As the first new futures product approved by China's futures market in the steady development stage, fuel oil futures, under the supervision and correct guidance of the CSRC, with the care and support of many parties and the joint efforts of * * * *, pay attention to the improvement of market function and operation quality, and have achieved remarkable results in the smooth operation and steady development of the market, which is embodied in four aspects:
First, the market is generally stable. The rule system of fuel oil futures has been tested, especially in the face of the impact of the international financial crisis and the ups and downs of crude oil futures market, there is no risk event in Shanghai fuel oil futures market, which fully shows that a set of trading delivery rules, risk control system and technical support system of Shanghai fuel oil futures can stand the test. Strict trading and delivery rules have also accumulated valuable experience and laid a solid foundation for China to gradually introduce crude oil futures and refined oil futures.
Second, the transaction scale has been continuously expanded, and the market attention has been significantly improved. As of August 25, 2009, the cumulative turnover of fuel oil futures contracts this year was 2,654.38+billion tons, with a cumulative turnover of 6.8 trillion yuan and a cumulative delivery of 6,543.8+0.3304 million tons.
Third, the investor structure has been gradually optimized, and the hedging function has been gradually brought into play. National petroleum production, circulation and consumption enterprises widely participate in Shanghai fuel oil futures market to hedge and avoid risks. Many world-renowned energy traders and spot merchants are studying and trying to enter this market.
Fourth, fuel oil futures maintain a good interactive relationship with the domestic spot market and the international energy market, and the influence of "China price" and "China standard" is gradually enhanced.
In the past, the pricing power of fuel oil was in Singapore, and China enterprises could only use Platts quotation as a reference for import settlement. Now, relying on China's huge spot market, Shanghai fuel oil futures market has formed "China price" and "China standard" which reflect the actual situation of supply and demand in China market, and has exerted great influence in the international market. It can be predicted that with the steady development of Shanghai fuel oil futures market, it will play a leading role in China fuel oil trade pricing system.
The State Council issued "Opinions on Promoting Shanghai to Accelerate the Development of Modern Service Industry and Advanced Manufacturing Industry, and Build an International Financial Center and an International Shipping Center", which clearly pointed out that "it is necessary to intensify the development of the futures market and introduce new energy and metal commodity futures in an orderly manner". This has created unprecedented opportunities for the development of the previous period. The last issue will conscientiously sum up the successful experience of fuel oil and accelerate the preparation for listing of crude oil, gasoline and diesel oil, asphalt and other petroleum futures. Under the unified deployment of China Securities Regulatory Commission, the listed varieties of crude oil futures will be launched in due course.