Voice Of Futures Varieties Faces Internal And External Pressure

< p > some commodity trading markets and foreign futures market are eroding the survival space of domestic futures market.

The pricing power of domestic futures market is challenged by the spot exchange, and it is also pushed to a certain extent.

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"P >" in fact, many local commodity exchanges have introduced part of the futures mechanism in the trading mechanism.

Such exchanges are usually more directly related to business operations, so the viscosity of such enterprises is also higher than that of the futures market.

At the same time of competition, spot exchanges have fostered many potential institutional clients for futures exchanges.

These people are familiar with the futures trading mechanism. Once there are suitable varieties in the futures market, there will be opportunities to hedge or even arbitrage in the two market. "

The above market researchers said that the cooperation and competition in the two markets were prominently displayed on the varieties listed on the list.

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< p > "cooperation in futures exchanges is greater than competition."

The director of the southern spot exchange said that the futures contract is a long-term standard agreement, highlighting the pricing function of time value; and the underlying contracts are mostly divided according to the quality grade of the underlying products, and the pricing standard is different from futures.

Based on this difference, the two markets have a lot of cooperation possibilities.

At present, we have worked with several Futures Company risk management subsidiaries to provide pricing and risk management services for spot businesses. "

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< p > "if futures contracts and other systems are reasonably designed, most of the people who have experience in spot exchange trading are willing to participate."

An example of a private trader who specializes in precious metal trading in Shanghai is, for example, that an important reason for the success of gold futures is the fact that spot exchanges have fostered a good customer base for them, and many companies have done well in two markets through hedging and arbitrage.

"If futures market varieties are lacking or the design is not effective, customers will prefer the spot exchange with high viscosity."

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< p > in addition, according to relevant information, Singapore exchanges and CME have developed products linked to China's iron ore. Singapore Exchange settled a record of 1.09 billion tons of iron ore swap contracts in 2012, up nearly 2.5 times the total volume in 2011, accounting for 1/10 of China's iron ore consumption in the year. CME launched the API8 South China thermal coal futures in 2011, leading the two years of thermal coal futures of the Zhengzhou Mercantile Exchange.

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It is actually an open form and channel. With the opening up of the domestic market increasing, if the domestic exchange can not meet the needs of customers at the end of supply, investors may suffer unnecessary losses and even demand pfer because of insufficient supply of products. P

After the pfer of these customers to another market, it will be difficult for them to move back even if the same products are listed on the market later in the country.

The securities company executives said.

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< p > at present, the development of the new varieties of < a href= "http:// www.91se91.com/news/index_c.asp" > futures exchange < /a > is still proceeding step by step. Corn starch and pig futures are in the stage of product preparation, cotton yarn, shipping power period goods of Zhengzheng, and Shanghai 50, 500 index futures and interest rate, exchange rate futures and so on.

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Reform of P is never easy. The registration system of futures varieties is also faced with some difficulties and obstacles.

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< p > "futures products from R & D to listing are in fact standardized products made of non standardized products, especially the existence of delivery system, which involves careful consideration in pportation, warehousing and other aspects."

Fu Peng, chief macroeconomic adviser of Galaxy futures, said the registration system for new varieties of futures is very difficult to implement.

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< p > for this reason, insiders say, "a href=" http:// www.91se91.com/news/index_c.asp "> futures < /a > the new variety registration system is facing some practical difficulties, mainly because the relevant futures legislation is not perfect.

The implementation of the a href= "http:// www.91se91.com/news/index_c.asp" > registration system < /a > requires that the relevant specific listing procedures and requirements be clearly defined and fixed through legislation. However, in China's futures market, according to the "nine regulations of one regulation", the operational futures market listing process has always been blank.

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< p > it is important to note that the accelerated pace of variety listing is not the direct purpose of the registration system of futures varieties. The essence of this mechanism is the expansion and maximization of effective participation.

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< p > "registration system fruit real implementation, in the short term may not increase the number of futures varieties, market liquidity and activity improvement effect, but it is certain that the futures exchange research, development, listing of new varieties of ideas, ideas and processes will change, the market or the occurrence of the Domino domino effect, resulting in microscopic changes, and then from the supply to truly meet the needs of enterprises, improve market efficiency."

The above researchers said that the unified implementation of futures registration system is facing many difficulties. However, we can try different types of futures classification management and differentiated listing. We can try our best to let go of some mature and experienced varieties of wind control systems.

"Every market reform is not the behavior of a single market entity. We must change the legal framework and make top-level design from the regulatory level.

Reform often begins with legislation. "

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