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SHFE: Improve the interconnection between the domestic and foreign futures markets and expand the degree of opening

Fang submitted 2020-11-09 10:21:16

On November 4, the "2020 China International Nickel and Cobalt Industry Annual Conference" hosted by China Nonferrous Metals Industry Association and Shanghai Futures Exchange (hereinafter referred to as the Shanghai Futures Exchange) was held in Nanjing.

In the opening speech, Wenshan Lu, director of Shanghai Futures Exchange said that after more than 20 years of development, the Shanghai Futures Exchange has an increasing varieties and steady growth in transactions. The transaction scale has ranked the first place in the global commodity and derivatives market for four consecutive years. Through continuous optimization of trading mechanisms, take contract of nickel futures as a pilot to introduce market maker mechanism and implement measures such as preferential fee discounts to guide customers to participate in discontinuous contract transactions, it also helps companies manage the price fluctuation risks, and continues to expand the breadth and depth of serving the real economy. It is reported that from January to October this year, Shanghai Futures Exchange's transaction volume continued to grow, with both transaction volume and transaction value reaches 1.68 billion lots and 116.8 trillion yuan, an increase of 43.9% and 26.1% year-on-year respectively.

Wenshan Lu stated that Shanghai Futures Exchange will conscientiously implement the policy of "building a system, non-intervention, and zero tolerance", continuously improve the quality of market operations, strive to improve service capabilities, the degree of levels, and create a standardized, transparent, open, dynamic and resilient market. The first is to improve the interconnection between the domestic and foreign futures markets and expand the degree of opening. Shanghai Futures Exchange uses copper contract as pilot projects, on the basis of keeping the existing copper futures unchanged, Shanghai International Energy Exchange Center launched an international copper futures net pricing contract that is directly open to the overseas traders. The second is to steadily promote the institutional opening of the futures market. In accordance with the unified deployment of China Securities Regulatory Commission, we will steadily promote the participation of qualified foreign institutional investors and RMB qualified foreign institutional investors in related commodity futures transactions, and study and introduce more channels and methods for foreign investors to participate in domestic futures. The third is to improve the legal construction and system support of the futures market. With the advancement of the marketization and internationalization of the futures industry, the futures law is urgently needed as an institutional guarantee to provide legal protection for the sustained, stable and healthy development of the futures market. Shanghai Futures Exchange is actively cooperating with relevant research to help improve the legal system of the futures market.

It is heard that the annual meeting of nickel and cobalt industry will take "conversion of new and old kinetic energy, promote internal and external circulation" as the theme, and focus on the global macroeconomic situation, industrial supply and demand structure and other market hotspots to contribute wisdom and gather strength for the transformation and upgrading of the nickel and cobalt industry.


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