Treasury bond futures is a kind of interest rate derivatives, which is usually included in interest rate futures for statistics internationally. Interest rate derivatives include short-term interest rate futures, national debt options, short-term interest rate options and interest rate swaps. Different institutions have different statistical caliber, and the classification of these products is not exactly the same. Figure 1 shows the interest rate derivatives transactions of the futures industry association (FIA) from 20 10 to 20 19.
Figure12010 ~ 2019 global interest rate derivatives trading volume changes.
The period from 2000 to 2007 was a period of rapid development of interest rate derivatives, and the total global turnover first increased from less than 840 million lots in 2000 to 3.74 billion lots in 2007. After 2008, affected by the global financial crisis, the trading volume shrank or stopped. There were two obvious declines in 2008 and 20 12, and the overall trend was fluctuating before 20 15. From 20 16 to 20 19, the global interest rate derivatives trading volume continued to rise and hit record highs, especially in 20 19, the global interest rate derivatives trading volume increased by 4.7% to 4.763 billion lots, mainly due to the substantial increase in the trading volume of Brazilian interest rate futures and American interest rate options. At the same time, the futures market of China's national debt is developing continuously in terms of variety and trading volume.
From the horizontal comparison of various derivatives, the transaction volume of interest rate derivatives has increased steadily, but the growth rate is obviously lower than other derivatives. 1998 The total volume of global derivatives was 21800,000 lots, and interest rate derivatives accounted for 40%. By 20 19, the total volume of global derivatives reached 34.47 billion lots, and interest rate derivatives accounted for 13.82%. Figure 2 shows the proportion of interest rate derivatives trading volume in the global derivatives market from 20 10 to 20 19. It can be seen that the trading volume of interest rate derivatives remains in the range of 13% to 16%.
Figure 220 10~20 19 annual interest rate derivatives trading volume in global derivatives market
World Federation of Exchanges (WFE) counts the global derivatives market by futures and options, and divides futures into five categories: stock index futures, interest rate futures, foreign exchange futures, personal stock futures and commodity futures. According to WFE statistics, in 20 19, the total volume of global futures market was1924100000 lots, and the interest rate in futures trading volume was 369 10/00000 lots. Figure 3 shows the trading ratio of each futures product.
Figure 320 19 Trading Distribution of Different Varieties in Global Futures Market
The volume of interest rate futures accounts for 19% of the total futures volume, which is at a medium level compared with the other four types of futures. However, due to the very large contract market value of the first-class treasury bond futures, the nominal turnover of treasury bond futures accounts for a very high proportion.
From the distribution of global interest rate futures trading volume, North America, especially the United States, occupies an important position in the global interest rate futures trading share, followed by Europe. Figure 4 shows that in 20 19, North American interest rate futures accounted for 54% of the global trading volume, Europe accounted for 26% of the global trading volume, and Latin America accounted for 14%. These three regions account for 94% of the global trading volume, while Asia and other regions only account for 6% of the global trading volume. Compared with the interest rate futures market in Europe and America, the interest rate futures market share in Asia and other regions is small.
Figure 420 19 global futures trading volume interest rate distribution
Judging from the situation in China, the overall trend of the annual trading volume and turnover of China's treasury bond futures contracts on 20 13-20 19 is relatively consistent, showing an increasing trend, only falling back on 20 18. Specifically, in 20 13 years, the annual turnover of treasury bonds futures in China was 328,700 lots, with an annual turnover of 306.389 billion yuan, 20 1303.2 10000 lots and an annual turnover of 14.8 100000.
Fig. 520 13~20 19 annual turnover and transaction trend of China treasury bonds futures.