The CSRC said that the listing of two-year treasury bonds futures is an important measure to implement the decision-making arrangements of the CPC Central Committee and the State Council on deepening financial reform and promoting the healthy development of the capital market, which is conducive to optimizing the maturity and product structure of treasury bonds futures, further improving the yield curve of treasury bonds and promoting the deepening of interest rate marketization reform; It is conducive to improving the efficiency and liquidity of the treasury bond futures market, enriching investors' risk management means and promoting the development of the treasury bond spot market.
It is understood that 5-year and 10-year treasury bonds futures are listed on 20 13 and 20 15 respectively, but they are all long-term varieties. Two-year treasury bonds can make up for the shortage of short-term hedging instruments in the market.
In recent years, the voices calling for the listing of 2-year treasury bonds futures have come and gone, and the market expects this short-term hedging tool to be launched as soon as possible.
Recently, the bond market fluctuated violently at the end of 2065438+2006, and the performance of large debt-holding institutions was affected. However, institutions that avoided risks through treasury bonds futures escaped the storm.
Wang Xiaojian, chairman of Shanghai Yaozhi Fund, told reporters that their net product value was also retreating at that time, but according to statistics, if treasury bonds futures were not used for hedging, their product portfolio would lose about 4.3%, and the loss after hedging was only 1.3%.
Coincidentally, the head of the fixed income department of orient securities also said that they used treasury bonds futures to hedge, which greatly reduced the losses during the decline of the bond market. Thanks to this, their company's self-operated business has achieved remarkable results.
According to the reporter's understanding, since the listing of the 5-year treasury bond futures in 20 13, there have been more and more large institutions such as brokers involved in treasury bond futures trading. In the fluctuation of the bond market, treasury bond futures perfectly explained the role of "flood discharge channel" and it has also been widely favored and recognized by institutions.
"The listing speed of 2-year treasury bonds futures has accelerated, bringing surprises to the market. After all, 5-year and 10-year treasury bonds futures are relatively mature. Now it is only a matter of adding a new variety to this product line, which will naturally be much easier. " An industry insider told reporters that this also shows that the management is very active in promoting the construction of the treasury bond futures market, which is very conducive to market development.
In Wang Xiaojian's view, CICC has conducted the simulation test of two-year treasury bond futures for nearly two years. Since the beginning of this year, the Ministry of Finance has also increased the issuance of two-year treasury bonds. It can be said that the preparations for the listing of two-year treasury bonds futures have already been done.
Brokers, private placements and other institutions have said that 2-year treasury bonds futures will participate in some hedging or arbitrage transactions on the first day of listing. "If major securities holders such as banks and insurance can participate, it will greatly enhance the liquidity of the treasury bond futures market and help treasury bond futures to better play its market function."
In the international market, the trading volume of treasury bonds futures exceeds that of stock index futures and commodity futures, and it is a financial derivative tool commonly used by financial institutions. Although the size and volume of positions in China's treasury bond futures market have been increasing in recent years, treasury bond futures can only be regarded as a "niche" variety in the domestic market, and it is a great pity that major bondholders such as banks and insurance are not allowed to enter the market.
"From the initial cautious test, the organization has been like a duck to water." Wang Hua, director of fixed income of Pengyang Fund, said that the market has accumulated some experience. Although banks, insurance institutions and other institutions cannot participate in treasury bond futures trading, they have invested a lot of research.
Some bankers even said that banks are the main institutions in the national debt market. Failure to enter the market means that there has always been risk exposure in the trading market. "We also need hedging tools, and sometimes we will be jealous of institutions such as brokers."
There are different views in the industry on the market liquidity of 2-year treasury bonds futures after listing. Generally speaking, there is a transition period for new varieties to go on the market. Many institutions indicated that they would actively participate in the trading of 2-year treasury bonds futures, and hoped that 2-year treasury bonds futures would become active as soon as possible after listing, bringing new vitality to the treasury bond market.
"In the past few years, treasury bond futures not only stabilized the income of our product portfolio, but also improved the liquidity of the entire portfolio." Wang Hua said, "After the 2-year treasury bond futures are listed, we will actively participate, and we will first consider intervening in cross-species arbitrage trading."
Wang Xiaojian said that they will also actively participate in the two-year treasury bond futures trading.
Wang Xiaojian and Wang Hua are full of confidence in future transactions. Some investors are worried about the liquidity after listing.
"Now treasury bond futures are not active varieties, and the 2-year spot bond market is not active." Alvin Wong, a trader who has in-depth research on treasury bonds futures, told reporters that treasury bonds futures trading is very active in mature international markets, and he predicted that the day when domestic treasury bonds futures would be listed would come earlier.
However, with the gradual improvement of the product line of treasury bonds futures and the increase of market operation opportunities, it will inevitably attract more institutions to participate, and the further activity of treasury bonds futures is worth looking forward to.
"The trend of treasury bonds futures is stronger than that of general commodities, because it is obviously affected by macroeconomic cycles and monetary policies, so the trend is better to grasp." Alvin Wong said that "the trend of treasury bonds futures is relatively complete, with little volatility, and it is suitable for institutions and ordinary investors to operate".
It is understood that in the secondary bond market, the trading activity of 2-year bonds is much lower than that of 5-year bonds and 10-year bonds, but 2-year bonds are most obviously affected by macroeconomic policies and belong to policy-sensitive varieties, and the corresponding maturity bond futures may bring more band operation opportunities.
Some insiders told the reporter of Futures Daily that the CSRC approved CICC to conduct two-year treasury bond futures trading, which showed the management's determination to develop the financial futures market steadily, and the function of the stock index futures market could be restored in the future.
"When the bond market fluctuates abnormally, institutions will generally benefit from the use of treasury bonds futures. Their reduction in bond selling is also conducive to stabilizing the market. A large number of facts have proved that derivatives are not bad children, and stock index futures are not the chief culprit in the decline of A shares. " A person in charge of the asset management department of a securities firm who asked not to be named said that the approval of the listing of 2-year treasury bonds futures shows the management's attitude of supporting the development of financial futures, and it is expected that the trading restrictions of stock index futures will be further loosened in the future.