Source: Securities Daily reporter Wang Ning
At the end of the year and the beginning of the year, the supply of new varieties in the futures market is accelerating, and industrial silicon futures and options,RebarOptions, silver options, and 8 soybean futures and option varieties are introduced to overseas traders, and a basket of futures and option varieties will be launched soon.
A number of people in the industry told the “Securities Daily” reporter that the concentration of “new” futures varieties more reflects the important function of the industry in serving the real economy. bring new opportunities.
ććNew varieties will fill more gaps
On December 22, industrial silicon futures, the first product of Guangzhou Futures Exchange and the first green product in the futures market, will be launched soon; on December 23, industrial silicon options will also be listed for trading; on December 26, rebar and Silver options will be listed for trading on the Shanghai Futures Exchange.soybeansNo. 1, soybean No. 2,soybean mealEight futures and options of soybean oil and soybean oil were officially introduced to overseas traders.
From the perspective of industry insiders, the introduction of new varieties has filled the gaps in many fields of the futures market, and the futures market will be full of many opportunities, especially in the context of the industry’s opening to the outside world, international business is more attractive.
Since 2018iron oreSince Shishi Futures became the first listed product in China to introduce foreign traders, in the past five years, the high-level institutional opening-up measures of the futures market have been gradually implemented. The varieties of opening to the outside world are becoming more and more abundant, and the rule system is becoming more and more perfect. Overseas traders participate in the path through specific varieties , has become increasingly mature in continuous practice.
At the same time, the “Futures and Derivatives Law” promulgated and implemented this year has filled the gap in the legal system of foreign-related futures trading, stipulated futures trading, settlement, delivery and other systems that are more suitable for internationalization requirements, and set up a special chapter to regulate cross-border trading. The transaction and supervision cooperation stipulates the code of conduct that domestic and foreign traders should abide by in cross-border transactions from the two aspects of “bringing in” and “going out”, and builds an institutional system for the interconnection of domestic and foreign markets.
Wang Liangliang, a researcher of Founder Mid-term Futures, told the reporter of Securities Daily that the concentration of futures and options varieties is “innovative”. On the one hand, it reflects that the futures market in my country is very stable. On the other hand, it also reflects the strong demand of real enterprises for risk management tools. The two functions of futures price discovery and hedging play a very important role in the process of enterprise development.
Luo Xufeng, chairman of Nanhua Futures, told reporters that in recent years, the internationalization of China’s futures market has accelerated, and more and more important varieties allow foreign traders to participate, especially in the context of the official introduction of soybean futures and options to foreign traders. The product line of international varieties has been further enriched, which will not only increase the participation of China’s futures market in the international commodity market, meet the risk management needs of overseas industrial customers, reduce the risk of foreign exchange fluctuations brought by domestic enterprises due to the use of foreign exchange settlement, but also Improve the radiation power of my country’s related varieties in the global market, and then improve the voice of my country’s bulk commodities.
ććThe market looks forward to the internationalization of soybean futures and options
As foreign traders can formally participate in the trading of soybean No. 1, soybean No. 2, soybean meal, soybean oil futures and options, the opening of soybean futures and options has taken another important step forward.
The 8 bean varieties opened to the outside world this time have more than ten years of listing history, especially the No. 1 and No. 2 soybean varieties, which can be traced back to the soybean futures when DCE was established. The huge international market And the background of trade has also made related products form a certain degree of international attention and influence. Many large overseas industrial enterprises have already participated through subsidiaries established in China. They are familiar with the rules of the domestic futures market and have a good international foundation.
Yao Lei, CEO of BOCI Global Commodities (UK) Ltd., said that DCEās introduction of overseas traders will definitely attract overseas industrial customers, traders, and institutional investors to participate in succession. The linkage between domestic and foreign markets will be stronger, and cross-market transactions will be more convenient. Domestic and foreign customers can carry out businesses such as hedging, reduce the impact of market uncertainties, and realize global industrial chain risk management.
Issabelle Cheah, Senior Manager of Derivatives Department of UOB Kay Hian Securities Sdn Bhd, Malaysia, told reporters: āTraders at home and abroad have always had a high voice for the internationalization of DCEās bean system.palmAfter the internationalization of oil futures, many customers have expressed their willingness to trade bean varieties, which is a very good opportunity for overseas institutions, especially considering that our customers are mainly involved in the field of edible oil. “
Huang Yuping, a senior analyst of agricultural products at the Orient Securities Derivatives Research Institute, told reporters that the current Chicago Board of Trade (CBOT) soybean futures are the global soybean pricing benchmark, and China’s demand has an important impact on international soybean supply, demand and prices. The introduction of overseas traders in domestic soybean futures and options will help further expand the influence of the Chinese market. From the perspective of industrial organization participation, international grain merchants have long had the need to participate in the transaction of my country’s soybean crushing industry. At the same time, many foreign financial institutions also have the desire to participate in my country’s futures market to varying degrees; Further expand the number of foreign investors, optimize the structure of futures investors, and allow the futures market to better play its price discovery function.
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