Futures market first appeared in Europe. As early as ancient Greece and Rome, there were central trading places, bulk barter transactions, and trading activities with the nature of futures trade. The original futures trading was developed from spot forward trading. The first modern futures exchange 1848 was established in Chicago, USA, and 1865 established a standard contract model. In 1990s, China Modern Futures Exchange came into being. There are four futures exchanges in China: Shanghai Futures Exchange, Dalian Commodity Exchange, Zhengzhou Commodity Exchange and China Financial Futures Exchange. The price changes of its listed futures products have a far-reaching impact on related industries at home and abroad.

The initial spot forward transaction is a verbal commitment by both parties to deliver a certain amount of goods at a certain time. Later, with the expansion of the scope of transactions, oral promises were gradually replaced by sales contracts. This kind of contract behavior is becoming more and more complicated, and it needs intermediary guarantee to supervise the timely delivery and payment of goods. So the Royal Exchange, the world's first commodity forward contract exchange, opened in London on 157 1. In order to adapt to the continuous development of commodity economy, improve transportation and storage conditions and provide information for members, 1848, 82 businessmen initiated and organized the Chicago Board of Trade (Board 185 1 Chicago Board of Trade to launch forward contracts; 1865, Chicago Grain Exchange introduced a standardized agreement called "futures contract" to replace the previous long-term contract. This standardized contract allows manual contract trading, and gradually improves the margin system, thus forming a futures market specializing in standardized contract trading, and futures become investors' investment and financial management tools. 1882 exchange allows hedging to be exempted from performance obligations, which increases the liquidity of futures trading. The background of China futures market is the reform of grain circulation system. With the cancellation of the policy of unified purchase and marketing of agricultural products and the liberalization of most agricultural products prices, the market is playing an increasingly important role in regulating the production, circulation and consumption of agricultural products. The ups and downs of agricultural products prices, the undisclosed and distorted spot prices, the ups and downs of agricultural production, and the lack of value-preserving mechanism of grain enterprises have attracted the attention of leaders and scholars. Whether we can establish a mechanism that can not only provide price signals to guide future production and business activities, but also prevent market risks caused by price fluctuations has become the focus of attention. 1February, 988, the leaders of the State Council instructed relevant departments to study the foreign futures market system and solve the problem of domestic agricultural product price fluctuation. 1In March, 1988, the government work report of the First Session of the Seventh National People's Congress put forward: actively develop all kinds of wholesale trade markets and explore futures trading, which opened the prelude to the research and construction of China's futures market. 19901kloc-0/2 Zhengzhou grain wholesale market was established with the approval of the State Council. Based on spot trading, it introduced the futures trading mechanism and took the first step in the development of China futures market. 199 1 Shanghai Metal Commodity Exchange opened on May 28th; 1991June 10, Shenzhen Nonferrous Metals Exchange was established; The first futures brokerage company, Guangdong Wantong Futures Brokerage Company, was established in September, 1992, marking the resumption of China futures market in China after more than 40 years of interruption; 1On February 28th, 993, Dalian Commodity Exchange was established; 1998 In August, Shanghai Futures Exchange was formed by the merger of Shanghai Metal Exchange, Shanghai Grain and Oil Commodity Exchange and Shanghai Commodity Exchange, and it was officially put into operation in February. On September 8, 2006, China Financial Exchange was established; On April 2010/6, China launched the first domestic stock index futures-the Shanghai and Shenzhen 300 stock index futures contract; On 20th11April15th, China Dalian Commodity Exchange launched the world's first coke futures contract; 20 12 12 China Zhengzhou commodity exchange launched the first glass futures contract. Financial innovation goes hand in hand with the reform of futures market and industry in many aspects, such as regulatory system reform, product expansion, business innovation and so on. In the aspect of supervision system reform, it is mainly to promote the reform of handling fee, hedging, arbitrage, margin and position limit in futures market to improve market efficiency; In terms of product innovation, close to the needs of agriculture, countryside and farmers, develop more securities and futures products for agriculture and farmers, and develop financial products such as treasury bonds futures and stock options; In terms of business innovation, the CSRC supports the business innovation of futures companies, promotes the pilot of overseas brokerage business and customer asset management, promotes the pilot of specialized futures investment funds, and supports qualified futures companies to issue shares. With the deepening of the reform of futures market and futures industry, the futures industry will enter the best period of development opportunities in history. In the short term, with the expansion of the market and the improvement of market efficiency, the futures industry is expected to usher in a turning point in performance; In the long run, with the comprehensive development of business innovation, the futures industry will continue to open. 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 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.