Treasury bond futures is a kind of financial futures, which plays an important role in the development history of China futures market. It can be said that it is the pioneer of domestic financial futures. China's national debt futures trading pilot started at 1992 and ended at 1995 in May, which lasted for two and a half years.
199265438+February, the Shanghai Stock Exchange opened treasury bond futures trading for the first time. The Shanghai Stock Exchange * * * launched the 12 treasury bond futures contract, which is only open to institutional investors. However, in the nearly one year since the opening of treasury bond futures trading, the trading has not been active. From199265438+February 28th to199365438+1October, the turnover of treasury bonds futures was only 50 million yuan.
1993101On October 25th, the Shanghai Stock Exchange revised the bond futures contract and opened the bond futures trading to individual investors. 199365438+February, the former Beijing Commodity Exchange launched treasury bond futures trading, becoming the first commodity futures exchange in China to conduct treasury bond futures trading. Subsequently, the former Guangdong United Futures Exchange and Wuhan Securities Exchange Center and other local securities exchange centers also launched treasury bonds futures trading.
Since the second quarter of 1994, treasury bond futures trading has become increasingly active, and the transaction amount has increased month by month. By the end of 1994, the total trading volume of treasury bonds futures in Shanghai Stock Exchange reached 1.9 trillion yuan. After 1995, the trading of treasury bonds futures became more popular, and the daily trading volume often reached 40 billion yuan, while the treasury bonds circulating in the market in the same period were less than/kloc-0.05 billion yuan. Because the number of treasury bonds available for delivery is much smaller than the trading scale of treasury bonds futures, the speculative atmosphere in the market is getting stronger and stronger, and the risks are getting bigger and bigger.
1February, 1995, the famous "327" illegal operation occurred in the treasury bond futures market, which dealt a heavy blow to the market. 1995 On February 25th, in order to standardize and rectify the treasury bond futures market, the China Securities Regulatory Commission and the Ministry of Finance jointly issued the Interim Measures for the Administration of Treasury Bond Futures Trading. On February 25th, the CSRC issued the Emergency Notice on Strengthening the Risk Control of Treasury Bond Futures to all trading places, which not only increased the margin ratio, but also reduced the number of trading places from a dozen to four major markets: Shanghai, Shenzhen, China and Beijing.
A series of clean-up and rectification measures have not effectively curbed the speculative atmosphere in the market, and overdraft, oversold, insider trading and malicious manipulation are still very serious. The futures price of treasury bonds continued to soar, and1May 1995 witnessed another vicious violation-"319".
1995 On the afternoon of May 17, the China Securities Regulatory Commission issued a notice and decided to suspend the trading of treasury bonds futures. Each trading place will organize the liquidation of membership agreement from May 18; On May 3 1 day, all four national 14 treasury bond futures trading places were closed, and the first trial of treasury bond futures trading in China ended in failure.