British government bonds are usually called Phnom Penh government bonds, and the issuance methods are generally public auction and non-public issuance. Public auction means that the Bank of England announces the issuing conditions and auction reserve price, and the national debt traders participate in the bidding according to the regulations; Non-public offering means that the issuing department of the Bank of England buys all issued bonds, and these bonds kept in the portfolio of the Bank of England can be put into the secondary market at any time through transactions with bond dealers according to the needs of the financial market. Before 1982, Phnom Penh government bonds were mostly issued by auction, and the issuance time was fixed. After 1982, the issue time and method will be decided by the Bank of England and the Ministry of Finance depending on the market situation. The ratio of British central government debt to GDP has risen steadily since 200 1, which also provides sufficient liquidity for the trading in the treasury bond futures market. Development History and Contract Launch Time After World War II, London was replaced by new york as the world financial center, but it is still an important financial center in Europe. After the establishment of the London International Financial Futures Exchange (LIFFE), the varieties of treasury bonds futures listed on the exchange are not limited to the domestic market, but also include those of the United States, Japan, Germany and Italy. 1982, Britain began to launch its own treasury bond futures trading. In June 2009, short-term Phnom Penh government bond futures and medium-term government bond futures contracts were listed. Italian government bond futures 199 1 listed in LIFFE in September are still overseas havens for Italian government bonds, which fully shows the internationalization characteristics of LIFFE.
There are three kinds of domestic bond futures listed by LIFFE: short-term Phnom Penh bond futures, medium-term bond futures and long-term bond futures. Judging from the average daily trading volume, the trading activity of British government bond futures contracts is far less than that of American government bond futures contracts. Long-term treasury bond futures contracts are the most active, with an average daily turnover of 87,673,438+01in 2065, up 18.78% year-on-year. Average daily positions reached 205 192, up13.16% year-on-year; The annual turnover reached 2,225.5 billion pounds, up 2 1.82% year-on-year. However, the medium-term treasury bond futures contract (listed at the end of 2009) shrank sharply at 20 1 1, and the average daily turnover, positions and annual turnover dropped sharply year-on-year. Trading Status According to the historical trading status of contracts, before 1987, the circulation of British government bonds was second only to that of the United States and Japan, making British government bond futures the most active futures contract for LIFFE trading. However, since 1988, the British government began to reduce the issuance of government bonds and buy back government bonds from the bond market, which reduced the liquidity of the secondary market and led to the shrinking trading volume of British government bonds futures. Affected by the two financial crises of 1998 and 2008, the trading volume, positions and turnover of treasury bonds futures all decreased significantly. The contract terms and supervision system are the same as those of the US Treasury bond futures contracts listed in LIFFE. The goal of the contract is to select virtual government bonds and deliver them through physical delivery. The difference is that the British government bond futures contract is a rolling delivery system, and its delivery date is not a prescribed working day. It can be delivered on any working day in the delivery month, and the delivery time is uncertain. The specific delivery date is determined by the short position of the futures contract. Like the supervision system of the US treasury bond futures market, the management of the futures market in Britain also adopts a "three-level management" model, that is, the combination of government supervision, industry self-discipline and exchange self-discipline. Different from the United States, the United States emphasizes government intervention and manages the futures market by strengthening legislation, while the United Kingdom focuses on self-discipline with less government intervention. Except for some necessary national legislation, the futures market in Britain is completely guaranteed by futures exchanges and trade associations. In addition, British clearing companies are independent of futures exchanges, while American futures trading has its own clearing department.