What Is The History Of Futures And Futures?

　　 futures (Futures) completely different from cash, spot is a real commodity (commodity) that can be traded. Futures are mainly not goods, but a standardized transaction contract with some major products such as cotton, soybeans, oil, and financial assets such as stocks and bonds. The subject matter can be some kind of commodities (such as gold, crude oil, agricultural products), or financial instruments. The date of futures trading can be one week after a month, three months later, or even a year later. A contract or agreement for buying or selling futures is called a futures contract. The place for buying and selling futures is called futures market. Investors can invest or speculate on futures. Improper speculation on futures, such as short selling without goods,

The English of futures is Futures, which is evolved from the word "future". The implication is that the two parties do not have to collect the real goods at the beginning of the transaction, but they agree to hand over the actual goods at a certain time in the future, so the Chinese call it "futures".

Futures are the largest trading means after foreign exchange.

　　 futures market First sprouting in Europe. As early as in ancient Greece and ancient Rome, there were central trading places, large barter deals and trading activities with futures trading nature. The initial futures trading was developed from spot forward trading. The first modern futures exchange was established in 1848 in Chicago, USA, where the standard contract model was established in 1865. In 1990s, China's modern futures exchange came into being. The four futures exchanges of Shanghai futures exchange, Dalian commodity exchange, Zhengzhou commodity exchange and China Financial Futures Exchange have a far-reaching impact on the related industries at home and abroad.

The initial spot forward transaction is the verbal commitment of both parties to collect a certain quantity of goods at a certain time. Later, as the scope of the transaction expands, oral promise is gradually replaced by sale and purchase contract. This kind of contractual behavior is becoming more and more complicated and requires intermediaries' guarantee to supervise buyers and sellers' scheduled delivery and payment. Thus, the world's first commodity forward contract exchange, Royal Exchange, opened in London in 1571. In order to adapt to the continuous development of commodity economy, improve transportation and storage conditions and provide information for members, 82 businessmen launched the Chicago Futures Exchange (CBOT) in 1848. In 1851, the Chicago futures exchange introduced the forward contracts. In 1865, the Chicago Grain Exchange launched a standardized agreement called "futures contracts" to replace the original forward contracts. This standard combination allows contracts to be traded and gradually improves the margin system, so a futures market with specialized trading standards is formed, and futures become an investment and financing tool for investors. In 1882, the exchange allowed the exemption from liability for performance by hedging and increased the liquidity of futures trading.

The background of China's futures market is the reform of the grain circulation system. With the abolition of the policy of unified purchase and sale of agricultural products and the liberalization of the prices of most agricultural products, the market has played a more and more important role in regulating the production, circulation and consumption of agricultural products. The problems such as the ups and downs of agricultural products prices, the non-public price and distortion of spot prices, the ups and downs of agricultural production and the lack of value preservation mechanism of food enterprises have attracted the attention of leaders and scholars. Can we establish a mechanism that can provide price signals to guide future production and operation activities, and prevent price fluctuations from causing market risks to become the focus of attention. In February 1988, the leaders of the State Council instructed the relevant departments to study the futures market system in foreign countries and solve the problem of price fluctuation of domestic agricultural products. In March 1988, the government work report of the seven session of the National People's Congress put forward: actively developing all kinds of wholesale trade markets, exploring futures exchange, and opening up the prelude to the research and construction of China's futures market.

In October 12, 1990, the Zhengzhou grain wholesale market was established under the approval of the State Council. Based on spot trading, the introduction of futures trading mechanism took the first step in the development of China's futures market.

The Shanghai metal commodities exchange opened in May 28, 1991.

The Shenzhen nonferrous metals exchange was established in June 10, 1991.

In September 1992, the first futures brokerage company, Guangdong Wantong futures brokerage company, was set up, marking the resumption of China's futures market in China after more than 40 years of interruption.

The Dalian Mercantile Exchange was established in February 28, 1993.

In August 1998, the Shanghai futures exchange was established by the Shanghai metal exchange, the Shanghai grain and commodity exchange and the Shanghai commodity exchange, and was officially launched in December 1999.

The China financial exchange was established in September 8, 2006.

In April 16, 2010, China launched the first stock index futures, Shanghai and Shenzhen 300 stock index futures contracts.

In April 15, 2011, the Dalian commodity exchange launched the world's first coke futures contract.

In December 3, 2012, the Zhengzhou commodity exchange launched its first glass futures contract. {page_break}

In November 2012, stock index futures volume and turnover rebounded. In November, the stock index futures volume was 11 million 819 thousand and 400 hands, an increase of 23.47%, the daily average stock index futures volume 537 thousand and 200 shares, stock index futures total turnover 7 trillion and 870 billion yuan, annulus growth 18.73%, daily average stock index futures turnover 357 billion 660 million yuan, and the ratio fell 2.86%. The monthly stock index futures account for 4.49 of the stock transaction volume.

Financial innovation and Reform in the futures market and industry have gone hand in hand in the following aspects: regulatory reform, product expansion and business innovation. In the aspect of regulatory reform, we mainly promote the reform of futures market charges, hedging, arbitrage, margin and warehousing, and enhance market efficiency; in terms of product innovation, close to the "three rural" needs, develop more securities and futures products for agriculture and farmers, develop treasury bonds futures, stock options and other financial products; in terms of business innovation, the SFC supports Futures Company's business innovation, promotes pilot projects for external brokerage business and pilot customer asset management, and promotes pilot projects of specialized futures investment funds, and supports eligible Futures Company to issue and go public.

With the deepening of the reform of futures market and futures industry, Futures industry It will enter the best opportunity for development in history. In the short term, with the expansion of the market and the improvement of market efficiency, the futures industry is expected to usher in a turning point of performance. In the long run, with the full spread of business innovation, the futures industry will continue to open.

Futures (Futures) are completely different from spot goods, and spot goods are goods that can be traded in real terms. Futures are mainly not goods, but are standardized transaction contracts with some major products such as cotton, soybeans, petroleum, and financial assets such as stocks and bonds. The contract price represents the future price trend of a commodity. Bullish can buy the contract, bearish can sell the contract, and therefore get the difference profit or loss. The date of futures trading can be one week after a month, three months later, or even a year later. Futures contracts or agreements are called futures contracts. The place for buying and selling futures is called futures market. Investors can invest or speculate on futures. Improper speculation on futures, such as short selling without goods, can lead to turbulence in financial markets.