Ruirong Huo, General Manager of CFFE: Promote the high-quality development of the financial futures market with the spirit of reform

On December 5th, Ruirong Huo, general manager of China Financial Futures Exchange, made a speech at the roundtable exchange session of the 17th China (Shenzhen) International Futures Conference. Ruirong Huo said that the Sixth Plenary Session of the 19th Central Committee of the Communist Party of China put forward new and higher requirements for the high-quality development of the capital market, which pointed out the direction for the development of the futures market, especially the financial futures market.

CFFE will conscientiously implement the decisions and deployments of the Party Central Committee and the State Council, and under the strong leadership of the Party Committee of the China Securities Regulatory Commission, promote the high-quality development of the financial futures market with the spirit of reform.

According to Ruirong Huo, as of now, CFFE has listed 3 stock index futures, 3 treasury bond futures, and 1 stock index options. The overall operation is safe and stable, the quality of operation continues to improve, and the economic function is increasingly emerging.

In terms of stock index futures, market positions have steadily increased, and the degree of institutionalization has been further improved. In the first three quarters of this year, the stock index futures market had an average daily turnover of approximately 290,000 lots, an average daily holding of 540,000 lots, and an average daily trading holding ratio of 0.53.

Institutional investors accounted for more than 50% of transactions, and holdings accounted for nearly 70%.

Regarding treasury bond futures, market pricing efficiency continued to maintain a high level, and the effectiveness of serving the real economy continued to increase. In the first three quarters of this year, the average daily turnover of treasury bond futures was nearly 100,000 lots, and the average daily holdings were 230,000 lots; the annual turnover and holding ratio of treasury bond futures remained at a reasonable level of about 0.5.

The price correlation coefficients of various types of treasury bond futures and corresponding cash bonds continued to remain above 99%, and the futures and currents were well-fitted and the basis was reasonably stable. At present, the proportion of institutional holdings of treasury bond futures is close to 90%, which is the futures product with the highest proportion of institutional holdings in China.

The hedging function of stock index options is gradually brought into play to improve and optimize the market ecology. In the first three quarters of this year, the average daily trading volume of CSI 300 stock index options was nearly 130,000 lots, and the trading volume of royalties was approximately 1.1 billion yuan.

Both the transaction holding ratio and the forward-to-spot transaction ratio are operating within a reasonable range, and the institutional transactions and holding positions account for about 60%, and the purpose of holding positions is more diversified. Among them, the hedging function holdings accounted for 20%, corresponding to an average daily insured spot market value of about 25 billion yuan, which played a positive role in maintaining the stable operation of spot stock market.

中金所总经理霍瑞戎：以改革精神推动金融期货市场高质量发展

12月5日，中国金融期货交易所总经理霍瑞戎在第17届中国（深圳）国际期货大会圆桌交流环节发言。霍瑞戎表示，党的十九届六中全会对资本市场高质量发展提出了新的更高要求，为期货市场特别是金融期货市场发展指明了方向。中金所将认真落实党中央、国务院决策部署，在证监会党委的坚强领导下，以改革精神推动金融期货市场高质量发展。

霍瑞戎介绍，截至目前，中金所已上市3个股指期货品种、3个国债期货品种和1个股指期权品种，总体运行安全平稳，运行质量不断提升，经济功能日益显现。

股指期货方面，市场持仓稳步增长，机构化程度进一步提升。今年前三季度，股指期货市场日均成交约29万手，日均持仓54万手，日均成交持仓比0.53。机构投资者成交占比超过五成，持仓占比接近七成。

国债期货方面，市场定价效率继续保持高水平，服务实体经济效能不断增强。今年前三季度，国债期货日均成交近10万手，日均持仓23万手；国债期货年成交持仓比维持在0.5左右的合理水平。国债期货各品种与对应现券的价格相关系数持续保持在99%以上，期现拟合良好、基差合理稳定。目前，国债期货的机构持仓占比已接近90%，是我国机构持仓占比最高的期货品种。

股指期权“保险”功能渐次发挥，改善优化市场生态。今年前三季度，沪深300股指期权日均成交量近13万手，权利金成交额约11亿元。成交持仓比、期现成交比均运行在合理区间，机构成交、持仓占比均约六成，持仓目的较为多元。其中，保险属性持仓占比达两成，对应日均受保现货市值约250亿元，对维护股票现货稳定运行发挥了积极作用。（费天元）