First of all, the futures market does not match the needs of national economic development. In recent years, with the enrichment and perfection of the futures product system, China's futures market has made great progress, but compared with the developed and mature markets, the development of China's futures market is still relatively backward. For example, the participation of industrial customers in the futures market is not wide, and many enterprises do not use the futures market for risk management, mainly because the derivatives market is out of touch with the needs of enterprises to a certain extent. At present, the on-site market does not completely match the needs of national economic development, so standardizing the development of OTC derivatives market will be conducive to the improvement of market price guidance system and price hedging system.

Second, it is conducive to improving the depth of the futures market serving the real economy. The vigorous development of OTC market is usually based on two reasons: first, the demand for risk management tools in the market has increased sharply, and on-site derivatives can not fully meet the needs of enterprises; Second, the legal supervision environment of OTC trading is relaxed, the trading mode is flexible and the cost is low. At present, China's futures varieties are not perfect, market participants are not fully involved, and the imbalance of investor structure also restricts the full play of market functions. The development of OTC derivatives market can expand the depth of financial market serving the real economy and better meet the actual needs of enterprises.

Third, the blank of OTC market is occupied by illegal institutions, and local trading platforms in some areas lack effective supervision, which has a negative impact on the overall market. Due to the lack of effective supervision, some local trading platforms run counter to the principle of the third board market and become speculative gathering places, which is not conducive to price guidance and risk management, and also has a negative impact on China's overall market construction.

Fourth, the objective needs of financial market innovation and development, to solve the plight of small industries and big markets in the futures market. In recent years, the trading scale of China's futures market has been constantly reaching new heights, while the total net profit of the national futures companies has not increased effectively, or even declined. The innovative business of futures companies has been opened one after another, but the business structure is still single. OTC market is a supplement and perfection to the derivative market system, and can form good interaction and cooperation with the existing domestic futures and securities markets. Accelerating the development of multi-level futures market is helpful to solve the dilemma of small industry and big market in futures market.

Fifth, the construction of the sunshine OTC market is conducive to the development of the real economy. In China's derivatives market, there are strict controls, but supervision is still insufficient. The establishment of a sunshine OTC market can supplement the futures exchange market.

How to develop multi-level futures market

According to the product form, financial derivatives can be divided into forward, futures, swaps, options and other types. According to different trading places, these derivatives can be divided into OTC market (ETD) and OTC market (OTC).

There are four main forms of market organization for OTC market to choose from:

First, there is an exchange. For some OTC derivatives, we can learn from the practices of the main board, small and medium-sized board and growth enterprise market in the stock market, and set up a board under the existing exchange to operate independently, code independently and supervise independently.