中文摘要：

2006年中国金融期货交易所在上海成立，我国即将推出沪深300股票指数期货，然而新加坡交易所抢先我国推出了新华富时A50指数期货．新华富时A50指数期货的提前一步推出，会对可能上市的沪深300指数期货产生影响。各方人士对日后新华富时A50指数期货与沪深300指数期货之间的竞争极为关注．本文应用Lotka—Volterra动力系统模型，使用新加坡的摩根台指期货与台湾台指期货的交易量数据，对新加坡的摩根台指期货与台湾的台股指数期货的竞争关系进行了实证分析，结果表明在金融期货推出的初期，两市场更容易处于互惠的关系，随着合约竞争力和市场容量的持续改变，其竞争关系不断地发生着变化．

英文摘要：

China Financial Futures exchange is set up in Shanghai in 2006. The Singapore Exchange（SGX） has launched FTSE Xinhua China AS0 index futures before the launch of Shanghai- Shen zhen 300 index futures. The early launch of FTSE Xinhua China AS0 index futures may have an effect on Shanghai-Shenzhen 300 index futures, the competitive relations between Shanghai-Shen zhen 300 index futures and FFSE Xinhua China AS0 index futures are concerned by all parties in the market. This paper investigates the competitive relations between SGX MSCI（ Morgan stanley capital international indices）Taiwan index futures and TAIFEX （Taiwan futures exchange）weighted index futures based on Lotka-Voherra dynamic system model. The empirical results show that two markets are more likely to be reciprocal at the beginning, and the competitive relations always change with competitive power of contracts and capacity of the market.