On September 8, the third China (Zhengzhou) International Futures Forum of 2018, jointly sponsored by Zhengzhou Municipal People's Government, Zhengzhou Commodity Exchange and Chicago Business Exchange Group, and jointly sponsored by Zhengzhou Zhengdong New Area Management Committee, Zhengzhou Municipal Government Finance Office and Futures Daily, opened in Zhengzhou International Convention and Exhibition Center. In the afternoon, as a preheating forum, the International Forum attracted a number of heavy-weight guests and relevant industry experts from both domestic and foreign exchanges. The forum discussed and exchanged in depth the path and experience of internationalization of foreign exchanges, the exploration of internationalization of domestic exchanges, and the opening up of China's futures market for China's futures market. The market opens wider to the outside world and provides more ideas, experiences and suggestions.

Xiong Jun, general manager of the ZCE, said in the forum speech that only by vigorously promoting international development can the futures market continue to enhance the ability and level of serving the real economy, better serve the enterprises, help build the "one belt and one road" and open the Chinese economy to the outside world.

Next, ZCE will further expand overseas registered brand delivery business; continue to promote the improvement of relevant supporting policies, more foreign commodities into the delivery system of ZCE; continue to expand the variety of bonded delivery and bonded area, to achieve the normalization of bonded delivery. As for the establishment of overseas institutions, the CSRC has approved the application for the establishment of a representative office in Singapore and is actively promoting the preparatory work for the establishment of a representative office. At the same time, it will continue to strengthen exchanges and cooperation with other countries, actively join mainstream international organizations, sign cooperative memorandum of understanding and other cooperation agreements with overseas institutions such as "one belt and one road" and other wider and wider regional institutions, strengthen exchanges and cooperation, and exchange visits, hold joint meetings, and send members to overseas research. We should learn closely, learn from experience and expand the influence.

In a speech on the development of China's futures market, William Knottenbelt, senior managing director and head of international business at CME, said that in the past few years, Chinese position as a major consumer in the raw material market has been further enhanced as China's merchandise trade strengths. It also promotes the continuous innovation of domestic risk management tools. Chinese first commodity option, soybean meal option, in 2017, and the first international futures product, crude oil futures, launched in this year's domestic market, are the result of increased demand for risk management, especially international risk management.

"In the first year of the internationalization of China's futures market, the internationalization of futures varieties, operators and investors will form a synergistic effect, and promote the healthy development of the futures market and the futures industry." Hu Yu-yue, director of the Institute of Securities and Futures of Beijing Business University, said in his speech that the internationalization of crude oil and iron ore futures this year highlighted the new posture of China's financial opening, promoted the internationalization of the RMB and realized the "point-to-point" action of internationalization of the futures market. At the same time, Hu Yuyue said that the early introduction of foreign exchange futures helps to avoid exchange rate risks in the process of internationalization of crude oil and iron ore futures, and helps to attract foreign investors to participate in China's capital market, which is conducive to the opening up of China's financial sector and the realization of the concept of "one belt and one road".

After the keynote speech, in order to better exchange the international development measures of domestic and foreign futures markets and exchanges, and discuss the international development direction of future domestic exchanges, the forum specially arranged the theme of "internationalization of overseas exchanges and thinking" and "international exploration of domestic exchanges under the background of" one belt and one road ". The two roundtable forums, drawing on the international development path of foreign exchanges, explore the direction of the internationalization of domestic exchanges in China.

At the roundtable forum on the Path and Thinking of the Internationalization of Overseas Exchanges, several experts from overseas exchanges said that overseas exchanges have been developing internationalization through various routes. Internationalization enables exchanges to enter the markets of various countries in the world, deepens market links and realizes cooperation.

According to Jane Peiyu, senior vice president and general manager of Greater China Market, internationalization is generally divided into two parts, not only to go out, but also to bring in products and institutions from outside. In such a globalized market, risk is globalized, so diversification is very important. Decentralized investment often means less risk, which requires more choices from relevant departments.

In recent years, exchanges in China have also made a series of useful explorations in internationalization. In the round table forum of "international exploration of domestic exchanges under the background of" one belt and one road ", the head of the international cooperation department from four exchanges in China introduced in detail the initiatives and insights of domestic exchanges in the process of internationalization exploration in the context of" one belt and one road ".

Wang Chende, director of the Department of international cooperation of ZCE, said that with the economic and trade exchanges between China and the countries and regions along the "one belt and one road", the construction of the future project will require a large amount of raw materials for bulk commodities.

Participants at the meeting believed that, because the futures market itself has the natural gene of market economy and internationalization gene, in the process of promoting the internationalization of China's futures market and futures exchange, how to deal with the relationship between the international rules and the maintenance of Chinese characteristics is very important. In order to achieve "seeking common ground while reserving differences, selecting the best and using the best", the difference of rules is normal, pluralism is common, and openness and tolerance is the trend. At the same time, according to the needs of investors, we also need to consider whether the Chinese model should be closer to international practices when there is a serious conflict between the Chinese model and international practices, and whether the future can be achieved by innovative exploration to integrate Chinese characteristics into international practices, so that the rules closer to investors.

Considering the path choice of the future internationalization of China's futures market, Hu Yu-yue indicated that there are three paths. The first is to promote the reform of the exchange system and create an international comprehensive service platform; the second is to promote the internationalization of varieties and consolidate the basis of the internationalization of the futures market; and finally, investors should be internationalized step by step, go out and bring in. We need to work together.

郑州商品交易所总经理熊军在论坛致辞上表示，只有大力推进国际化发展，期货市场才能不断提升服务实体经济的能力和水平，更好地服务企业，助力“一带一路”建设和中国经济的对外开放。
下一步，郑商所将进一步拓展境外注册品牌交割业务；持续推进完善相关配套政策，将更多境外商品纳入郑商所的期货交割体系；继续拓展保税交割品种及保税区范围，实现保税交割常态化。在境外设立机构方面，郑商所在新加坡设立代表处的请示已获证监会批复同意，目前正积极推进设立代表处的各项筹备工作。同时，郑商所将继续加强对外交流合作，积极加入主流国际组织；与“一带一路”沿线国家及地区等更大范围、更广地域的境外机构签署合作谅解备忘录等合作协议，加强交流合作；通过互访、联合举办会议、派员参加境外研修学习等多种方式，密切联系、借鉴经验、扩大影响。
对于中国期货市场的发展情况，芝加哥商业交易所集团（CME集团）高级常务董事兼国际业务负责人William Knottenbelt在演讲中表示，在过去几年中，随着中国商品贸易实力的增强，中国在原材料市场上的主要消费者地位得到进一步确认，这也推动了国内风险管理工具的不断创新。2017年中国推出的首个商品期权——豆粕期权，以及今年国内市场推出的首个国际化期货产品——原油期货等都是中国市场对风险管理特别是国际化风险管理需求提升下产生的结果。
“2018年开启了中国期货市场国际化元年，期货品种、经营机构、投资者国际化将形成协同效应，促进期货市场与期货行业健康发展。”北京工商大学证券期货研究所所长胡俞越在演讲中表示，今年原油铁矿石期货国际化彰显了中国金融开放新姿态，促进了人民币国际化进程，实现了期货市场国际化的“以点带面”之举。同时，胡俞越表示，尽早推出外汇期货有助于规避原油和铁矿石期货国际化过程中的汇率风险，有助于吸引境外投资者参与我国资本市场，有助于我国金融领域对外开放和“一带一路”构想的顺利实现。
主题演讲过后，为更好的交流境内外期货市场及交易所的国际化发展举措，共商未来境内交易所的国际化发展方向，论坛特别安排了以“境外交易所国际化路径及思考”及“‘一带一路’背景下境内交易所国际化探索”为主题的两场圆桌论坛环节，借鉴境外交易所国际化发展路径，探索中国境内交易所的国际化发展方向。
在“境外交易所国际化路径及思考”圆桌论坛上，多位来自境外交易所的专家均表示，境外交易所一直在通过各种路径进行国际化发展，国际化发展让交易所能够进入全球各个国家的市场，可以加深市场之间的联系，实现合作共赢。
据新交所高级副总裁兼大中华市场总经理简佩玉介绍，国际化一般分为两个部分，不仅要走出去，更要将外面的产品、机构等引进来。在目前这样一个全球化的市场中，风险是全球化的，因此多元化的配置十分重要。分散化投资往往意味着风险的降低，这也就要求了相关部门提供更多的选择。
近年来中国境内的交易所在国际化方面也做出了一系列有益的探索。在“‘一带一路’背景下境内交易所国际化探索”圆桌论坛上，来自境内四家交易所的国际合作部负责人详细介绍了在“一带一路”背景下，境内交易所近年来在国际化探索过程中的举措、感悟。
郑商所国际合作部总监汪琛德谈到，随着我国与“一带一路”沿线国家和地区的经贸往来，未来的工程建设将需要大量的大宗商品原材料，境内企业或境外企业在开展相关贸易时都要期货市场提供定价服务和规避风险的工具。
与会嘉宾认为，由于期货市场本身具有市场经济的天然基因和国际化基因，在推进中国期货市场和期货交易所的国际化进程中，如何处理好与国际规则接轨和保持中国特色两者之间的关系很是关键。对规则要做到“求同存异，择优而用”，规则的差异化是常态，多元化是共性，开放包容是趋势。同时，根据投资者的需求，我们也需要思考中国模式与国际惯例有严重冲突时是否要向国际惯例靠拢，未来是否可以通过创新探索做到将中国特色融入国际惯例，让规则更加贴近投资者。
思考未来中国期货市场国际化的路径选择，胡俞越表示有三条路径，第一是推动交易所体制改革，打造国际化综合服务平台；其次是推进品种国际化，夯实期货市场国际化基础；最后投资者国际要化循序渐进，走出去和引进来要协同发展。

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