The total amount of funds in the futures market exceeded 1.2 trillion yuan——

　　Futures market empowers scientific pricing of bulk commodities

　　Our reporter Zhu Huichun

　　In 2021, the external environment is unstable, uncertain, and factors such as epidemic disturbances, mismatches between supply and demand, and abnormal weather are superimposed. China's futures market has experienced an extraordinary year.

　　"Improving the price influence of important commodities, providing better services and leading the development of the real economy" is an important historical mission of the futures market.

Looking back on 2021, my country’s futures market has achieved positive results in the overall situation of maintaining supply and stabilizing prices and preventing and resolving hidden risks. It has new experience and new challenges for enabling scientific pricing of bulk commodities and deepening the high-quality development of the real economy.

　　Enhancing the influence of "Chinese prices"

　　Once upon a time, people used the term "little pond" to describe the futures market, but today the futures market has changed splendidly.

Recently, the latest data released by the 17th China (Shenzhen) International Futures Conference shows that the total amount of funds in my country's futures market has exceeded 1.2 trillion yuan, an increase of 44.5% over the end of 2020.

From January to November, the cumulative trading volume and turnover of on-site futures options reached 6.919 billion hands and 536.46 trillion yuan, an increase of 28.61% and 40.27% year-on-year, respectively. The market volume and depth continued to increase.

In fact, my country's commodity futures trading volume has ranked first in the world for many years.

　　More and more industrial customers and institutional investors use the futures market to manage risks and allocate assets, and the trend of institutionalization of investors is obvious.

As of the end of October, the futures market industry and institutional investors accounted for 68.0%, 38.4%, and 64.9% of customer equity, trading volume, and open interest, respectively, representing a year-on-year increase of 7.4, 4.3, and 9.5 percentage points.

　　From the perspective of market breadth and diversification, there are currently 94 on-market futures options in my country.

This year, the newly-listed live hog futures, peanut futures, palm oil options, and crude oil options are officially inaugurated and established for the low-carbon economy-oriented Guangzhou Futures Exchange.

　　In 2021, breakthroughs will be made in the rule of law in the futures industry. The Futures and Derivatives Law has passed the first and second readings and is expected to be officially released after the third reading in 2022.

Taking the opportunity of futures legislation, my country's futures market will continue to improve its ability and level of governing the market according to law.

　　The internationalization of the futures market is further deepened.

The number of internationalized commodity futures options increased to 9, and three new types of commodity futures, commodity options, and stock index options were opened to qualified foreign institutional investors (QFII) and RMB qualified foreign institutional investors (RQFII).

What is striking is that the diversification of the open mode of the futures market has begun to take shape.

With the advancement of the overseas distribution of foreign warehouses, an open model of "trading ends are brought in and delivery ends go out" has gradually taken shape.

"Introducing from the trading side" refers to continuing to expand the scope of specific open products, bringing in more foreign traders to participate in the domestic market, and deepening the price influence of open products; "going out on the delivery side" refers to the realization of The overseas delivery business was successfully implemented, and the “domestic delivery + overseas delivery” expanded the cross-border business coverage of the futures market serving the real economy.

　　On this basis, the influence of my country's futures market on the prices of important commodities continues to increase.

"Shanghai Gold", "Shanghai Oil", "Shanghai Copper", and "Shanghai Glue" and other "Chinese prices" are increasingly being used in the international financial market, which also provides more trading opportunities and new development opportunities for global investors.

　　Give full play to the function of stabilizing expectations and controlling risks

　　In 2021, commodity prices will be a "roller coaster".

my country’s futures market insists on holding the bottom line of risk, insisting on the combination of effective market and effective government, promptly and decisively introducing a series of risk prevention and control measures, resolutely curbing overheating of transactions, serving the overall situation of maintaining the supply of bulk commodities and stabilizing prices, and ensuring the transaction, delivery, and settlement. Stable operation.

At the same time, based on the two major functions of price discovery and risk management, market-oriented methods are used to help industrial enterprises cope with risks.

　　The first is to give full play to the role of futures price signals to clarify and stabilize market expectations.

Futures prices are like a banner, set up in the market, open, transparent, and updated in real time, reflecting the function of price discovery.

Within the scope determined by the fundamentals of supply and demand, due to the quick digestion of information and the sensitive response of futures prices, the futures market can prompt the adjustment of spot prices to speed up, thereby improving market pricing and the operational efficiency of entities.

　　At the 17th China (Shenzhen) International Futures Conference, Fang Xinghai, vice chairman of the China Securities Regulatory Commission, gave an example. Since the beginning of this year, the futures market has responded quickly and released a series of price signals, making the macro policy intentions possible. The rapid transmission, during the critical window period, plays a good role in clarifying and stabilizing expectations, helping industry enterprises to make reasonable adjustments to production and supply plans and prices in a timely manner.

　　In addition, giving full play to risk management functions, effectively helping entity companies use derivatives to deal with price fluctuation risks, and serving small, medium and micro enterprises has continued to increase.

According to incomplete statistics from the China Futures Association, from January to October this year, in response to the rapid increase in procurement costs for small and medium-sized enterprises, poor supply and marketing, and financing difficulties, futures companies and risk management companies conducted basis trade with industrial customers, and accumulated trade volume. More than 470 billion yuan, a year-on-year increase of 40%, of which the cumulative trade volume of services provided to small, medium and micro enterprises is more than 170 billion yuan, accounting for 37%.

　　Based on serving the real economy

　　my country is a "big manufacturing country" and a "big trading country", with huge industrial and agricultural output value and trade volume.

How to transform the super-large-scale market advantage into pricing and competitive advantage, and enhance my country's price influence on important commodities?

As my country's real economy moves towards high-quality development, higher requirements are placed on the service support capabilities of the futures market, and the urgency and pertinence of this issue have become more prominent.

　　An influential price must be a price that more industrial companies participate in the formation of futures prices and use more in actual spot trade.

At present, the awareness and ability of my country's entity companies to participate in the futures market has been significantly improved, but overall, there is still a lot of room for growth compared with the international market.

Fang Xinghai said that it is necessary to continue to increase the depth of participation in the futures market by domestic and foreign enterprises in the production, consumption and circulation of bulk commodities.

The futures industry should take this task as the top priority of the current and future work.

　　How to attract and serve industrial customers?

Xi Zhiyong, general manager of the Dalian Commodity Exchange, believes that it is necessary to always put the service of the real economy in the first place in the construction of the market, and resolutely prevent the de-realization to the virtual and the disorderly expansion of capital in the design and optimization of the contract rule system.

　　At present, DCE is working hard to promote the construction of a soybean and iron ore pricing center.

Ran Hua, secretary of the party committee and chairman of the board of directors of the Dalian Commodity Exchange, said that it is necessary to better integrate the general laws of the development of the futures market with China's national conditions and phased characteristics to continuously improve the effectiveness and influence of pricing.

It is necessary to match the supply quality of futures products with the demand of the physical industry at a higher standard, promote futures prices to better reflect the situation of spot supply and demand, continue to deepen the opening up, promote the wide participation of global industrial enterprises, and find that my country is the main production and The price commensurate with the consumer market position has continuously enhanced the stability of the macro economy.

　　In recent years, the Zhengzhou Commodity Exchange has gradually become a global pricing center for polyester products. The next step will be to vigorously promote the development and listing of polyester industry chain varieties such as PX, bottle flakes and filaments. Together with cotton and cotton yarn, from plant fibers to chemical fibers , To form the world's most complete series of textiles, promote the construction of a textile material pricing center, and help enhance the international influence of my country's textile industry.

　　Xiong Jun, Secretary of the Party Committee and Chairman of the ZCE Committee, believes that the futures industry must improve its political position, implement the central government’s “six stability” and “six guarantees” work arrangements, deepen the market function based on the industry, help protect and stimulate the vitality of market entities, and further strengthen Provide a large variety of products, steadily promote the development of innovative business, accurately solve the problems faced by business operations, and strive to improve the quality and efficiency of real economy services.

　　"It can rely on key futures varieties to build a serialized product system in the industrial chain. Often the wider the coverage of the industrial chain by futures varieties, the more it can enhance the overall competitiveness of the industrial chain, and the stronger the bargaining and pricing power of the industrial chain." Zheng Shang The general manager of the firm Lu Dongsheng said that on this basis, we will open up the upstream and downstream of the industry chain, increase the coverage of the futures market for industrial enterprises, promote opening up, and accelerate the formation of a broadly representative futures market with the participation and recognition of domestic and foreign traders. Price, continue to promote the construction of a commodity futures market for renminbi pricing and settlement, with a more open and inclusive futures market, attract industrial customers from countries along the "Belt and Road" and the countries where the Regional Comprehensive Economic Partnership (RCEP) is in force, and strengthen China The right to speak and influence of the rules.

　　"A gentleman is responsible for the foundation, and the foundation is based and the moral is born."

Wang Fenghai, general manager of the Shanghai Futures Exchange, said that only by giving full play to its functions such as price discovery, risk management, and resource allocation can the futures market provide real and fair price signals for macro decision-making and market development, and can be widely used by the industry to help its improvement. The scientificity and stability of operation and management.

The increase in the influence of "Chinese prices" will play its due role in smoothing the economic cycle and improving the safety and stability of the industrial chain and supply chain.