上期能源：原油期货特殊法人客户成交增大

INE：Increase in the turnover of special institutional clients of crude oil futures

自3月26日上市以来，上海原油期货运行平稳，境外投资者逐步进入。上海国际能源交易中心（下称上期能源）相关负责人日前介绍了原油期货的最新发展情况。引人关注的是，原油期货特殊法人客户成交量正逐步扩大，尤其是境外客户的持仓和成交量已具备一定水平。

Since its listing on March 26, Shanghai crude oil futures have been running smoothly and foreign investors have gradually entered. The relevant person in charge of Shanghai International Energy Trading Center (hereinafter referred to as INE) introduced the latest development of crude oil futures. It is interesting to note that the trading volume of special institutional clients of crude oil futures is gradually expanding, especially the open interest and turnover of overseas customers have reached a certain level.

上期能源市场推广部刁夏楠在出席“第十届申万宏源·衍生品论坛”时表示，现阶段原油期货市场投资者结构与国内大部分期货品种类似，个人投资者数量占比相对较大，其次是一般单位客户，特殊法人客户相对较少。不过，从成交情况看，特殊法人客户的成交量正在逐步扩大，持仓占比已经超过1/4。

INE's marketing department, Diaoxianan, said at the 10th Shenwan Hongyuan Derivatives Forum：At present, the investor structure of the crude oil futures market is similar to most domestic futures varieties. The proportion of individual investors is relatively large, followed by general unit customers and relatively few special institutional clients. However, from the transaction situation, the transaction volume of special institutional clients is gradually expanding, and the proportion of positions has exceeded 1/4.

据介绍，目前原油期货市场的境外客户数量仍较为有限，但境外客户的成交和持仓量已具备一定规模，成交量占比通常在10%左右，持仓量占比超过10%，有时持仓占比甚至能达到20%，境外客户的资金体量和专业水平都很高。

According to him, the number of overseas customers in the crude oil futures market is still relatively limited, but the turnover and positions of overseas customers have already reached a certain scale. The volume accounted for about 10%, and the position accounted for more than 10%. Sometimes the proportion of positions can even reach 20%. And overseas customers have a large amount of funds and a high level of professionalism.

“原油期货上市至今的半年多时间，总体运营情况良好，成交量和持仓量稳步增长，期货市场价格发现功能初步体现。但客观来说，与欧美成熟品种相比还不够，市场培育也需要时间，境外投资者需要一定的规则适应期。” 刁夏楠说。

“More than half a year after the crude oil futures has been listed, the overall operation is in good condition, and the volume and open interest have increased steadily. The function of price discovery in the futures market is initially reflected. But objectively speaking, compared with mature varieties in Europe and America, it is not enough, and it takes time to cultivate the market. Foreign investors need a certain period of adaptation." Diaoxianan said.

刁夏楠最后表示，上期能源未来将在新加坡进行注册，推动各项针对境内外投资者的教育活动，完善信息技术（IT）系统在境内外的对接，持续推进实物交易效率，持续推进交易所法规与国际接轨的工作。

Diaoxianan finally said, INE will register in Singapore in the future, promote educational activities for domestic and foreign investors, improve the interface of information technology (IT) systems at home and abroad, continue to promote the efficiency of physical transactions, and continue to promote the work of INE regulations in line with international standards.