What kind of sword is this? "It is difficult to be a leader, but it is difficult to be a man." ? Maybe it can't be called a sword, because "a sword without wyndell dichinson probably can't be called a sword, and the real fullness of a sword needs to be completed by its slain." . The "real fullness" of China's financial futures exchange may need variety listing and trading to be gradually completed. Nevertheless, we can still see several characteristics of its flashing light from the "melting pot".
First, it conforms to the international development trend. At the turn of the century, the world's major stock exchanges have changed from traditional membership organizations to corporate enterprises, which is also called "the wave of non-mutual assistance of exchanges". The emergence of this phenomenon is a reflection of technological progress and intensified competition in the international market, and it also lays a foundation for improving the competitiveness of the exchange and consolidating its market position. Different from the other five domestic exchanges, China Financial Futures Exchange adopts the form of joint-stock company, which is not only a breakthrough in China's financial market, but also a pioneering work in line with the international development trend. In this regard, Cheng Xiao, general manager of Guangfa Futures Company, said that China Financial Futures Exchange is the first exchange in China to adopt the form of legal person organization, which is a major innovation in the form of market organization. Although there are only five shareholders in the exchange at present, judging from the successful operation mode of foreign exchanges, there are not a few large-scale high-quality futures companies involved, and domestic futures companies may also have the opportunity to participate in the financial futures exchange in China in the future.
Second, strictly control the design risks of products and systems to ensure the smooth start and healthy development of the market. Zhu, general manager of China Financial Futures Exchange, said: "The designed stock index futures often have high thresholds and strict management. The starting point is to better provide hedging tools for institutional investors. " It is understood that in the design of stock index futures contracts, the original plan was to set the contract multiplier as 100, but later, considering the need of institutional investors to avoid risks, the later plan decided to increase the multiplier appropriately. The increase of contract face value raises the threshold of market entry, which can avoid excessive speculation in the initial stage of the market to a certain extent, thus contributing to the smooth start and healthy development of the market in the future. Financial experts said that from the international experience, it is not necessarily a good thing that the financial derivatives market is too active from the beginning. According to statistics, the ratio of global stock index futures to spot market transaction amount is generally close to 1, while when Japan first introduced stock index futures, the ratio of stock index futures market to stock market transaction amount was as high as 5.3 1, and then it dropped to about 0.76 now. India and Japan are very different. When stock index futures were first introduced, the ratio of stock index futures market to stock market transaction amount was only 0.02, and then it grew steadily to 0.89 now. Therefore, it can be seen that the initial excessive prosperity is not necessarily conducive to the long-term development of the stock index futures market. To this end, Zhu warned investors: "The stock index futures market is highly leveraged, and the risks and investment opportunities are multiplied. I hope that investors can seriously grasp the product rules and make the launch of this product a stable and safe tool for the industry, rather than a tool for excessive speculation. "
In the design of relevant systems, the requirements of risk control are also fully considered. Yang Maijun, general manager of Shanghai Futures Exchange, said, "An important advantage of the financial futures brokerage business that futures companies are doing is to help isolate risks between securities companies and futures companies, and between securities markets and futures markets."
Thirdly, drawing lessons from international mature experience and institutional innovation simultaneously, which is also reflected in the design scheme of stock index futures contracts. The first is the determination of the last trading day of stock index futures. It is reported that the earliest design was to set it as the last working day of each month. Later, considering the "holiday effect" of the stock market, the plan was appropriately advanced by the last trading day. The second is the innovation of delivery settlement price. There are usually three ways to define the settlement price in the international market: one is the closing price of the spot market on the expiration date of the futures contract, the other is the opening price of the spot market on the second trading day after the expiration date of the futures contract, and the other is the arithmetic average price of the spot index on the expiration date of the futures contract every five minutes. According to reports, the market is easily manipulated by adopting the first two methods, while the last method increases the difficulty of market arbitrage. At present, the improvement scheme of delivery settlement price is the arithmetic average price of all index prices in the afternoon trading session of the stock spot market on the futures maturity date. In addition, there is a margin system, whose level may be dynamically adjusted according to market fluctuations, just like the domestic commodity futures market. According to another introduction, these plans may be adjusted after simulating trading and consulting the market.
It was soon known that the blade was new. The establishment of China Financial Futures Exchange has opened a new chapter in China's financial market. On September 8, 2006, this "success or failure" day will also go down in the history of China's financial market.