Zhongxin Wanghai, May 5 (Gao Zhimiao) "The financial futures market is a product and an organic part of the development of a multi-level capital market to a certain extent. Practice shows that financial futures can provide investors with refined, low-cost and efficient risk management tools, which is conducive to further improving the function of the capital market in trading, financing, investment and other links. He Qingwen, chairman of the China Financial Futures Exchange, said at the 26th Shanghai Derivatives Market Forum.
The 20th Shanghai Derivatives Market Forum is being held here, with the theme of "Building a New Development Pattern, Promoting High-quality Development, and Building a Modern Futures Market with Chinese Characteristics", and how the financial futures market can help the development of China's capital market has become a hot topic.
He Qingwen interpreted the help of the financial futures market to the capital market from three aspects: trading, issuance and investment. The transaction level will help services enhance the resilience of the capital market and shape a stable environment for reform and development. At the issuance level, it will help major reforms such as the service registration system and improve the quality and efficiency of direct financing. The investment level helps to serve funds professionally and conveniently enter the market and meet the financial needs of residents.
Hu Jun, chairman of Zhejiang Futures Co., Ltd., told Chinanews.com that the biggest contribution of the financial futures market to the capital market is to provide liquidity, and there are three ways to provide liquidity, that is, to introduce funds through hedging tool design products, asset allocation through hedging tool design products and increase liquidity through market makers.
Wang Zhenzhou, general manager of the asset quantitative investment department of Taiping Asset Management Co., Ltd., said that stock index futures and options, as financial derivatives, are the most important risk management tools in the modern capital market system and an important part of the multi-level capital market. In recent years, the size of China's stock market has steadily expanded, and investors' risk management needs have increased accordingly. The development of stock index futures and options will further meet the hedging needs of investors, promote the stable and healthy development of the capital market, and better play the price discovery mechanism.
He believes that there are three ways for financial futures to help the development of the capital market, one is to use stock index futures to affect the volatility risk of stocks in the bottom position, more actively participate in the reform of the stock issuance registration system, and contribute to expanding the proportion of direct financing and serving the real economy. The second is to use stock index futures and options for hedging and hedging in private placement projects, thereby reducing the risk of price fluctuations during the stock lock-up period, which further expands investment channels and adds bricks to the refinancing of listed companies. The third is to use stock index futures and options to develop a variety of investment and wealth management products, so as to provide diversified choices for investors with different risk and return preferences and meet the individual needs of different investors.
Regarding the development of the financial futures market, Hu Jun bluntly said that he hopes to have more abundant products. "The activity of the market and the richness of products are directly related, and to make the market bigger, we should further delegate power to the entire futures market and independently develop more products."
After more than 10 years of efforts, although the construction of the financial futures market has achieved certain results, He Qingwen believes that its development is still in its infancy, and its functional role is still insufficient. The market environment and ecological reshaping brought about by the comprehensive deepening reform of the capital market have created new and broad opportunities for the construction of the financial futures market. (End)