Wang Fenghai, general manager of the Shanghai Futures Exchange: Speed up the construction of a green derivatives market system.
Wang Fenghai, general manager of Shanghai Futures Exchange, stated at the 17th China (Shenzhen) International Futures Conference in 2021 that the Shanghai Futures Exchange has gradually clarified the path to better serve the development of the real economy through continuous exploration. Among them, the effective functioning of the futures market is fundamental, the promotion of the integrated development of futures and spot is the key, and a high-level opening to the outside world is the foundation.
Wang Fenghai said that on the basis of analyzing the market development situation, the Shanghai Futures Exchange has clarified the "five transformation" strategy led by the "five changes". The main work next year will start from the following aspects:
In terms of the integration of futures and spot, the Shanghai Futures Exchange will rely on the standard warehouse receipt platform to launch swap and basis business, and launch a futures-to-spot quotation area and a related product quotation area. At the same time, using bonded commodities as a breakthrough point and blockchain technology as the foundation, explore the construction of a bulk commodity warehouse receipt registration center.
In terms of domestic and foreign linkages, the Shanghai Futures Exchange will promote the listing of more open-ended products such as shipping index, LNG and naphtha, and study and explore the internationalization of gold futures. At the same time, continue to expand cooperation with overseas exchanges in various modes such as settlement price authorization, continue to promote the introduction of QFII and RQFII in the futures market, and explore the establishment of overseas delivery warehouses for international products.
In terms of green and sustainable development, the Shanghai Futures Exchange will accelerate the establishment of a green derivatives market system that meets the needs of domestic economic transformation, and actively research futures products such as cobalt, hydrogen, ammonia, and electricity, and serve the development of energy industries such as wind, solar, and hydrogen. At the same time, strengthen communication and cooperation with relevant institutions, explore and research the inclusion of "carbon peak, carbon neutral" and ESG elements, and launch green standards and services.
In terms of active technological empowerment, the Shanghai Futures Exchange will focus on “data makes supervision smarter”, strive to build a new generation of trading, settlement, and supervision systems, initiate digital transformation, and improve the level of technological supervision and information integration.
In terms of modern governance and management, the Shanghai Futures Exchange will always adhere to the principle of “system building, non-intervention, and zero tolerance”, and do a good job in the joint supervision of futures and spot products, strictly prevent market manipulation and excessive speculation, and improve the effectiveness of front-line market supervision and governance.