From April 20 to 21, 2019, the 13th China Futures Analysts & Off-the-counter Derivatives Forum, sponsored by China Futures Association, was held at JW Marriott Hotel in Hangzhou. The theme of this forum is "Futures and Derivatives Market Service National Strategy" which is based on the origin and efficient integration of innovation and development.

In the thirteenth China Futures Analysts and OTC Derivatives Forum held from April 20 to April 21, the head of DCE said that DCE would continue to strengthen the construction of the OTC market, introduce more OTC market tools, and enhance the level of service entity economy.

Deputy general manager of DCE, Wang Yufei delivered a speech in the OTC derivatives points BBS, she thought the domestic supply side structural reform continued to deepen, China's economy is speeding up from rapid growth to changes in the development of high quality, physical and economic development, national strategic deployment of renminbi-denominated commodity pricing and risk management center construction set the new request, also provides unprecedented opportunities for derivatives market development.

She pointed out that OTC options, swaps, indices and other products have diverse, flexible and efficient advantages in meeting the individual risk management needs and financial arrangements of industrial enterprises, and have broad development space. Over the years, big business firms have continued to support futures companies to carry out pilot OTC options and explore effective ways for service industry enterprises. On December 19, 2018, they successfully launched commodity swap business and took the lead in providing this new tool to the market in the field of commodity derivatives. At present, they have launched six swap businesses in chemical, corn and other varieties. They have independently developed and issued 37 commodity futures. The index promotes banks, securities companies, futures companies, fund companies and so on, and develops 17 products based on the commodity index of big business firms. In the future, DCE will continue to enrich commodity swap business, promote the listing of price difference swaps, base difference contracts and other structural futures products, vigorously promote the application of commodity index and continuously improve the level of service entity economy in accordance with the idea of "building a platform, providing services, enhancing credit and preventing risks".

Wang Yufei emphasized that futures business institutions are an important link between exchanges and customers, and a key link in the futures market function. At present, the strength of futures business institutions has improved significantly, their business models are constantly enriched, and they have accumulated rich experience in the development area of the OTC market. In the future, the development of OTC market has put forward more and higher requirements for futures operators. Futures operators need to continue to innovate service means and strengthen service capabilities towards the goal of modern global financial enterprises.

In the forum, the relevant business leaders of the DCE introduced the construction process and operation of the OTC market. Since 2013, Dalian Commercial Exchange has been studying and deploying the construction of OTC market. In 2015, Dalian Commodity Exchange Integrated Service Platform was officially developed. At present, large firms have formed many OTC business lines, such as OTC derivatives business, futures spot price index and commodity warehouse receipt business. The platform has launched a series of agricultural products warehouse receipt replacement, iron ore warehouse receipt service, iron ore warehouse receipt replacement and commodity swap business.

For commodity swap business, the DCE have recruited 57 swap dealers and approved 6 designated depository banks for comprehensive business. Since the commodity swap business was launched, the total nominal principal has been over 7 million yuan. On the basis of bilateral liquidation of commodity swap business, DCE will gradually promote the research and implementation of centralized liquidation mode of OTC business.

At present, DCE are promoting the basis trading business on OTC platforms. After the launch of the business, it will provide the market with more credible base price and qualified trading counterparts, effectively alleviate the problems existing in the market, such as the lack of guidance for base price quotation, the lack of counterparts for base risk hedging, and the difficulty of financing and expensive financing of private enterprises, small and medium-sized enterprises.

In addition, DCE has also actively studied and launched pilot base swap business based on DCE iron ore futures price and spot index to further meet the needs of enterprise base risk management.

由中国期货业协会主办的第十三届中国期货分析师暨场外衍生品论坛在杭州JW万豪酒店举办。本届论坛以“立足本源高效融合创新发展——期货及衍生品市场服务国家战略”为主题。
在4月20日至4月21日召开的第十三届中国期货分析师暨场外衍生品论坛中，大连商品交易所（以下简称大商所）相关负责人表示，大商所将持续加强场外市场建设，推出更多场外市场工具，提升服务实体经济水平。
大商所副总经理王玉飞在场外衍生品分论坛中致辞，她认为国内供给侧结构性改革不断深化，中国经济正加快从高速增长向高质量发展转变，实体经济发展、国家战略部署对以人民币计价的大宗商品定价中心和风险管理中心建设提出了新的要求，也为衍生品市场发展提供了前所未有的机遇。
她指出，场外期权、互换、指数等产品，在满足产业企业个性化风险管理需求和财务安排等方面具有多样、灵活、高效等优势，具有广阔发展空间。多年来，大商所持续支持期货公司开展场外期权试点，不断探索服务产业企业的有效途径；2018年12月19日，成功上线商品互换业务，在大宗商品衍生品领域率先向市场提供这一新工具，目前已在化工、玉米等品种上开展6笔互换业务；自主研发并发布了37只商品期货指数，推动银行、证券公司、期货公司、基金公司等，开发了17只基于大商所商品指数的产品。未来，大商所将按照“搭建平台、提供服务、提升信用、防范风险”的思路，持续丰富商品互换业务，推动价差互换、基差合约及其他结构性期货产品上市，大力推动商品指数应用，持续提升服务实体经济水平。
王玉飞强调，期货经营机构是连接交易所和客户的重要纽带，是期货市场功能发挥的关键环节。当前，期货经营机构的实力明显提高，其经营模式不断丰富，在场外市场发展方面积累了丰富经验。未来，场外市场发展对期货经营机构提出了更多、更高的要求，期货经营机构还需向全球化的现代金融企业目标继续创新服务手段，加强服务能力。
大商所相关业务负责人在论坛中介绍了场外市场建设过程以及运行情况。自2013年大商所就着手研究部署场外市场建设工作，并于2015年正式开发上线“大连商品交易所综合服务平台”技术系统。目前，大商所已经形成了场外衍生品业务、期现货价格指数和大宗商品仓单业务多个场外业务线，平台先后推出了农产品仓单串换、铁矿石仓单服务、铁矿石仓单置换和商品互换等多项业务。
针对商品互换业务，大商所已累计招募57家互换交易商，核准6家综合业务指定存管银行，商品互换业务上线以来，累计名义本金规模为7000余万元。大商所将在商品互换业务双边清算的基础上，逐步推进对场外业务的集中清算模式的研究与实现。
目前，大商所正推动在场外平台开展基差交易业务。业务推出后，将为市场提供更具公信力的基差价格和合格的交易对手方，有效缓解目前市场存在的基差报价缺少指导、基差风险对冲缺少对手以及民营企业、中小企业融资难、融资贵的问题。
此外，大商所也积极研究推出价差互换和基于大商所铁矿石期货价格和现货指数的基差互换业务试点，进一步满足企业的基差风险管理需求。