1. 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 a mechanism can provide price signals to guide future production and operation activities and prevent market risks caused by price fluctuations has become the focus of people's attention. 1988 in February, 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 various wholesale trade markets and explore futures trading, which opened the prelude to the research and construction of China's futures market. But it is illegal to speculate on futures. According to the provisions of the Securities Law, financial management on behalf of customers must have the qualifications of investment consulting and asset management, and personal financial management on behalf of customers is temporarily not allowed. However, an investment company with the above two qualifications needs a registered capital of more than 50 million yuan. Because individuals are not qualified to manage money on behalf of customers, once losses occur, there will be interest disputes between the two sides, and the legal level will also protect the interests of investors.
2. In ancient China, there were commodity credit and forward contract systems composed of grain depots and grain markets. During the Republic of China, there were many futures exchanges in China and Shanghai, and there was crazy speculation in the market. The puppet Manchukuo government also set up futures exchanges in Dalian, Yingkou, Fengtian and other northeast 15 cities, mainly engaged in futures trading of soybeans, bean cakes and soybean oil. 1949 after the founding of People's Republic of China (PRC), the futures exchange disappeared in Chinese mainland for decades. By 1992, Zhengzhou established a futures exchange, which set off another wave of futures speculation. All provinces and cities are full of flowers. At one time, more than 50 futures exchanges opened at the same time, exceeding the total number of futures exchanges in other countries in the world. On 1994 and 1998, China the State Council strengthened supervision twice, suspended several futures products and ordered several exchanges to stop business. Since 1998, there are only three legal commodity futures exchanges in Chinese mainland, namely Shanghai Stock Exchange, Dalian Futures Exchange and Zhengzhou Futures Exchange. The former deals in energy and metal commodity futures, while the latter deals in agricultural products futures. By 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 in the China futures market, the hedging efficiency of more than 90% varieties exceeded 50%, and the futures with correlation coefficient above 0.9 exceeded 60%. 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.