CSI Zhu Ying CTA fund network

In September 21st, PTA futures of the ZCE were approved to introduce foreign traders into specific varieties. Relevant officials in ZCE said that under the background of the "one belt and one way" initiative and the gradual internationalization of RMB, the introduction of PTA futures into the pilot market will further promote our country to become the pricing center of global polyester products, and better promote the futures market to serve the real economic development.

*Related preparations are in order.

PTA is an important raw material of bulk textile, and PTA price is the pricing center of polyester industry chain. In 2017, China's PTA output 35.86 million tons, the apparent consumption of 35.88 million tons, is the world's largest PTA producer and consumer country. In 2006, PTA futures were listed in ZCE. It is the first chemical futures in China and the only polyester industry chain futures in the world.

PTA futures market has been running steadily for more than ten years, and the effect of serving the real economy is remarkable. In the domestic market, PTA futures improve the pricing efficiency of upstream and downstream products and the efficiency of market allocation of resources, and enhance the level of risk management of enterprises. Calls for foreign related enterprises to enter the PTA futures market continue.

In this context, in order to better serve the real economy and the national strategy, ZCE, on the basis of ensuring the smooth operation of the market and closely linking with the demand of the domestic and foreign polyester industry, has studied and formulated the scheme of introducing PTA futures into overseas traders, and has started to repair relevant supporting systems and technical systems. We improved and built the tests and made a careful assessment. Preparations are now in place.

"PTA futures market is fully equipped with the" international trend ". The official said that from the market basis, PTA futures market has good liquidity and investor structure. In 2017, the average daily turnover of PTA futures reached 575,400 lots (unilateral, the same below), the average daily position reached 1,088,000 lots, PTA spot price correlation is up to 0.99. In the ranking of domestic industrial products in 2017, PTA ranked the forefront of industrial products. From the perspective of institutional basis, relevant systems and regulatory systems can effectively prevent and mitigate various risks and ensure the smooth and healthy development of the market.

*Foreign traders look forward to admission.

Relevant foreign trading enterprises and industrial institutions have a positive attitude towards the news that PTA futures have been approved as a special variety of foreign traders. Zanchi, chief executive of Italy's GSI, said he was keen to enter the market as a "qualified buyer". As the largest bottle dealer in Europe, GSI has long-term procurement contracts with Chinese factories, and the company hopes to lock in the volatility risk of the purchase price through the futures market. He said that foreign big buyers have been concerned about China's PTA futures, but the lack of a legitimate and stable channel of participation, so he hopes that the PTA futures market can be open to international traders.

Analysts believe that the introduction of PTA futures to foreign traders is of great significance. First, PTA futures prices have become an important reference for domestic enterprises and foreign enterprises in trade negotiations, the introduction of China's unique futures varieties to the world, will enhance the global impact of its prices, and promote China to become a global pricing center for polyester products. Second, the introduction of foreign traders to participate in the market, a wider group of traders, will help to ensure the fair rights and interests of relevant enterprises in international trade, enhance the effectiveness of hedging. Three, the import and export trade of PTA upstream and downstream products is highly compatible with the countries and regions along the belt and road. PTA futures will also play a role in a wider range and promote the development of the global polyester industry.

"ZCE will continue to deepen the implementation of various preparatory work, and take the opening of PTA as an opportunity to introduce a group of overseas participants with strong, well-known and high management standards to optimize the market structure, enhance the internationalization level of ZCE, and better serve the international development of Chinese enterprises, and help build the" one belt along the way ". China's economy is open to the outside world. The above-mentioned person in charge said that the PTA has completed the preparatory work of introducing foreign traders, such as rule demonstration, system revision and system development.

The person in charge said that the next step, ZCE will continue to do relevant preparations to ensure that PTA futures introduced to overseas traders safe and smooth launch. One is to solicit suggestions from domestic and foreign traders to continuously improve the relevant rules for PTA to introduce foreign traders; the other is to actively carry out market-wide coordinated testing to ensure the safety and efficiency of the technical system; the third is to strengthen the study of oversea supervision system and Trader' behavior to ensure the smooth operation of the market after opening up; and the fourth is to do a solid job for investors. Education and publicity work helps overseas traders better understand rules and do better market risk prevention and control.

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