Introduction to Futures _ Futures _ Sina Finance

China's futures market came into being in the late 1980s. With the gradual deepening of reform and opening up, the price system has been gradually liberalized. At this time, it is difficult to meet the needs of both supply and demand for forward price information without solving the lagging problem of price regulation. In May 1988, the State Council decided to pilot the futures market. On October 12, 1990, China Zhengzhou Grain Wholesale Market was approved by the State Council, and the futures trading mechanism was formally introduced based on spot trading. As the first commodity futures market in China, it has taken the first step in the development of China's futures market.

（2） Regulation of futures market

In the middle of 1990s, the development of China's futures market went to a "small climax". However, due to the deviation in people's understanding, especially driven by the interests of departments and local governments, China's futures market has developed blindly and rapidly in the absence of unified management and perfect laws and regulations. By the end of 1993, there were more than 50 futures exchanges and more than 300 futures brokerage companies across the country, and there were many kinds of concurrent futures institutions. This extraordinary development has also brought a series of problems to the futures market, such as excessive number of exchanges, serious duplication of trading varieties, irregular operation of futures institutions, widespread underground futures trading, and mixed practitioners. All these have seriously restricted the further development of China's futures market, and led to various misunderstandings about the futures market. In order to curb the blind development of the futures market, the State Council authorized the China Securities Regulatory Commission (CSRC) to carry out a large-scale rectification and structural adjustment of the main bodies of the futures market from 1993. By the end of 1999, after seven years of rectification, various measures were basically in place, the efficiency of supervision was significantly improved, and the market order tended to be normal. After cleaning up and structural adjustment. Three futures exchanges in Shanghai, Dalian and Zhengzhou have been retained due to their relatively standardized management and stable operation. More than 150 futures brokerage companies have been qualified to continue to engage in futures brokerage business after the final capital increase audit. After several years of operation, under the market rule of survival of the fittest, a batch of futures varieties with relatively standardized management, stable operation and relatively mature development emerged, such as copper and aluminum in Shanghai Futures Exchange; Soybeans of Dashangsuo; Wheat in Zhengzhou Commodity Exchange. At the same time, after the qualification examination and accreditation, a number of practitioners with futures business qualifications have emerged. On December 28, 2000, China Futures Industry Association, an industry self-discipline organization, was established, marking that China's futures industry has officially become a whole with self-discipline management functions. So far, after ten years of development, the main structure of China's futures market has become perfect, and a relatively independent futures industry has basically taken shape. At the same time, the futures market has played its due role. First, a relatively standardized market organization system with futures exchanges as the core has been formed; Second, it provides a hedging place for related enterprises; Third, it provides a good place for investors to invest.

previous page next page