Position:Iron Perspective

Futures " new rule " what will bring to Chinese economy

From;    Author:Stand originally

Two meetings just rang down the curtain, the State Council was announced new " byelaw of futures buying operation " . Futures major personage thinks, futures " new rule " it is what be about to roll out not only point to futures clean up road, also will move for prospective China economy offer disparate the risk management tool at traditional method, to economic system of our country market construction has important sense.

Of Chinese option market build and normative

1988, our country puts forward to accelerate reform of commercial system of organization, develop market of of all kinds and wholesale commerce actively, exploration futures trades.

The initiative phase of Chinese option market is from October 12, 1990 Zhengzhou grain terminal market holds water begin. Zhengzhou grain terminal market from hold water rise to be a target with option market, the member that introduced Fair is made wait for option market mechanism.

After this, each district established a batch to contain futures to trade in succession the market of property. The bourse of Shenzhen nonferrous metal that held water on June 10, 1991 undertakes futures the earliest trade with the form of futures exchange, of the same age rolls out agreement of standard of futures of the first commodity of our country contract of fancy aluminous futures.

Stock index futures and empty headgear period protect be worth

Stock index futures, abbreviation point to futures, it is the financial futures contract of a kind of content that serves as mark with stock price index. Investor is used show futures undertakes covering period keeping a cost is a basis stock index and share price are the same as directional trend fluctuantly, contrary operation is become on the option market of the spot market of the stock and stock index, the risk with quits fluctuant share price.

The risk cent that stock market investor is faced with on the stock market plants: One kind is the integral risk of the stock market, call systematization risk again, namely the risk that the price of all or most stock fluctuates together. Another kind of risk is a risk, call blame systematization risk again, namely hold is odd a market value that the stock is faced with is fluctuant risk.

Come on stage from 1999 " futures buying operation is provisional byelaw " , to this year the State Council will release new castigatory on March 16 " byelaw of futures buying operation " , construction of our country option market had gone from adjust consolidate the course that develops quickly.

Contrast 1999 the temporary regulations of edition, new " byelaw of futures buying operation " basically have 6 big change: It is the suitable scope that enlarged byelaw, 2 it is the fixed position that made clear futures firm to regard finance as the enterprise further, 3 it is the limitation that relaxed to share principal part to the market, 4 was to strengthen control of option market risk and management, 5 was to set covert the specific cognizance standard of futures, 6 was to perfect option market to superintend system further. The special subject report that group of engineering of negotiable securities finance believes in points out, overall for, "Byelaw is what financial period kinds or types of goods plants to roll out and the further progress of option market provided jural safeguard. In the meantime, also be point to futures roll out cleared away an obstacle, the development space that extended financial futures " .
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