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Abstract. This paper introduces the futures investment fund, elaborates on its functions and puts forward its problems
in China. It also comes up with some personal suggestions for reference based on the measures for its development.
2 Functions of futures investment funds 2.3 To optimize the investment structure and
improve the market system
2.1 To control transaction exposure and ensure In terms of the global financial market, futures business
the return on investment and futures investment funds have been fully developed
in the United States. It also has the most perfect
Compared with traditional investment portfolios, the
construction of regulatory system. In the United States,
advantages of adding futures investment funds into the
the construction of the regulatory system of the futures
investment portfolio are very prominent, which can
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investment funds includes three aspects: the legal 3.2 Lower professional level of managing
framework for regulating the futures investment fund, its financial affairs
regulatory system and its regulatory measures. Chinas
Currently, underground futures investment funds in
futures business started late. Futures investment funds
China have few types. Underground futures investment
occupy an important position. During the regulatory
managers mainly use a single type, and their main types
process, successful experience of the United States
of investment are speculation, arbitrage and hedging.
should be actively learned and used. And the
Compared with some developed countries, these types of
development of Chinas futures investment funds needs
investment are too simple and lack of flexibility.
to be analyzed in detail in order to construct a reasonable
Investment management personnel make use of
regulatory mechanism. With the continuous improvement
investment tools, but their simple investment behavior, a
of the financial business, every investment group plays an
lower design level and lack of effective usage of different
important part. According to different types of futures
investment tools result in the ineffective usage of
funds, investors are also different. The rapid development
investment tools. The investment behavior is difficult to
of futures investment funds makes the role of institutional
fully play the role of investment tools. While the United
investors in the market more important. Therefore,
States and other western countries use a variety of
institutional investors have to be further developed and
investment tools for futures investment. They combine
the investment structure of the futures market should be
various investment tools, and make a thorough analysis
constantly adjusted and improved in order to reduce the
of the characteristics of the investment clients to design
investors risks and investment risks and to further
the most suitable investment products for the clients,
optimize the investment structure to promote the
which can improve the reasonability of investment
development and progress of the futures market.
products and also have a very positive impact on the
development of futures investment funds.
3 Problems of chinas futures
investment funds 3.3 Client groups have limitations
With the continuous development of the futures market, With the continuous development of Chinas futures
although underground futures investment funds in China investment funds, requirements for the investors become
have developed for a long period of time, they still have higher and higher. According to different futures
some problems compared to the futures market in some investment funds, the choice of investors is also different,
developed countries. Specific problems can be shown which makes the investment clients have limitations. At
from the following aspects: present, futures investment groups are limited to
individuals, enterprises and listed corporations in Chinas
3.1 Lack of relevant legislation futures market. Compared to some developed countries,
there is a large gap between investors in Chinas futures
Although Chinas futures market develops rapidly and market in terms of investment scope, operability and
improves greatly in terms of the scale, the futures technologies. At the present stage, there are a lot of
investment funds are lack of standardization and have investors in the futures market in the United States-all
certain defects in many aspects. To promote the types of investment institutions and individual investors
standardization and development of futures investment can be involved in the investment of the futures
funds should strengthen the construction of legal system. investment funds, which can further promote the
The improved legal system will guarantee the development of futures investment funds.
development of futures investment funds. At present,
China still has a lot of problems in the legislation system
3.4 Higher credit risks
of futures investment funds, and it has not promulgated
the relevant regulations on futures investment funds. Due At present, there is a large number of private fund
to the lack of effective laws and regulations, the managers in Chinas futures investment market who have
development of futures investment funds has been some investment experience. But compared to developed
severely restricted. In addition, the lack of relevant countries, Chinas financial market is not fully developed
policies in the development of the Chinas futures in many aspects for lacking perfect market and
investment fund has affected its development. While the competitive mechanisms. And some private fund
underground futures investment funds in China develop managers are lack of professional qualities and
relatively faster, the reason is lacking legislation, leading professional ethics, which makes private fund managers
to the deviation from the direction of developing the for the underground futures lack enough credibility and
futures investment fund. brings higher credit risks.
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3.5 The unsatisfied construction of the internal Therefore, private funds of the underground futures have
and external regulatory mechanism to be brought into the legal system of the futures market
to realize the standardized development of the private
Currently, underground futures investment funds still
funds. Now Chinas private funds have been fully
account for a large proportion in Chinas futures
developed. According to the development of the
investment funds and the underground investment
underground futures fund, laws and regulations have to
activity is not legitimate. Fund managers are lack of
be strengthened to further improve its development and
independence and relevant national departments dont
reasonable measures should be taken to guarantee its
make enough efforts for supervision, which results in a
legitimacy and standardization. With the continuous
higher rate of internal transactions and other illegal
development of Chinas futures market, the investors
operating acts. At present, with the development of
demand for futures investment will grow bigger and
Chinas futures investment funds, the risk brought by
bigger. Therefore, China has to strengthen supervision
illegal operating acts has a great impact on the
and management and the construction of the regulatory
standardized development of the futures investment fund.
authorities to promote the development of Chinas
Therefore, its necessary to strengthen the construction of
financial business.
the legal system in order to ensure its development,
which provides a powerful legal protection. Relevant
national departments should actively guide the futures 4.3 To strengthen the construction of
investment fund and give guidance to its right professional teams for investment
developmental directions. In order to achieve this goal, In Chinas futures market, the development of the futures
regulatory authorities must pay more attention to the investment funds is very promising. Futures investment
development and supervision of futures investment funds. managers, as a major force to invest futures investment
funds, their professional level and investment experience
4 Measures to develop the futures directly determine whether the futures investment funds
investment fund can make profits and make a great value. Therefore, it is
very important to strengthen the construction of
4.1 To constantly improve laws and regulations professional teams for investment and improve the
comprehensive ability of the managers for futures
At present, China has to constantly improve laws and investment funds, so as to effectively make up for the
regulations of the futures investment fund in order to shortage of talents in the futures investment fund market.
realize its fast and better development and provide a With the continuous development of Chinas futures
powerful institutional guarantee. It needs to strengthen investment market, the demand for futures investment
the construction of the legal system in the market of the funds is growing bigger and bigger. However, lack of
futures investment fund during the process of legislation professional talents with high quality and high level has
and makes detailed analysis of the development of futures become an important issue in the development of Chinas
investment funds in our country based on which futures investment market. Therefore, the construction of
management regulations of the futures investment fund the talent team for futures investment funds should be
are formulated to guarantee its development and promote strengthened in order to continuously improve the
its legitimate and standardized development. In addition, development. Specific measures are as follows: Firstly, to
it should take the development of the futures market into introduce foreign talents and learn from foreign
consideration and adjust the measures for managing successful experience. In the development of futures
futures investment funds. The restrictions to develop investment funds, outstanding fund management
futures investment funds have to be canceled gradually, personnel have to be gathered together. The introduction
and the proportion of futures investment funds in the of talents will alleviate the problem of talent shortage in
futures market should be expanded constantly in order to Chinas futures market; secondly, to improve talent
create a good environment for the market to promote the training mode and cultivate financial talents to meet the
development of futures investment funds. requirements of the Chinas financial market; thirdly, to
take the method of vocational training and effectively
4.2 To strengthen supervision and management improve investment fund managers ability.
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References
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Chinas futures investment funds, J. South China
Finance, 6: 41-42, 40.
2. Liu Peng, Zhu Guohua. 2012. Analysis on the
necessity of developing the futures investment funds in
China, J. Modern Management Science, 7: 28-30.
3. Wu Liping, Li Mei. 2009. Strategic conceptions on
the development of Chinas futures investment funds in
the new period, J. Financial World, 1: 14-16.
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