1, morning time. Japan Futures Exchange was established earlier than China, and rubber futures trading started earlier than China. Moreover, Japanese rubber futures started at 8: 00 am, which is earlier than the trading time in China 1 hour. The pricing power of Japanese natural rubber market has an important influence on the international market price, and the domestic market follows the Japanese futures price standard according to the international trend.

2. Improvement of laws and regulations. The Japanese government's supervision and management of the futures market began with legislation, and the law was revised every five years 1 time. For example, the law of 1992 includes the management of overseas members entering the market and the protection of investors.

3. The scientific nature of contract design. Before a new variety goes on the market, a variety management committee composed of members of the exchange will be established &; Composed of professionals.

4. Internationality of trading participants. Since 1992, the Japanese futures law stipulates that foreign members are allowed to enter the market in the form of associate members, that is, foreign members can only be represented by Japanese members, but they enjoy more preferential treatment than ordinary investors. This is to encourage foreign members to participate in the trading of Japanese futures market, enhance the international status of Japanese futures market, and make domestic futures trading more influential internationally.

5. Thailand, Indonesia and other rubber-producing countries have immature futures markets and imperfect laws and regulations, so they cannot obtain the pricing power of rubber.