，股票，期货，基金等多种投资方式。

High quality of our products is characterized by diversity , there is venture capital , stocks , futures , funds and other investment .

目前，我国已经具备了设立期货投资基金的基本条件，制约基金发展的约束条件正在或即将被突破，设立期货投资基金已是我国期货市场发展的必然选择。

At present , China has all the necessities for future investment fund operation , and it is a must for its appearance in China 's market .

因此，期货投资基金不仅是一种优良的投资工具，也能够有效地改善投资组合的绩效，这一点也已经被国外大量研究所证明。

Then , future is not only a good invest tool , but also can make an asset portfolio run more effectively , and this is also proved by foreign research .

期货投资基金是一种以期货为投资对象的投资工具，既具有期货投资的特点，又具有基金投资的特点。

Managed Futures is an investment instrument with futures contracts as the object . It has the characteristics of futures investment , but also has the characteristics of the Fund 's investments .

从我国目前投资界存在的问题以及期货投资基金对投资界的影响等方面出发，对我国发展期货投资基金的战略选择进行探讨。

This paper addresses the problems of China 's investment , and the influence of the Managed Futures , then , discusses the strategic choice for our country 's Managed Futures development .

监管模式方面，在总结美国监管经验的基础上，结合我国证券投资基金监管的实践，详细探讨了我国期货投资基金监管的法律依据、监管的主体架构和监管的主要内容。

As to the matter of supervision mode , the paper shed lights on the legal gist main structure and most important contents of future investment funds in China by theory and practice .

把钱组合投资在商品期货，对冲基金和私募股权的人也赔得血本无归。

Anyone who diversified into commodities , hedge funds and private equity has also lost out .

执业需取得证券业务许可证的证券公司、期货公司和基金管理公司等；

Securities companies , futures companies , fund management companies , etc. , which must obtain a securities business permit in order to conduct business ;

研究如何建立和发展我国的期货投资者保障基金，借鉴成熟金融市场的国家（地区）的先进经验是非常有意义的。

Research on the advanced experience of mature financial markets is meaningful , it is helpful to build and develop our national futures investor protection fund .

除了中国的期货公司和基金公司，在华拥有全资子公司的外国公司，也可以通过国内经纪商在上海期货交易所进行交易。

Chinese futures companies and funds as well as foreign companies which have wholly-owned subsidiaries in China can also trade on the exchange through domestic brokers .

期货投资者保障基金作为金融安全网的重要组成部分，是国际成熟期货市场的通行做法，也是期货公司退出机制的制度保证。

As a very important part of financial safety net , The protection fund for futures investors is not only a common practice in international futures markets , but it also play a vital role in the futures companies withdrawal mechanism .

另外，本文还通过引入外部性理论、信息不对称理论、逆向选择理论、公司退出理论等理论论证了我国建立期货投资者保障基金的必要性和可行性。

In the other hand , to demonstrate the necessity and feasibility of the establishment of Futures Investors Protection Fund in China , the thesis concluded the externality theory , the Information asymmetry theory , the adverse selection theory and the Company Exit Theory .

为了规避系统风险，可以用股票指数期货对养老保险基金投资的股票组合进行套期保值。

To elude the systemic risk , stock index futures can be used in the stock portfolio of pension found .

千百万人只买卖少量的股票和期货，而共同基金或托拉斯则进行大宗交易。

Millions of individuals buy and sell small lots of stocks and commodities while mutual funds and trusts trade in large lots .