2. To open specific commodity futures, the following conditions must be met: at least 18 years old, with full capacity for civil conduct, and the maximum age cannot exceed 70 years old; The available balance of account margin for five consecutive trading days shall not be less than RMB 65,438+10,000.
3. Stock index futures need to meet the requirements: commodity futures have been opened, the firm futures trading is above 10, the account funds are above 500,000, and the basic written test score of stock index futures is above 80 points.
The earliest futures market in history was Japan in the edo shogunate era. Because the price of rice at that time had a great influence on economic and military activities, rice merchants decided to buy and sell rice in stock according to the output of rice and the market's expectation of rice.
In the1970s, Chicago Mercantile Exchange and CBOT innovated many futures products, and vigorously developed many financial futures products, making financial futures the mainstream of the futures market. In the1980s, the Chicago Stock Exchange began to develop electronic trading platforms. At the end of 1990, there was a trend of merger and acquisition among exchanges in various countries.
In ancient China, there was a commodity credit and forward contract system composed of grain depot and grain market. During the Republic of China, there were many futures exchanges in China and Shanghai, and the market was once crazy. The puppet Manchukuo government also set up futures exchanges in Dalian, Yingkou, Fengtian and other northeast 15 cities, mainly engaged in soybean, bean cake and soybean oil futures trade.
1949 after the founding of People's Republic of China (PRC), the futures exchange disappeared in Chinese mainland for decades. By 1992, Zhengzhou had set off another wave of speculation in futures, and various provinces and cities blossomed everywhere. At most, more than 50 futures exchanges opened at the same time, exceeding the sum of futures exchanges in other countries in the world.
On 1994 and 1998, China the State Council strengthened supervision twice, suspended some futures products and ordered some exchanges to stop business. Since 1998, there are only three legal commodity futures exchanges in Chinese mainland: Shanghai Futures Exchange, Dalian Futures Exchange and Zhengzhou Futures Exchange. The former deals in energy and metal commodity futures, while the latter two deal in agricultural products futures. On September 8, 2006, China Financial Futures Exchange was established in Shanghai, and the first product launched was the Shanghai and Shenzhen 300 stock index futures.
20021June 15 shanghai securities news reported that the hedging efficiency of over 50% varieties in China's futures market is above 90%, and the futures correlation of over 60% varieties is above 0.9. The futures prices of mature varieties such as copper, cotton and soybean have gradually become the pricing benchmark for upstream and downstream enterprises in the industrial chain.