The development of the international futures market has generally gone through the process from commodity futures to financial futures, with the increasing variety and scale of transactions.
(1) Commodity futures-futures contracts with physical goods as the subject matter.
1, agricultural futures: 1848 Chicago Board of Trade (CBOT) was born, 1865 standardized contract was launched.
1. Grain futures-wheat, corn and soybean
2. Cash crops-cotton, coffee and cocoa
3. Livestock and poultry products-butter, eggs, live pigs, live cattle and pork bellies.
4. Forest products-wood, natural rubber
2. Metal futures: London Metal Exchange (LME), founded in 1876, is a pioneer in metal futures trading. At that time, the name was London Metal Trading Company, which was mainly engaged in futures trading of copper and tin.
1. London metal exchange (lead copper (international pricing power), tin, lead, zinc, aluminum, nickel and silver.
2. the New York Mercantile Exchange-gold (1974, with international pricing power), silver, copper and aluminum.
3. Energy futures: crude oil, gasoline, heating oil and propane.
1. the New York Mercantile Exchange
2. London International Petroleum Exchange
(2) Financial futures
At present, financial futures have occupied a dominant position in the international futures market.
1, foreign exchange futures (the first financial futures)
1972 In May, CME established the International Money Market Department (IMM) and launched the foreign exchange futures contract for the first time.
2. Interest rate futures
1975 10, the Chicago Board of Trade (CBOT) listed the National Mortgage Association bond (GNMA) futures contract, which is the first interest rate futures contract in the world.
1In August, 977, the American long-term treasury bond futures contract was listed on the Chicago Board of Trade (CBOT), which is one of the financial futures contracts with a large trading volume in the international futures market so far.
3. Stock index futures
In February, 1982, KCBT developed the value line composite index futures contract.
(3) Futures options
1.1982101October1,the American long-term treasury bond futures option contract is listed on the Chicago Board of Trade (CBOT).
2. Option trading and futures trading have the functions of avoiding risks and providing hedging, but futures trading mainly provides hedging channels for spot traders, while option trading has the function of avoiding risks for both spot traders and futures traders.
3. At present, most futures trading varieties in the international futures market have introduced the option trading method.
4. At present, the basic situation of the international futures market is that commodity futures remain stable, financial futures come from behind, and futures options (power and money trading) are in the ascendant (CBOE).
5.CBOE is the largest options exchange in the world.
Second, the development trend of the international futures market
In the early 1970s, after the disintegration of the Bretton Woods system, the floating exchange rate system replaced the fixed exchange rate system, and the world economic structure changed profoundly, and the market economy showed the development trend of monetization, financialization, liberalization and integration (the result of electronization). Interest rates, exchange rates and stock prices fluctuate frequently, and financial futures emerge as the times require, which makes the international futures market show a rapid development trend and has the following characteristics:
1. Futures centers are increasingly concentrated-international centers: Chicago, new york, London, Tokyo; Regional centers: continental Europe, Xinjiapo, Hong Kong and Korea.
The development of the international futures market is reflected in the increase of trading varieties, active trading, large turnover, wide radiation and strong influence.
1. The market scale continues to grow.
2. The growth rate of global trading volume is very fast;
3. The transaction volume shows an accelerated growth phenomenon;
The rapid growth of global futures and options trading volume mainly comes from exchanges outside the United States.
The development of financial futures is unstoppable.
In the global futures and options trading volume in 2006, the proportion of financial futures and options was as high as 9 1%, while the proportion of commodity futures and options was only 9%.
1. Option trading came from behind.
In 2000, the total amount of global options (spot options and futures options) exceeded the total amount of futures trading for the first time.
In futures trading, whether buying or selling futures at any time, high risks and high returns are symmetrical, that is, both buyers and sellers may win or lose. However, in option trading, the two are separated.
1. Online mergers and acquisitions have developed rapidly (reason: 1 economic globalization 2 increasingly fierce competition 3 rapid development of over-the-counter transactions)
The European Futures Exchange is now the largest futures exchange in the world.
1. Innovative trading methods-open bidding and electronic trading.
2. The service quality has been continuously improved.
3. Reorganization and listing has become a trend-the fundamental reason is competition.
At the end of 2000, CME became the first enterprise exchange in the United States.
Other famous exchanges that have been reorganized: Hong Kong Exchanges and Clearing Limited and Nasdaq.