Commodity index futures are approaching and are expected to become the first product listed in Guangzhou Futures Exchange

On June 30, Guangzhou Futures Exchange and China Securities Commodity Index Company signed a strategic cooperation framework agreement.

In the past two months, Dalian Commodity Exchange, China Financial Futures Exchange and Shanghai Futures Exchange have respectively reached strategic cooperation with China Securities Commodity Index Company.

Earlier, a person from Guangzhou Futures Exchange told a reporter that “Guangzhou Futures Exchange has already carried out the research and development of commodity index futures products under the guidance of the China Securities Regulatory Commission. The China Securities Regulatory Commission has designated the China Securities Commodity Index Company to be responsible for national compilation of commodity indexes."

So far, China still lacks an internationally recognized and authoritative commodity index. Although the current futures exchanges have compiled commodity futures indexes but only limited to their own listed products, there is no cross-market and cross-product national commodity index.

Gan Han, a professor at the School of Economics of Xiamen University, believes that the compilation of a unified national commodity index based on the increasingly complete variety of commodity futures and the growing market in China. It can be expected that the futures market will launch related commodity index futures and commodity index options.

A number of interviewed experts also told reporters that, compared to carbon emission futures, which have not yet been perfected by spot trading, commodity index futures are more likely to become the first product of the Guangzhou Futures Exchange. In addition, innovative products such as foreign exchange futures and electronic futures are also expected to become reserve products.

Compile a unified commodity index across markets and products

In the past two months, China Securities Commodity Index Company has reached strategic cooperation with Guangzhou Futures Exchange, DCE, Shanghai Futures Exchange, and China Financial Exchange. As early as December last year, it had reached strategic cooperation with Zhengzhou Commodity Exchange. China Securities Commodity Index Company has signed a strategic cooperation agreement with five domestic futures exchanges and the futures market monitoring center.

Zheng Hu, Chairman of the Guangzhou Futures Exchange, stated that the two parties should take the opportunity of signing a strategic cooperation framework agreement to carry out comprehensive cooperation in the fields of index product cooperative development, information service sharing, market promotion, equity investment, etc., jointly do a good job in commodity indexes as well as related futures product development and listing work.

Cairen Sun, Chairman of China Securities Commodity Index Co., said that China Securities Commodity Index Co., Ltd. will actively cooperate and develop in coordination with futures exchanges such as the Guangzhou Futures Exchange in accordance with the deployment requirements of the China Securities Regulatory Commission under the guidance of the strategic cooperation framework agreement. Build a high-standard commodity index system and an index product system with credibility and international competitiveness, and provide high-quality services for the construction of the Xiongan and the Guangdong-Hong Kong-Macao Greater Bay Area, helping the capital market to serve the real economy.

China Securities Commodity Index Company was registered and established in Xiongan in December 2020. It was jointly funded and established by Shanghai Futures Exchange, Zhengzhou Commodity Exchange, Dalian Commodity Exchange, and China Financial Futures Exchange, with a registered capital of 1 billion yuan.

As a securities and futures financial institution directly managed by the China Securities Regulatory Commission, the main business functions of China Securities Commodity Index Co., Ltd. are the compilation, operation and maintenance, release, authorization and related data information and technical services of commodity indexes, macro indexes, government bonds and other financial indexes, and build a Chinese commodity index system as a high quality and high standards system.

In recent years, global commodity indexed investment has developed rapidly, and a large number of commodity index funds have emerged from this. With the continuous enrichment and improvement of China’s commodity futures product system, it has become an urgent task to study the establishment of commodity index companies and compile national unified commodity indexes.

According to the reporter's understanding, all futures exchanges have compiled commodity futures indexes limited to their listed products. Among them, DCE has launched the agricultural product futures index series and the industrial product futures index series. The index series include composite indexes, component indexes, thematic indexes and single commodity indexes. DCE has also launched related derivatives on the basis of these indexes in order to meet the trading demands from investors.

So far, China still lacks an internationally recognized and authoritative commodity index. Therefore, it is urgent to launch an internationally recognized nationally unified commodity index. This index can not only be used as a leading indicator of economic operation, but also an important indicator of the capital market and the futures market investment tools.

An industry analyst pointed out, “The compilation of a unified commodity index can not only set up various derivatives on the basis of the index to meet the hedging and investment needs of market futures traders, but also provide early warning signals for the macro economy. At the same time, it can also help improve the international influence and pricing power of China's futures market as well as promote the international trade."

Among the international commodity indexes, the United States Commodity Research Bureau Index (CRB) is the most representative and has been widely recognized and highly praised by governments, researchers and investors from various countries. In addition, internationally well-known commodity indexes include S&P-Goldman Sachs Commodity Index (S&P GSCI Index), Dow Jones-Swiss Union Bank Commodity Index (DJ-UBSCI Index), etc., but no commodity indexes represents China currently.

After 30 years of development, China’s commodity futures and options market has continued to expand. The listed products cover multiple industrial fields such as agricultural products, basic metals, precious metals, energy and chemicals have formed commodity futures that are more complete and consistent with the stage of China’s economic development. The product system and the influence of some futures products in the international market has continued to increase, which has laid the foundation for China to compile a national unified commodity index and listed commodity index futures.

Some experts analyzed and pointed out that the relevant commodity index should be compiled from different links of the industry, concept, and industrial chain, and from multiple perspectives, so as to provide relevant departments and market institutions with clearer leading indicators for the total and structural problems in the economy. At the same time, relevant futures and derivatives will be launched as soon as possible to provide more abundant tools for entity companies to manage commodity price risks in their daily operations

Commodity index futures are expected to become the first product

Since May, the State Council executive meeting has repeatedly named "bulk commodities" to crack down on accumulation and price hikes. In response to the recent large fluctuations in commodity prices, some exchanges have also issued market risk warning announcements many times.

On June 10, the chairman of the China Securities Regulatory Commission, Huiman Yi, pointed out that since the fourth quarter of last year, the prices of some bulk commodities have continued to rise, and the price discovery and risk management functions of related bulk commodity futures have been better utilized.

Huiman Yi said that due to various reasons, the pricing benchmarks of some commodities in international trade mainly rely on international spot indexes and over-the-counter market quotations. Call on relevant international institutions to establish a more rigorous and scientific index compilation mechanism, improve the transparency and binding force of quotations, and jointly improve the efficiency of commodity price discovery, so as to better maintain the stability and security of the global industrial chain supply chain.

Xufeng Luo believes that “At present, the listing of carbon emission option futures on the Guangzhou Futures Exchange is a high probability event, but there is still uncertainty about whether it is the first listed product. I believe that the Guangzhou Futures Exchange will adopt more flexible and market-oriented Variety selection mechanism."

In fact, compared to carbon emission option futures and electricity futures, which currently lack the basis for spot trading, commodity index futures based on futures prices are easier to implement.

Gan Han pointed out that commodity index derivatives often have the advantages of low cost, wide risk coverage, good liquidity and easy understanding. They are important tools for investors to manage market systemic risks and carry out investment portfolio allocation. They may become the important factor in the futures market in the future."

Commodity index futures are on-market derivatives for indexed investment. The compilation of commodity indexes is mostly based on futures prices, not spot prices. Commodity index futures have the characteristics of both commodity futures and financial futures. The products are highly standardized and have low correlation with mainstream investment instruments such as stocks and bonds. Incorporating them into asset allocation can diversify risks, hedge against inflation, and attract more institutional investors participated in the transaction.

In December last year, Xinghai Fang, vice chairman of the China Securities Regulatory Commission, stated at the China (Shenzhen) International Futures Conference, we should accelerate the development and listing of commodity index and commodity index futures options, and support relevant institutions to develop more commodity index funds, commodity index ETFs and other investment product.

Xinghai Fang said that there are still deficiencies in current commodity investment in residents’ wealth management. For example, China has no listed commodity index futures products, and the number of commodity options is relatively small. The functions of commodity index funds and commodity index ETFs need to be improved. The development of commodity index funds and commodity index ETF markets has just started. The proportion of asset management products is still small, and the management capabilities of financial institutions need to be improved.

According to the latest statistics from the China Futures Industry Association, the cumulative trading volume of the national futures market from January to May this year was 3.125 billion, with a cumulative trading volume of 239.34 trillion yuan, an increase of 51.49% and 77.80% year-on-year respectively.

With industrial customers, institutional funds and foreign investors entering the market, the volume of the futures market has shown explosive growth in the past year. As of the end of April this year, customer equity in the futures market reached 1024.352 billion yuan, breaking through the trillion level for the first time in history. In the past year, customer equity in the futures market has increased by nearly 400 billion yuan.

At present, the domestic derivatives market is in a period of rapid development, with market liquidity and the proportion of institutions increasing year by year, and it has become an important tool for financial and industrial institution risk management.

According to data from the Mid-term Association, as of now, China has listed 93 futures and options, which basically cover the main areas of the national economy such as agricultural products, metals, energy and chemicals, and finance. Among them, the trading volume of commodity futures has ranked first in the world for many years. In 2020, China’s futures market will launch a total of 12 new varieties, the number hitting a record high level. In addition, there are alumina, tungsten, magnesium, aluminum alloy, rare earth, coffee, potato, scrap, chicken, wood and other varieties. R&D and listing work is progressing in an orderly manner.

商品指数期货步伐临近，有望成为广州期货交易所首个品种

6月30日，广州期货交易所与中证商品指数公司签署战略合作框架协议。

过去两个月，大连商品交易所、中国金融期货交易所以及上海期货交易所分别和中证商品指数公司达成战略合作。

此前，一位接近广期所的人士告诉南方财经全媒体记者，“广期所已经在证监会的指导下开展商品指数期货产品的品种研发，证监会业已指定中证商品指数公司负责全国统一性的商品指数编制。”

迄今为止，我国尚缺乏国际公认的具有权威性的大宗商品指数。尽管当前各家期货交易所均编制了局限于自己上市品种的商品期货指数，但尚未有跨市场、跨产品的全国统一性商品指数。

厦门大学经济学院教授韩乾认为，在我国商品期货品种日益齐全、市场日益成熟的基础上编制全国统一性商品指数，可以预期，未来期货市场将会推出相关商品指数期货和商品指数期权。

多位受访专家也向记者表示，相比于现货交易尚未完善的碳排放权期货而言，商品指数期货成为广期所首个品种的可能性更大。此外，外汇期货、电力期货等创新品种，亦有望成为储备品种。

编制跨市场、跨产品的统一性商品指数

过去短短2个月时间，中证商品指数公司已经分别和广期所、大商所、上期所、中金所分别达成战略合作，而早在去年12月份，已经和郑州商品交易所达成战略合作。至此，中证商品指数公司已与国内5家期货交易所以及期货市场监控中心签署了战略合作协议。

广州期货交易所党委书记、董事长胡政表示，双方应以签署战略合作框架协议为契机，在指数产品合作开发、信息服务共享、市场推广、股权投资等领域开展全面合作，共同做好商品指数及相关期货产品研发上市工作。

中证商品指数公司党委书记、董事长孙才仁表示，中证商品指数公司将按照证监会部署要求，与广期所等期货交易所一同，在战略合作框架协议的引导下，积极合作、协同发展，高标准构建有公信力和国际竞争力的商品指数体系和指数产品体系，高质量服务雄安新区建设和粤港澳大湾区建设，助力资本市场发挥好服务实体经济能力的提升。

中证商品指数公司于2020年12月在雄安新区注册成立，由上海期货交易所、郑州商品交易所、大连商品交易所、中国金融期货交易所共同发起出资设立，注册资本金10亿元。

作为证监会直接管理的证券期货类金融机构，中证商品指数有限公司主要业务职能是商品指数、宏观指数、国债等金融指数的编制、运维、发布、授权及相关数据信息和技术服务，高起点高标准构建中国商品指数体系。

近年来，全球商品指数化投资发展迅速，由此涌现了大批商品指数基金。随着我国商品期货品种体系的不断丰富和完善，研究组建商品指数公司，编制全国统一性商品指数，上市商品指数期货已成当务之急。

据记者了解，目前各家期货交易所均编制了局限于自己上市品种的商品期货指数。其中，大商所已经推出农产品期货指数系列和工业品期货指数系列，该指数系列包括综合指数、成分指数、主题指数和单商品指数等，大商所还在这些指数的基础上推出相关的衍生品，用于满足投资者交易需求。

迄今为止我国尚缺乏国际公认的具有权威性的大宗商品指数，因此亟需推出为国际认可的全国统一性大宗商品指数，该指数不仅可以作为经济运行的先行指标，也是资本市场、期货市场重要的投资工具。

一位业内分析人士指出，“编制统一性商品指数不仅可以在指数基础上设置各种衍生品以满足市场期货交易商套保和投资需求，而且能够为宏观经济提供预警信号。同时也有助于提高我国期货市场的国际影响力和定价权，可以从侧面促进国际贸易。”

在国际商品指数中，美国商品研究局指数（CRB）最具代表性，已受到各国政府、研究者和投资者的广泛认可和高度评价。此外，国际上著名的商品指数还有标普-高盛商品指数（S&P GSCI指数）、道琼斯-瑞士联合银行商品指数（DJ-UBSCI指数）等，但代表中国的商品指数却仍为空白。

历经三十年的发展，我国商品期货和期权市场不断扩容，已上市的品种覆盖农产品、基本金属、贵金属、能源和化工等多个产业领域，形成了与我国经济发展阶段较为完备一致的商品期货品种体系，部分期货品种在国际市场上的影响力不断提升，这为我国编制全国统一性商品指数、上市商品指数期货奠定了基础。

有专家分析指出，应先从行业、概念、产业链的不同环节、多个角度编制相关商品指数，为相关部门和市场机构对经济中存在的总量问题和结构问题提供更加清晰的先行指标。同时，尽快推出相关期货及衍生品，为实体企业管理日常经营中的商品价格风险提供更丰富的工具。

商品指数期货有望成为首个品种

进入5月以来，国务院常务会议连续多次点名“大宗商品”，打击囤积居奇、哄抬价格等行为。针对近期大宗商品价格波动较大，部分交易所也多次发布市场风险提示公告。

6月10日，证监会主席易会满指出，去年四季度以来，部分大宗商品价格出现持续上涨，相关大宗商品期货品种的价格发现、风险管理功能得到较好发挥。

易会满表示，由于多方面原因，一些大宗商品国际贸易的定价基准，还主要依赖于国际现货指数和场外市场报价。呼吁相关国际机构建立更加严谨科学的指数编制机制，提高报价的透明度和约束力，共同提高大宗商品价格发现的效率，以更好维护全球产业链供应链的稳定和安全。

某期货公司董事长认为，“目前来看碳排放权期货在广期所上市是大概率事件，但是否为首个上市品种仍存在不确定性。相信广期所会采用更灵活、更接近市场的品种遴选机制。”

实际上，相比目前缺乏现货交易基础的碳排放权期货、电力期货，以期货价格为编制基础的商品指数期货更容易实现落地。

韩乾指出，商品指数衍生品往往具有成本低、风险覆盖面广、流动性好和易理解等优势，是投资者管理市场系统性风险和进行投资组合配置的重要工具，今后或成期货市场的“风口”。

商品指数期货是进行指数化投资的场内衍生工具，其商品指数编制大都基于期货价格，而不是现货价格。商品指数期货既有商品期货特征，又有金融期货的特征，产品的标准化程度高，与股票、债券等主流投资工具相关性较低，将其纳入资产配置可以分散风险，对冲通胀，可以吸引更多的机构投资者参与交易。

去年12月，中国证监会副主席方星海在中国（深圳）国际期货大会上表示，加快商品指数和商品指数期货期权品种研发和上市，支持相关机构开发更多商品指数基金、商品指数ETF等投资产品。

方星海表示，当前大宗商品投资在居民财富管理中还存在不足，比如我国还没有上市商品指数期货产品，商品期权数量较少，功能发挥有待提升，商品指数基金和商品指数ETF市场发展刚刚起步，在资管产品中所占的比重仍然较小，金融机构管理能力还有待提高。

据中国期货业协会最新统计数据显示，今年1-5月全国期货市场累计成交量31.25亿手，累计成交额239.34万亿元，同比分别增长51.49%和77.80%。

随着产业客户、机构资金以及境外投资者纷纷进场，近一年期货市场体量呈现爆发式增长。截至今年4月底，期货市场客户权益达到10243.52亿元，历史上首次突破万亿大关，过去一年来，期货市场客户权益暴增近4000亿元。

当前国内衍生品市场处于快速发展期，市场流动性和机构占比逐年提升，已经成为金融和产业机构风险管理的重要工具。

中期协数据显示，截至目前，我国已上市期货、期权品种93个，基本覆盖了农产品、金属、能源化工、金融等国民经济主要领域。其中，商品期货交易量连续多年位居世界第一。仅在2020年，中国期货市场合计推出新品种多达12个，数量创下历年新高，另外，还有氧化铝、钨、镁、铝合金、稀土、咖啡、马铃薯、废钢、鸡肉、木材等品种的研发上市工作正在有序推进中。