More open and more standardized in my country's futures market environment to be optimized

China Commercial Daily (Reporter Ma Wenbo) Futures, as an organic component of the financial market, is a strong force to promote economic development. In recent years, my country's futures market environment has continued to optimize, and the size and influence of scale and influence have risen rapidly.

Strengthen the "supporting agricultural support" service

my country's futures market originated from the spot market of agricultural products, and spontaneously undertakes the heavy responsibility of providing farmers with income protection. In particular, the "insurance+futures" model is an important exploration of the futures market to serve the "agriculture, rural areas, and rural areas."

Years of practice have shown that "insurance+futures" have gradually internalized into an important model of agricultural risk management and ensuring farmers' income through market -oriented means. From 2015 to 2021, the Dalian Commodity Exchange cumulatively supported 2158 pilots of "insurance+futures", with a total of nearly 17 million tons of agricultural products, covering more than 40 million acres of planting area. More than 500 county units.

According to Xiong Jun, the chairman of the Zhengzhou Commodity Exchange, since this year, the Zhengzhou Commodity Exchange of Henan has continued to consolidate, standardize, and optimize the pilot of "worry -free agricultural insurance -insurance+futures". Essence Start the pilot of the "Commercial Reserve Worry" project of the urea "commercial storage worry -free" project from 2022-2023 to continue to expand the scale of the project, increase support, expand the coverage, and ensure the stable supply of spring farming and the safety of national food.

Zhou Wei, who works at the post -doctoral workstation of the Dalian Commodity Exchange, suggested that the unique role of futures to help rural revitalization should be used: first, to speed up the construction of a multi -level agricultural derivative system; "Model; Third, give full play to the professional advantages of futures companies and their subsidiaries, actively cultivate large -scale agricultural derivatives dealers, provide professional services for agricultural industries and farmers, and accelerate agricultural modernization.

Not only that, the futures market is also playing a role in serving small and medium -sized enterprises. The China Futures Industry Association's "Overview of the Real Economy Data of the Futures Industry Services Service in August" stated that my country's futures exchanges and futures companies continue to increase their support for the service of the physical industry.

Jian Jiajun, a registered international investment analyst, told the China Business Daily reporter that futures companies cannot make direct financing for enterprises, and their service enterprise financing is mainly implemented through the business of futures risk management subsidiaries of futures companies.

The business statistics from the Risk Management subsidiary released by the China Futures Industry Association show that the cumulative principal principal of the exterior derivatives of the risk subsidiaries for the exterior derivatives provided by the exterior derivatives provided by the cumulative trade amount and the accumulated trade provided by the basis of the basis trade provided by the cumulative trade provided The amount of the amount rose monthly, reaching 327.9 billion yuan, 111.58 billion yuan, and 984 million yuan at the end of June this year. At the end of June, the small and medium -sized enterprises of the two subsidiaries of the basis and the right to trade with the rights of the rights of the basis of the foundation and the rights of trade were served. There were 14,394 and 259, and both maintained a continuous growth trend.

Deepen market openness innovation

The futures and derivatives markets are essentially an international market. In recent years, the high -level system of my country's futures market has been steadily advanced.

From the perspective of varieties, as of the first half of this year, my country has listed crude oil, 20 glue, low -sulfur fuel oil, international copper, crude oil options, PTA (refined phenylic acid, a large organic raw material), iron ore, etc. Individual international futures options. The futures price of related varieties has become an important pricing reference in cross -border trade. The international influence of varieties has continued to increase, and the ability to serve the global industrial chain has continued to increase.

From the perspective of the exchange, in the process of opening up to the outside world, various exchanges have innovated various channels to attract overseas investors and actively explore pragmatic cooperation through various forms such as authorization authorization.

As the only futures exchange in the central and western regions of my country, Zhengzhou Commodity Exchange attaches great importance to opening up. As of the first half of this year, foreign traders from Zhengzhou Commodity Exchange include 20 countries and regions including the United Kingdom, South Korea, Singapore, and New Zealand. PTA futures have a daily position of about 120,000 hands, with a cumulative transaction volume of 33.79 million hands.

China -Japan Securities Futures Exchange cooperation has also made many new progress. China -Japan ETF (Exchange Trading Fund) Mutual Project under the two batches of 11 batches of 11 products in a total of 11 products are smooth and good in returns. There are 2 Japanese holding securities companies, 3 Japanese -share fund management companies in China, and 20 Japanese -funded financial institutions Obtaining qualifications for qualified foreign institutional investors can develop securities and futures investment in China.

From the perspective of futures business agencies, as of August this year, a total of 23 futures companies have established 26 first -level subsidiaries and 30 second -level subsidiaries in overseas regions. "With the growth of the Chinese futures market and derivatives market, the enthusiasm of overseas entities is gradually increasing," said Wang Ying, vice chairman of the China Futures Industry Association.

Wang Xiaoming, deputy general manager of Zhengzhou Commodity Exchange, said that promoting the opening of the market to the outside world is conducive to the futures market more comprehensive and fully reflecting the supply and demand factors at home and abroad, enhancing the representativeness and influence of prices, and better satisfying the increasing cross -crossing cross -crossing of enterprises production and operation The demand for border risk management and serving the international development of physical enterprises is also conducive to helping the construction of a unified market in the country and serving a new development pattern.

The supporting policies are continuously improved

Since 2010, my country's commodity futures trading volume has ranked first in the world for 12 consecutive years. Fang Xinghai, vice chairman of the CSRC, said that my country's futures market has taken a road of development with Chinese characteristics. In addition to launching the variety of futures with Chinese characteristics, it has also established a regulatory system with Chinese characteristics and innovated the business model with Chinese characteristics. Data show that in the first half of this year, the trading volume of Chinese commodity futures was 2.978 billion hands, accounting for 69%of the global transaction volume of commodity categories. According to data from the US Futures Industry Association in 2021, the total transaction volume of my country's futures exchanges in 2021 was 7.5 billion hands, accounting for 12%of the global total transaction volume.

At the relevant policy level, the futures and derivatives formally implemented on August 1 this year have stipulated the responsibilities, risk monitoring and response, and market information release of the futures exchange. A institutional arrangement was made.

With the implementation of futures and derivatives, the development of my country's futures market has ushered in a new starting point. In order to effectively implement the implementation of futures and derivatives, the CSRC has revised the "Administrative Measures for Futures Exchange" and is currently soliciting opinions from the society. Measures to implement the requirements of futures and derivatives, improve and improve relevant systems and regulations; optimize the internal governance of futures exchanges, improve the organizational structure and operating mechanism; strengthen the risk management responsibility of futures exchanges Development and other aspects are revised.

Local pay more attention to the futures market and actively introduce relevant support policies. For example, Henan issued the "Opinions on Supporting the Advantages of Zhengzhou Commodity Exchange" in April this year, and proposed four main lines around product innovation, service optimization, scientific and technological empowerment, and ecological construction. Derivatives exchanges and commodity pricing centers. The "Fourteenth Five -Year Plan" released by Guangzhou in September this year proposed that it supports the research and development of the Guangzhou Futures Exchange to carry out carbon futures varieties, and actively promote the research and development of other green development futures varieties.

Bill Hed, the person in charge of the Asia -Pacific Region of the International Futures Industry Association, said: "Environmental protection and sustainable development products will become mainstream financial derivatives. Market participants will believe that these products will help promote the world to a better future and participate in transactions. He believes that more products will enter this field in the next few years, and will also attract more participants to get involved. The promulgation of futures and derivatives will have a huge impact on the derivative industry, helping to build a stronger and liquidity market for Chinese and international participants.

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