Top Five Futures Exchanges Gather in Shenzhen to Discuss the Path to Building World-Class Exchanges

On December 7th, the 19th China (Shenzhen) International Futures Conference took place. In the main forum's roundtable discussion, the heads of the five major futures exchanges came together to discuss the construction of world-class futures exchanges from multiple perspectives, mainly involving product system innovation, in-depth integration of futures and spot markets, service capability enhancement, and high-level opening up.

Perfecting the Layout of Commodity Futures Varieties

Varieties are the carriers of the functions of the futures market. So far, China's futures market has launched 143 futures and options varieties, widely covering the main areas of the national economy such as agriculture, metals, energy, chemical industry, building materials, shipping, and finance. The five major futures exchanges also leverage their respective field advantages to accelerate the formation of a diversified and interconnected product ecosystem.

Zhang Ming, Deputy General Manager of the Shanghai Futures Exchange, said that the exchange has been closely focusing on the basic and pillar industries of the national economy, with continuous enhancement of product innovation capabilities. This year, to serve the non-ferrous metal industry and provide a complete set of risk-avoidance tools, the exchange launched four option products including lead, nickel, tin, and alumina. Currently, the registration and listing of casting aluminum alloy futures and options, as well as offset printing paper futures and options, are in the final sprint. By 2025, to empower the development of new quality productive forces, the exchange will accelerate the development of liquefied natural gas, corrugated paper, and other varieties.

Wang Xiaoming, Deputy General Manager of the Zhengzhou Commodity Exchange, said that the exchange focuses on serving the construction of agricultural, manufacturing, and green low-carbon development powers. This year, the exchange launched options for red dates, glass, and bottle flakes, as well as futures for bottle flakes. The options for red dates and glass provide market participants with more refined and flexible risk management tools, and the futures for bottle flakes have been actively participated in by industry enterprises since its launch, forming a risk management closed loop with PTA, short fiber, and PX in the polyester industry. By 2025, the exchange will prepare for the listing of propylene futures and options, promote the listing of sunflower seed oil futures, and steadily advance the research and development of agricultural product futures such as chicken, garlic, and potatoes.

Cheng Weidong, Deputy General Manager of the Dalian Commodity Exchange, said that this year the exchange successfully launched three options for corn starch, eggs, and live pigs, as well as futures and options for log futures, making the variety more abundant and the tool system more complete. Next, the exchange will actively develop and list new futures varieties and supporting service products based on the characteristics and advantages of the varieties, striving to create a product system with a complete industrial chain and a complete variety of tools.

Guangzhou Futures Exchange recently announced an announcement to solicit opinions on the futures and options contracts for polysilicon and related business rules. Cao Zihai, Deputy General Manager of the exchange, said that the next step will also revolve around the "dual carbon" strategy, layout green development characteristic varieties, including carbon emission rights futures, refine and refine the green development variety plate, and actively promote the research and development of varieties such as platinum, palladium, and lithium hydroxide.

Promoting Deeper Integration of Futures and Spot Markets

The "Opinions on Strengthening Regulation, Guarding Against Risks, and Promoting High-Quality Development of the Futures Market" put forward the overall requirement for China's futures market to "help maintain the safety of industrial chains, supply chains, economic and financial security, and social expectations, and better serve the high-quality development of the real economy." How to enhance the depth of futures prices serving the industry and promote broader and deeper integration of futures and spot markets is a key focus of research for futures exchanges.

Zhang Ming said that the contract design that fits the standards and industrial needs of the spot market has high price discovery efficiency in the Shanghai Futures Exchange and is increasingly referred to and used by spot management departments and others. By 2025, the exchange will introduce better service measures to adapt to the needs of physical enterprises and the development trend of the spot market, comprehensively optimize the operation mechanism, and increase market promotion and cultivation efforts to do a good job in supporting agriculture special work and doing practical financial "five major articles."

Wang Xiaoming said that the futures prices of active varieties on the Zhengzhou Commodity Exchange have been widely used as the basis for spot trade, with nearly 90% of the spot purchase and sales trade volume of PTA using basis pricing. The "pricing" function of PX futures has gradually changed the pricing pattern of spot trade that completely relies on the dollar prices such as Platts. By 2025, we will continue to explore futures business models that adapt to China's development stage and continuously improve the application of futures prices as the basis for spot trade.

Cheng Weidong said that the Dalian Commodity Exchange has vigorously implemented the "Special Project to Improve the Participation of Industrial Customers," providing precise guidance and assistance to help enterprises improve their practice ability of combining futures and spot. Next, we will continue to fit the actual situation of the spot market and the needs of industrial development, continuously optimize the contract rules and systems, and continuously improve the level of market function. At the same time, we will continue to improve the participation of industrial customers and promote the wider application of futures prices in spot trade.

Cao Zihai said that the correlation between the spot and futures prices of the two existing varieties of the Guangzhou Futures Exchange has continued to maintain a high level, with industrial silicon reaching 98% and lithium carbonate reaching 99%. The pricing mechanism referring to futures prices has gradually been promoted in the industry, and its international influence has continued to expand. Next, we will build a multi-level market cultivation system and take various measures to improve the convenience of enterprise participation and reduce the participation cost of enterprises.

Cai Xianghui, Deputy General Manager of the China Financial Futures Exchange, elaborated on the thinking of combining financial futures with the spot market. He said that in the past two years, the investor structure of the financial futures market has been continuously enriched, with institutional positions accounting for about 80%, the operation quality has been further improved, and the function has been more smoothly played. Next, the exchange will better play the role of financial futures in "stabilizing the market and activating the market."

Outputting Chinese Prices and Telling Chinese Stories

Adhering to opening up is the only way for the futures market to move towards high-quality development. The exchanges discussed expanding cooperation between domestic and foreign exchanges and helping Chinese futures prices go global.

Zhang Ming said that at present, the Shanghai Futures Exchange has six varieties directly open to foreign traders, and 16 varieties have introduced qualified foreign investors. Market participants are distributed in more than 30 countries and regions, covering benchmark enterprises in the upstream and downstream of the industrial chain at home and abroad, multinational trading companies, investment banks, funds, and asset management companies. The participation of foreign customers has been further improved. By 2025, we will continue to expand the application scenarios of futures prices and increase the number of enterprises and trade scale that use the "Shanghai Price" for pricing, creating a "Shanghai Price" that matches the international financial center.

Wang Xiaoming said that the Zhengzhou Commodity Exchange attaches great importance to interaction, connection, and cooperation with foreign markets, including strengthening the exploration of opening up paths and business models, increasing the promotion and publicity of specific varieties, and continuously improving the bonded delivery plan. Next, we will continue to strengthen exchanges and mutual learning with domestic and foreign exchanges, make good use of platforms such as the "Belt and Road" initiative and RCEP, gather more international cooperation consensus, and jointly explore and study more practical and feasible cooperation methods to promote the dual connection of domestic and foreign markets and industries.

Cheng Weidong said that at present, the Dalian Commodity Exchange has 11 futures and option varieties that introduce foreign traders in a specific variety model, and qualified foreign investors can participate in 14 futures and option varieties. In the first 11 months of this year, the average daily position of foreign customers on the Dalian Commodity Exchange increased by 25% year-on-year, and the depth of participation continued to increase. Next, we will orderly promote the opening of futures and option varieties that meet the conditions, and continue to enhance the international influence of the market.

Cai Xianghui said that foreign capital has always regarded the opening of the derivative market and the enrichment of hedging channels as a prerequisite for entering the Chinese market. At present, the volume of foreign capital holding Chinese stocks and bonds has reached 7 trillion to 8 trillion yuan, and the demand for risk management is more urgent. Looking further, foreign capital with hedging tools can also alleviate the pressure of passive positioning adjustments and reduce the impact of "big in and big out" of funds on the market. It can be seen that financial futures are helpful in serving high-level opening up, helping foreign capital to come in, stay, and stabilize confidence and expectations.

Cao Zihai said that since its establishment, the Guangzhou Futures Exchange has established the development direction of a "innovative, market-oriented, and international" comprehensive exchange, and has always maintained an open attitude to promote the two-way opening and interconnection of domestic and foreign markets. First, based on the characteristic advantages of varieties, it has deepened the opening up of futures varieties to the outside world. Second, relying on the Guangdong-Hong Kong-Macao Greater Bay Area, it has built a characteristic highland with the feature of "one point, two places". Third, it has actively carried out international exchanges and cooperation to enhance the international influence of the exchange.

12月7日，第19届中国（深圳）国际期货大会举行，主论坛圆桌讨论环节，五大期货交易所负责人共聚一堂，从多个维度讨论了世界一流期货交易所的建设思路，主要涉及品种体系创新、期现深入融合、服务能力提升以及高水平对外开放等内容。

完善商品期货品种布局

品种是期货市场功能发挥的载体。截至目前，我国期货市场已上市143个期货期权品种，广泛覆盖农产品、金属、能源、化工、建材、航运、金融等国民经济主要领域。五大期货交易所也发挥各自领域优势，加快形成多元联动的产品生态。

上海期货交易所副总经理张铭表示，上期所紧紧围绕国民经济基础性和支柱性产业，品种创新能力持续增强。今年，服务有色金属产业配齐避险工具，上市了铅、镍、锡和氧化铝等4个期权产品。目前，铸造铝合金期货和期权、胶版印刷纸期货和期权品种注册上市工作，正进入最后冲刺阶段。2025年，为赋能新质生产力发展，上期所将加快推进液化天然气、瓦楞原纸等品种研发。

郑州商品交易所副总经理王晓明表示，郑商所聚焦服务农业强国、制造强国和绿色低碳发展，今年上市了红枣、玻璃期权和瓶片期货。红枣、玻璃期权为市场参与者提供更加精细灵活的风险管理工具，瓶片期货上市以来行业企业积极参与，与PTA、短纤、PX构成聚酯行业风险管理闭环。2025年，郑商所将做好丙烯期货期权上市准备，推动上市葵花籽油期货，稳步推进鸡肉、大蒜、马铃薯等农产品期货研发。

大连商品交易所副总经理程伟东表示，今年大商所顺利上市了玉米淀粉、鸡蛋、生猪等3个期权以及原木期货和期权，品种板块更加丰富，工具体系更加完备。下一步，大商所将结合品种特色和优势，积极研发上市期货新品种及其配套服务产品，着力打造产业链条完整、品种工具完备的产品体系。

广州期货交易所本月初发布公告，就多晶硅期货和期权合约及相关业务规则公开征求意见。广期所副总经理曹子海表示，下一步还将围绕“双碳”战略，布局绿色发展特色品种，包括碳排放权期货，做精做细绿色发展品种板块，积极推进铂、钯、氢氧化锂等品种研发。

推动期现市场更深入融合

《关于加强监管防范风险促进期货市场高质量发展的意见》对我国期货市场提出了“助力维护产业链供应链安全、经济金融安全和社会预期稳定，更好服务实体经济高质量发展”的总体要求。如何增强期货价格服务产业的深度，推动期现市场更广泛、更深入融合，是期货交易所研究的重点。

张铭表示，依托于契合现货市场标准和产业需求的合约设计，上海期货市场价格发现效率较高，并被越来越多的现货管理部门等参考和使用。2025年，上期所将出台更优的服务举措，适配实体企业需求和现货发展趋势，全面优化运行机制，并加大市场推广培育力度，做好支农专项工作，做实金融“五篇大文章”。

王晓明表示，郑商所活跃品种期货价格已被广泛作为现货贸易基准，PTA近90%的现货购销贸易量使用基差点价。PX期货“定价”功能显现，逐步改变了现货贸易完全依赖普氏等美元价格的定价格局。2025年，要持续探索适应中国发展阶段的期货业务模式，不断提升期货价格作为现货贸易基准的应用程度。

程伟东表示，大商所大力实施“提升产业客户参与度专项工程”，精准指导帮扶企业提升期现结合实践能力。下一步，要持续贴合现货市场实际和产业发展需要，不断优化合约规则制度，不断提升市场功能发挥水平。同时持续提升产业客户参与度，推动期货价格在现货贸易中更广泛应用。

曹子海表示，广期所两个现有品种期现货价格相关性持续维持高位，工业硅达到98%，碳酸锂达到99%，参照期货价格的定价机制在业内逐渐推广，国际影响力不断扩大。下一步，要搭建多层次市场培育体系，并多措并举提高企业参与便利度，切实降低企业参与成本。

中国金融期货交易所副总经理蔡向辉阐述了对金融期货期现结合的思考。他表示，近两年来，金融期货市场投资者结构不断丰富，机构持仓占比达到八成左右，运行质量进一步提高，功能发挥也更加顺畅。接下来，中金所将更好地发挥金融期货“稳定市场、活跃市场”的功能。

输出中国价格 讲好中国故事

坚持对外开放是期货市场走向高质量发展的必由之路。各家期货交易所就拓展境内外交易所合作、助力中国期货价格走向世界等话题展开讨论。

张铭表示，目前，上期所已有6个品种直接对境外交易者开放，16个品种引入了合格境外投资者，市场参与者遍布30多个国家和地区，涵盖产业链境内外上下游、跨国贸易公司、投资银行、基金和资产管理公司中的标杆性企业，境外客户参与度进一步提高。2025年，将继续拓展期货价格应用场景，提升以“上海价格”定价的企业数量和贸易规模，打造与国际金融中心相匹配的“上海价格”。

王晓明表示，郑商所高度重视与境外市场的互动、联通与合作，包括加强开放路径与业务模式探索、加大特定品种推介宣传力度、持续完善保税交割方案。下一步，将继续加强境内外交易所交流互鉴，合理利用共建“一带一路”倡议、RCEP等平台，凝聚更多国际合作共识，共同探索研究更加务实可行的合作方式，促进境内外市场、产业双接轨。

程伟东表示，目前，大商所有11个期货、期权品种以特定品种模式引入境外交易者，合格境外投资者可参与的期货和期权品种达到14个。今年前11个月，大商所境外客户日均持仓同比增长25%，参与深度持续提升。下一步，将有序推动符合条件的期货期权品种对外开放，持续提升市场国际影响力。

蔡向辉表示，外资一直把开放衍生品市场、丰富避险渠道作为进入中国市场的前提条件。目前，外资持有中国股票、债券的体量达到7万亿元至8万亿元人民币，风险管理需求更加迫切。进一步来看，外资有了避险工具也能缓解被动调仓的压力，减少资金“大进大出”对市场的冲击。可见，金融期货对服务高水平对外开放有帮助，有助于外资进得来、留得下、稳得住信心和预期。

曹子海表示，广期所自成立之初就确立了“创新型、市场化、国际化”综合性交易所的发展方向，始终保持开放态度，促进境内外市场的双向开放和互联互通。一是立足品种的特色优势，深化期货品种对外开放；二是立足粤港澳大湾区，打造“一点两地”特色高地；三是积极开展国际交流与合作，提升交易所的国际影响力。