Analysis Of "Greenhouse Effect" Under Examination And Approval System

< p > the "approval system" has a sufficient evaluation process for the variety listing, and it has a certain role in promoting the actual design of contract elements in the stock market.

However, the examination and approval system is not only inefficient, but also brings some obstacles to the listing of some varieties that are related to the risk management needs of the entities.

Chuang yuan futures chief risk officer said.

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< p > according to many industry insiders, futures varieties have become an important resource for competition among exchanges.

In order to get the variety resources as much as possible, the exchange may ignore the needs of the real enterprises, and only pursue the success of the examination and approval. The positive effect of such a variety on the risk management of the real economy is not large.

Even so, due to the difficulty of examination and approval and the hard won of variety listing, these inactive varieties will not be abandoned by the exchanges.

Therefore, according to the procedures stipulated in the regulations, under the approval system, the variety delisting will not happen in the actual operation process.

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"P >" the approval process of variety listing is the most difficult, and the maintenance cost after listing is very low, so even if it is not active, it will not cause any loss.

Most of the energy and pressure of the exchange is on the approval of the varieties. The narrow and wide mechanism has also reduced the pressure on the stock market after the listing, and has bred the inertia of its variety maintenance. It has been condemned by the market and managed to support it. "

A market insider close to the exchange told reporters that under the approval system, the exchange is a monopolistic possession of the variety.

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< p > relevant information shows that only a few of the listed futures are active in recent years, and the whole market scale is blocked up at the level of 200 billion yuan.

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< p > delisting is an important index of market competition.

It is understood that in some foreign market registration system, different futures exchanges can also hang out the same target varieties with different design methods. Finally, who will go to the market will have the final say in activity and liquidity.

That is to say, under the completely free competition registration system, the same target variety can be listed on different exchanges.

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< p > "different exchanges have different ideas about contract design.

If the competition in the domestic market is open to such a degree, some futures varieties with high demand but with no liquidity will be revived.

The resources of these varieties may be wasted all the time without changing the mechanism. "

The market participants said.

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< p > "the success of a trading variety depends on its satisfaction with the risk management needs of the real economy. If it can not be close to the physical needs, then there will be no vitality. Naturally, the paction will be light. Finally, it will become a death variety. The market determines the life and death of the species, and the exit does not quit."

Bu Liuqi said that the market should play a decisive role in the process of resource allocation. What futures varieties should be listed should be determined by the market. The development of the futures market should be a spontaneous demand from bottom to top, and it is the inherent demand of the entity enterprises to carry out < a href= "http:// www.91se91.com/news/index_c.asp" > risk management < /a >.

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< p > "registration system embodies this basic market principle."

He believes that under the registration system of varieties, the resource advantages of futures varieties will be weakened, and the exchanges will be more cautious, rational, scientific and rational in choosing varieties. The exchanges can fully communicate with each other on the layout of the varieties, and proceed from the macro overall situation of our country's real economic development, and rationally arrange the listed varieties.

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< p > > a href= "http://? www.91se91.com/news/index_c.asp >" Shanghai < /a > a securities company executives, for example, in the United States, there are only more than 50 Futures Contracts in the < a href= "http://" www.91se91.com/news/index_c.asp "> Chicago exchange" /a "(www.91se91.com/news/index_c.asp) trading, while China only has Shanghai and Shenzhen 300 index futures.

Stock index futures have been running for four years. After the successful pilot projects, other index products should be pushed out as soon as possible.

"The exchange is to provide products, for standardization of the basic products to improve the efficiency of product supply, according to market demand to do some design, whether the product has enough demand, to the market inspection.

For now, the market needs the index of growth of small cap, which is more stable for the small and medium-sized market.

Now that the pilot is mature, we should take a quick step. "

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< p > "approval does not mean market recognition. The futures market will ultimately serve the real economy. Whether the regulatory focus can be pferred to or after the event will focus on the supervision of the effect, and urge the futures exchange to fully consider the actual information of the demand information and the spot market of various industries involved in the industry chain, so as to improve the efficiency of the contract operation."

A senior market researcher said that the reform had loosened the monopoly of the exchange and loosened the tie for the exchange.

"As a dominant indicator of achievement, the number of new varieties listed on the exchanges has some administrative tasks. The registration system will make the exchanges more like an enterprise to care about the competitiveness of products and the effectiveness of market services."

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