Financial futures market refers to the market engaged in financial futures trading.
The earliest organized and standardized futures trading came into being after the formal establishment of Chicago Board of Trade 1848.
Early futures trading was mainly commodity futures trading.
Financial futures trading came into being in the American futures market in 1970s. Due to the collapse of the Bretton Woods international monetary system and the impact of financial liberalization and financial innovation, the fluctuation of interest rate, exchange rate and stock price index in the international capital market has increased, and the market risk has increased sharply.
In order to avoid these risks, the financial futures market came into being and played an irreplaceable role in ensuring the benign operation of the capital market.
From 65438 to 0972, CME established the International Money Market (IMM) branch, and launched seven foreign exchange futures, such as British pound and Canadian dollar, which were the earliest financial futures in the world.
The basic types of financial futures mainly include foreign exchange futures, interest rate futures and stock index futures.
(1) foreign exchange futures.
Foreign exchange futures are standardized contracts with a certain foreign exchange as the subject matter and delivered at some time in the future. It comes from the huge exchange rate risk in the foreign exchange market.
Foreign exchange transactions can be traced back to Britain in the14th century, but the foreign exchange derivatives market came into being and developed under the profound historical background and economic environment in the 1970s.
In 1960s, some simple foreign exchange derivatives, such as foreign exchange forwards and foreign exchange swaps, began to appear in western financial markets.
1972 In May, the Chicago Mercantile Exchange formally established the international money market, and launched the world's first financial futures-foreign exchange futures, including multi-currency foreign exchange futures contracts including pound, Canadian dollar, mark, franc, Japanese yen and Swiss franc, which marked the emergence of derivative markets in the foreign exchange market and was also the earliest financial futures.
(2) Interest rate futures.
Interest rate futures refers to the standardized contract to buy or sell interest-bearing assets at a certain price in futures trading and deliver them at a certain time in the future.
Interest-bearing assets include government bonds, government bonds, commercial paper, time deposit certificates, etc.
Interest rate futures originated in the United States, and it originated from the greater interest rate risk in the bond market.
At present, interest rate futures are the mainstream of global futures commodities, and its trading volume ranks first among all kinds of futures commodities, and the main representative of interest rate futures is bond futures.
(3) Stock index futures.
Stock index futures is a standardized contract with stock index as the subject matter in the futures market and delivered at some time in the future.
It comes from the huge price risk in the stock market.
The stock price fluctuates greatly and frequently. In order to avoid the risk caused by stock price fluctuation, provide trading opportunities for some investors and reflect the overall trend of the whole stock market price, stock index futures came into being.
Since Kansas City Futures Exchange launched the value line composite index futures contract 1982 in February, stock index futures have become an important investment product in the global financial market.