China futures market has experienced three stages from development to perfection:
(1) initial development stage 1988 ~ 1993
1988 in may, the State Council decided to conduct a pilot futures market, with wheat, miscellaneous grains, pigs and hemp as pilot futures varieties. 199010/2. With the approval of the State Council, Zhengzhou Grain Wholesale Market in China has gradually introduced the spot-based futures trading mechanism, and officially opened as the first commodity futures market in China. 1992 10 Shenzhen Nonferrous Metals Futures Exchange took the lead in launching special aluminum standard contracts, and formal futures trading really began. After that, various futures exchanges were established one after another and began to trade futures. At the beginning of the pilot, driven by industry interests and poor market supervision, the number of exchanges and trading varieties increased rapidly. At most, there are more than 50 exchanges, more than 30 market trading products, more than 2,300 trading members, more than 300 futures brokerage companies (including more than 50 joint ventures) and more than 50 listed trading products in 7 categories.
(2) Clean-up and rectification stage (1993 ~ end of 2000)
In order to standardize the development of the futures market, the State Council and the regulatory authorities cleaned up the futures market twice in 1994 and 1998 respectively. 1993165438+1October 4th, the State Council issued the Notice on Stopping the Blind Development of the Futures Market, and started the first clean-up and rectification work. At that time, the State Council Securities Regulatory Commission, China Securities Regulatory Commission and other relevant departments strengthened the supervision of the futures market, and finally determined 15 exchange as a pilot exchange. 1994, futures trading is suspended; In April of the same year, futures trading of steel, coal and sugar was suspended; 65438+ 10, the futures trading of japonica rice and rapeseed oil was suspended. 1February 1995, the "327" storm of treasury bonds futures occurred, and the "3 19" storm of treasury bonds futures occurred in May of the same year, and the trading of treasury bonds futures was suspended in May of that year.
65438+1 August 19981day, the State Council issued the Notice on Further Rectifying and Regulating the Futures Market, and started the second rectification work. In this clean-up and rectification, the three futures exchanges in Shanghai, Zhengzhou and Dalian were merged and retained. 1In May, 1999, the State Council adopted the Interim Regulations on the Administration of Futures Trading, which was implemented in September, 1999. The China Securities Regulatory Commission organized and formulated the Measures for the Administration of Futures Exchanges and the Measures for the Administration of Futures Brokerage Companies and Futures Practitioners. This set of laws and regulations stipulates the rights and obligations of each subject in the futures market, provides a code of conduct for market participants and provides a legal basis for the supervision and management of the futures market. The CSRC also unified the trading rules of the three exchanges, raised the requirements for members' settlement reserves and financial strength, revised the weak links in the trading rules and improved the risk control system.
(3) After the gradual standardization in 2000.
After more than two years' integration, the futures market has stepped out of the downturn, showing a great recovery growth, and the futures market is gradually moving towards standardization.
Current situation of Bohai spot exchange
At the beginning of the new century, the central government incorporated the development and opening up of Tianjin Binhai New Area into the overall national development strategy, approved Binhai New Area as a comprehensive supporting reform pilot zone, and encouraged financial reform and innovation to try first. In order to realize the functional orientation entrusted by the state and accelerate the development of Tianjin's modern financial service industry, Bohai Commodity Exchange came into being. The preparation lasted for three years, and it was grandly established on September 28th, 2009. 65438+ 18 was put into operation on February 28th. It is the only comprehensive spot commodity exchange in China, an important achievement of Tianjin's financial reform and innovation, and a product of the combination of modern finance and trade.
Bohai Commodity Exchange, the world's first spot trading of Bohai Exchange (referred to as BEST Trading for short), guarantees the physical trading of spot commodities by means of spot trading, deferred settlement compensation and supplementary settlement of intermediate warehouses, and better serves the real economy through the nationwide market service network, fund settlement network, warehousing logistics network and price release network.
Bohai Commodity Exchange provides an open, fair and just investment platform for all traders. The market-oriented electronic quotation method has produced a truly centralized and authoritative spot trade price, provided price guidance for enterprises' domestic and foreign trade, optimized resource allocation, solved the pricing problem of international bulk commodities such as crude oil and thermal coal in China in series, formed an authoritative China price, and made its own voice in the world bulk commodity trading market.