Zhengzhou Commodity Exchange (hereinafter referred to as Zhengshang Exchange) was established on October 12, 1990, which is the first one approved by the State Council in Chinafutures marketPilot units, inSpot transactionIt was officially launched on May 28, 1993 after two years of successful operationfutures trade。It is one of the five futures exchanges in China, affiliated toChina Securities Regulatory CommissionVertical management.
In August 2022, the CSRC approved Zhengzhou Commodity Exchange to carry out rapeseed oil and peanut option trading.The official trading time of rapeseed oil and peanut option contract is August 26, 2022.[3]
In October 2023, the CSRC approved the option registration of staple fiber, soda ash, manganese silicon, ferrosilicon, urea and Apple in Zhengzhou Commodity Exchange.The CSRC will urge Zhengzhou Commodity Exchange to make preparations to ensure the smooth launch and stable operation of the above options.[5]
In May 2024, the CSRC approved the registration of red dates and glass options in Zhengzhou Commodity Exchange.[8]On June 11, Zhengzhou Commodity Exchange issued the Announcement on Issuing Red Dates and Glass Option Contracts and the Announcement on Relevant Matters of Listing Red Dates and Glass Option Contracts to clarify red dates, glass option contracts and relevant matters of listing.[9]In August, the CSRC approved the registration of bottle slice futures in Zhengzhou Commodity Exchange.[10]On August 30, the bottle piece futures were officially listed and traded in the Zhengzhou Stock Exchange.[11]
Transaction type
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Zhengzhou Commodity Exchange
Zheng Shangsuo has successively launchedWheat, mung bean, sesameCotton yarn、peanut meatThe futures trading varieties approved by the CSRC include wheat, cotton, sugarPurified terephthalic acid(PTA), rapeseed oil, early indica rice and other futures varieties, of which wheat includes high-quality strong gluten wheat and hard winter (new national standard common) wheat.By the end of 2005, Zheng Merchants Exchange had traded 440.81 million futures contracts, with a turnover of 13826.1 billion yuan.From 1997 to 1999, the futures trading volume of Zhengshang Exchange ranked first in China for three consecutive years, with market share accounting for about 50%.Zhengzhou WheatCotton futuresIt has been incorporated into the global quotation systemHedgingAnd other aspects."Zhengzhou price" has become an important indicator of global wheat and cotton prices.The varieties listed on Zhengzhou Commodity Exchange are: white sugar -- SR PTA -- TA cotton -- CF strong wheat -- WS hard wheat -- WT indica rice -- ER methanol -- ME.
trading system
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Trading hall
Zheng Shang Exchange has a fast, efficient, safe and reliable computer trading system.The high-performance real-time matchmaking system is distributed in the remote transaction terminals in major cities across the country, and the settlementdeliveryThe risk monitoring, information release and membership service system technically ensure the safe operation of futures trading.The newly developed Phase IV computer trading system has the functions of accommodating multiple order types, supporting options and two-way quotes from market makers.Disaster backup system and hot backup system have been included in the plan to realize the perfection of the technical system of the Exchange.
Zheng Merchants Exchange implements the margin system, daily limit system and daily debt free settlement system, and conducts centralized clearing of members' daily transactions through the designated settlement bank.Implemented by Zhengshang OfficePhysical delivery system，Open position contractWhen it is due, it must perform within the specified period. The Exchange designates the delivery warehouse to provide relevant services for both delivery parties.Zhengshang Exchange uses the real-time monitoring system of transaction risk andRisk early warning systemTo conduct quantitative analysis and prediction on the capital, transaction, position and price trend of the market, and timely control and resolve market risks.
General Meeting
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organizational structure
The general meeting is the authority of Zheng Merchants' Office, which is composed of all members;The Council is the standing body of the General Assembly, which consists of seven special committees, namely, supervision, wheat trading, delivery, finance, mediation, membership review, and technical committee. The Council Office is the standing office of the Council.By the end of 2010, Zhengshang Exchange had 215 members, covering 27 provinces (cities) and autonomous regions in China, including 173 brokerage members, accounting for 80% of the total members, and 42 non brokerage members, accounting for 20% of the total members.
According to the Articles of Association of Zhengzhou Commodity Exchange, the general manager is the legal representative of Zhengzhou Commodity Exchange.Zhengzhou Commercial Exchange has 12 functional departments, including the General Department, the Trading Department, the Settlement Department, the System Operation Department, the Delivery Department, the Market Department I, the Market Department II, the Market Department III, the Options Department, the Finance Department, the Inspection Department, and the Research and Development Department.
international exchange
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In 1995, he joined the International Options Market Association, and successively cooperated with the Kansai Commodity Exchange of Japan, Winnipeg Commodity Exchange of Canada, and the United StatesChicagoOptions ExchangeNew York Futures ExchangeThe Brazilian Futures Exchange and the Chicago Mercantile Exchange signed a memorandum of understanding to establish friendly cooperation.
futures trade
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Real time market information is available through ReutersBloombergMore than 10 quotation systems, including consulting, Yisheng Information and Shihua Information, have been released at home and abroad.Through such media as the Internet member service system of Zhengshang Exchange, you can easily and quickly query the trading quotations and delivery information.The Internet membership service system also provides members with online services such as applying for customer transaction codes, querying daily orders, transactions, positions and fundsinformation service。
Related reports
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On May 31, 2022, Zhengshang Exchange announced that all member units will be exempted from the annual membership fee in 2022;All member units will be exempted from the 2022 annual seat usage fee for existing seats in use, and the original seat usage fee reduction policy will continue to be implemented.[2]
On January 5, 2024, it was learned from Zhengzhou Commodity Exchange that in 2023, the cumulative trading volume of the Exchange would be 3.533 billion hands, with a year-on-year growth of 47.35%, accounting for 41.56% of the national futures market, ranking first among domestic futures exchanges. The market scale was steadily expanding, and the quality and efficiency of serving the real economy were significantly improved.[7]
