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Series Report No. 3 on "Enhancing the Opening up of Futures Market to Promote High-quality Economic Development"

Fang submitted 2019-08-06 14:35:45

With the listing of crude oil futures and the introduction of iron ore and PTA futures to foreign investors, the level of opening up of China's futures market has been continuously improved. In the future, the pace of internationalization of the futures market will be further increased. On the one hand, more futures will follow the trend and introduce foreign investors. On the other hand, the participants in the futures market will accelerate their comprehensive ability and actively embrace the internationalization of the futures market.

More futures varieties will be internationalized
With the acceleration of the opening up of the futures market, more commodity futures begin to enter the fast lane of internationalization.
"As a specific futures variety, Rubber No. 20 will be formally listed on August 12 in the INE." Relevant persons in charge told Futures Daily that the introduction of Rubber No. 20 will help to enhance China's position in the global natural rubber market and provide "going out" rubber industry chain enterprises with tools to manage price risk and help enterprises lock in costs and keep profits.
The person in charge said that, unlike the existing natural rubber futures in the SHFE, Rubber No. 20, as a new international product, will replicate the relevant policies of crude oil futures and fully introduce foreign traders to participate.
In addition, according to the requirements of the new IMO regulations, the upper limit of sulfur content of marine fuel will be reduced from 3.5% to 0.5% by 2020. In response, the SHFE indicated that we should strive to launch international low-sulfur fuel oil futures within this year, enhance the influence of international pricing in China's bonded marine fuel oil market, and promote China's development from a major maritime power to a powerful maritime power.
"In recent years, with the maturity of methanol futures, the price influence of methanol futures in international trade has gradually emerged." One in charge of relevant department in ZCE said that most of the methanol import traders in the port area participate in the futures market for hedging, and the methanol suppliers and traders in the international market pay more attention to and even try to participate in the methanol futures.
Based on the successful operation of PTA futures by foreign traders, ZCE has also studied how to promote methanol futures to become a specific variety and open to global traders. The person in charge said.
"At present, we are accelerating the research and preparation of internationalization of agricultural products such as soybean No. 1, soybean No. 2, palm oil and chemical varieties such as linear low density polyethylene and polypropylene, constantly improving the level of opening to the outside world, enriching customer risk management tools and investment strategies. Relevant persons in charge of DCE said that the internationalization business of iron ore futures has been running for more than a year, and the business links of trading, settlement and delivery have withstood the test. The various systems are continuously optimized and improved, laying the foundation for the internationalization of other varieties and accumulated experience. The next step is to continue to promote the internationalization of more varieties and deepen the strategic transformation of the diversified opening of exchanges.
Market Expects Continuous Expansion of International Varieties
In fact, the introduction of more varieties of foreign investors is an inevitable requirement for the further opening of China's futures market. Many foreign investors and intermediaries are very concerned about the new internationalized varieties.
Expert said that through communication with customers, we know that all kinds of overseas customers have a very positive and expectant attitude towards the introduction of more specific varieties. "Many foreign secondary agent customers and industrial customers believe that there is still a gap between the coverage of the industrial chain and the supply of products for the current international futures varieties. The market urgently needs to introduce more international varieties in order to create a better trading environment."
For enterprises, Zhang Zijian, chairman of Henghua International Finance Co., Ltd., believes that listing more international products will stimulate the participation of relevant enterprises in the industrial chain and make the use of futures as a conventional risk management scheme.
"In the face of operating risks such as price and exchange rate fluctuations, enterprises have been actively looking for hedging tools. Compared with previous years, enterprises have gradually deepened their understanding of futures, and the use of futures tools has gradually entered a good situation."
According to the relevant officials in a futures company, based on the need of risk management, foreign entities also need to participate in the domestic derivatives market to meet their hedging and arbitrage hedging needs.
The cross-market arbitrage opportunities between CBOT soybean futures and DCE soybean futures, as well as the linkage and cross-market opportunities between SHFE, Tokyo Commodity Exchange and Singapore Exchange for the future N.20 rubber futures, have attracted wide attention from overseas customers. Exchanges promote the internationalization of commodities, improve the participation of foreign investors, better meet the hedging needs of enterprises, and at the same time help to increase the liquidity of commodities, enhance the interaction between products of exchanges, and provide better financial tools for real enterprises.
Challenges and Opportunities of Futures Companies Co-exist
With the introduction of more international futures, China's futures market will continue to move forward on the road of opening to the outside world. For futures companies, international business ushers in opportunities for further development. At the same time, how to improve the service ability of overseas market and create the differentiation advantage of international business is a challenge for futures companies.
Zhang Zijian said that the gradual deepening of foreign investors' participation has put forward higher requirements for the service ability of futures companies. For example, the requirements of IT technology, English customer service and R&D report for industry.
An expert said that with the increase of international varieties, futures companies need to further improve their investment and research capabilities. "Previous research reports of futures companies mostly cover domestic markets. With the increase of international varieties, more and more relevant research reports will be exported to overseas markets, which will promote the promotion of professional degree of investment and research departments and the cultivation of international vision."
Insiders believe that the development of overseas customers is time-consuming and costly, and there are many problems that need to be considered in advance. From the introduction to a smooth landing, to delivery, front, middle and back office need a lot of communication. "In the key compliance review process, we all participate in the whole process, not only taking into account the risks of opening accounts, trading and settlement, but also taking into account the abnormal trading risks that the exchanges are concerned about. At the same time, there are differences in trading habits and system culture between domestic and foreign derivatives markets. Customers are not familiar with the trading system, risk control rules and spot delivery process in China, and a lot of market cultivation needs to be done.
The increasing number of internationalized products has higher requirements on the comprehensive abilities of relevant business personnel, including professional accomplishment, service awareness and communication ability. Futures companies currently have relatively limited talent reserves, which may restrict the development of international business.
Enhancing the Service Ability of Overseas Market in Many Aspects
Facing the opportunities and challenges of internationalization, futures companies and exchanges are making great efforts in personnel, technology and system construction to enhance the service capability of overseas markets.
In order to enable foreign investors to have a basic understanding of China's domestic futures market, the relevant person in charge of a futures company said that the company would organize relevant market promotion activities to introduce the domestic derivatives market to institutional investors, as well as the trading rules, regulatory system, participation channels and delivery rules of international varieties. Domestic and foreign customers as well as professional investment institutions set up exchange platforms to share their experiences.
Zhang Zijian also believes that, while strengthening the existing service team's learning of domestic and foreign market trading rules, it is also necessary to organize relevant service files for different types of customer groups to form standardized services to ensure that professional and efficient services can be provided later. "In addition, R&D support for different types of customers should be strengthened, such as R&D of industrial customer hedging and price difference analysis of related products.
The investment and upgrading of financial science and technology will continue to increase, maintaining the leading level of low-latency high-frequency trading system in the industry. At the same time, we should build basic databases and industrial databases to effectively improve the research capacity and quality of international markets.
On the one hand, futures companies are making efforts to improve their service level from the inside; on the other hand, exchanges are also doing more to promote the internationalization of the futures market.
In addition to promoting the internationalization of more varieties, the exchange also actively explores ways to cooperate with overseas exchanges, and to cooperate with the exchanges and agencies of countries and regions along the "one belt one road" to promote win-win cooperation in the global derivatives market. "The exchange will further improve the system and measures to facilitate the participation of domestic and foreign customers, such as actively promoting QFII/RQFII, interconnection and other mechanisms, further improving the management of special legal person accounts for offshore fund products, providing more convenience for overseas customers to participate in the market of large merchants, and promoting the development of cross-linked iron ore futures prices. Enriching the channels for traders to participate in the futures market through ETF products.
The expert suggested that we should continue to promote the optimization of the relevant rules and procedures of crude oil futures, such as simplifying the establishment process of trading accounts for overseas customers appropriately, saving the time and cost of opening accounts, introducing a more flexible profit exchange system that is close to the needs of overseas customers, and improving the efficiency of the use of overseas funds; They should manage appropriately and simplify the knowledge examination procedure.
The expert also said that actively studying the inclusion of more mature commodity futures varieties into specific varieties could enhance the ability of commodity futures market to serve enterprises in cross-border trade and expand the international influence of China's futures prices.



拥抱国际化 全面提升服务能力

“加大期市开放力度,促进经济高质量发展”系列报道之三
随着原油期货上市,铁矿石、PTA期货引入境外投资者,我国期货市场的对外开放水平不断提高。未来,期货市场国际化的步伐将进一步加大,一方面,更多期货品种将顺应潮流,引入境外投资者;另一方面,期货市场各参与主体加快提升综合能力,积极拥抱期货市场国际化发展。
更多期货品种将走向国际化
在期货市场对外开放步伐加快的背景下,更多商品期货开始进入国际化的快车道。
“作为特定期货品种,20号胶期货8月12日将在上期能源正式挂牌交易。”上期所相关负责人对期货日报记者表示,20号胶期货的推出,有利于提升我国在全球天然橡胶//市场的地位,可以为“走出去”的橡胶产业链企业提供管理价格风险的工具,帮助企业锁定成本、守住利润。
该负责人表示,有别于上期所现有的天然橡胶期货,20号胶期货作为国际化新品种,将复制原油期货相关政策,全面引入境外交易者参与。
此外,根据国际海事组织新规要求,2020年之前将船用燃油的含硫标准上限从当前的3.5%降低到0.5%。对此,上期所表示,力争年内推出国际化的低硫燃料油期货,提升中国保税船用燃料油市场国际定价影响力,推动我国从海运大国发展成为海运强国。
“近年来,随着甲醇期货趋向成熟,甲醇期货在国际贸易中的价格影响力逐渐显现。”郑商所相关负责人表示,目前港口地区的甲醇进口贸易商大都参与期货市场进行套期保值,国际市场的甲醇供应商、贸易商也比较关注甚至尝试参与甲醇期货。
“基于此,郑商所也在PTA期货引入境外交易者成功运行的基础上,研究推动甲醇期货成为特定品种,向全球交易者开放。”上述负责人表示。
“目前,我们正在加快推进黄大豆1号、黄大豆2号、棕榈油等农产品和线型低密度聚乙烯、聚丙烯等化工品种国际化的研究和准备,不断提升对外开放水平,丰富客户风险管理工具和投资策略,助推现货与期货、国内与国外的合作共赢。”大商所相关负责人表示,铁矿石期货的国际化业务运行一年多来,交易、结算、交割等业务环节经受住了检验,各项制度在持续优化完善,为其他品种国际化奠定了基础,积累了经验。大商所下一步要继续推进更多品种国际化,深化交易所多元开放的战略转型。
市场期待国际化品种继续扩容
事实上,更多品种引入境外投资者是我国期货市场进一步对外开放的必然要求,不少境外投资者以及中介机构都对新的国际化品种非常关注。
期货公司相关负责人表示,通过与客户沟通了解到,各类境外客户对于更多特定品种的推出抱着十分积极和期待的态度。“不少境外二级代理客户和产业客户都认为,目前的国际化期货品种在产业链覆盖面和产品供给上仍有差距,市场亟待推出更多国际化品种,以营造更好的交易环境。”
对于实体企业而言,横华国际金融股份有限公司董事长张子健认为,上市更多的国际化品种,会带动产业链相关企业的参与,让利用期货避险成为企业风险管理的常规方案。
“面对价格、汇率波动等经营风险,实体企业一直在积极寻找避险工具,与前几年相比,现在实体企业对期货的认识逐步加深,运用期货工具渐入佳境。”
期货公司相关负责人认为,基于风险管理的需要,境外实体企业也需要参与我国境内衍生品市场,满足其套期保值和套利对冲等需求。
“美国CBOT大豆期货和大商所大豆期货之间的跨市场套利机会以及未来20号胶期货在上期所、日本东京商品交易所和新交所间的联动和跨市机会,受到境外客户的广泛关注。”期货公司相关负责人表示,各交易所推动品种国际化,在提高境外投资者的参与度,更好地满足企业套期保值需求的同时,有助于增加品种流动性,增强各交易所产品间的互动,为实体企业提供更好的金融工具。
期货公司挑战与机遇并存
随着更多国际化期货品种的推出,我国期货市场将在对外开放的道路上继续前行,对于期货公司而言,国际化业务迎来进一步发展的机遇。与此同时,如何提升境外市场服务能力,打造国际化业务的差异化优势,是各期货公司面临的挑战。
张子健表示,境外投资者参与程度的逐步加深,对期货公司的服务能力提出了更高的要求。比如对IT技术的要求、对英文客服的要求、对实体产业的研发报告要求等。
期货公司相关负责人也表示,随着国际化品种增加,需要期货公司进一步提高投研能力。“以前期货公司的研究报告大多数只是覆盖境内市场,随着国际化品种的增加,相关研究报告会越来越多地输出到境外市场,这将促使投研部门专业度的提升以及国际视野的培养。”
期货公司相关负责人认为,开发境外客户耗费时间成本较大,需要提前考虑的问题也比较多,从引进来到顺利落地,再到交割,前中后台需要很多方面的沟通。“在比较关键的合规审查环节,我们都全程参与,不仅要考虑到开户、交易、结算的风险,还要考虑到交易所关注的异常交易风险等。同时,境内外衍生品市场的交易习惯、制度文化存在差异,客户对我国境内的交易制度、风控规则、现货交割流程等方面还不熟悉,还需做大量的市场培育工作。”
“国际化品种增多对相关业务人员的综合能力,包括专业素养、服务意识以及沟通能力都有更高的要求。”期货公司上述负责人表示,期货公司目前在人才储备方面相对有限,可能会制约国际化业务的发展。
多方位提升境外市场服务能力
面对国际化的机遇与挑战,期货公司、交易所等正在人才、技术、制度建设等多方面发力,提升境外市场服务能力。
为了能让境外投资者对我国境内期货市场有基本的了解,期货公司相关负责人表示,公司会举办相关市场推广活动,向机构投资者介绍境内衍生品市场情况以及国际化品种的交易规则、监管制度、参与渠道、交割细则等,为境内外客户以及专业投资机构搭建交流平台,分享彼此经验。
张子健也认为,在加强现有服务团队对境内外市场交易规则学习的同时,还要针对不同类型客户群体,整理相关服务档案,形成标准化服务,确保后期能提供专业高效的服务。“此外,还要加强针对不同类型客户的研发支持,如产业客户套保方面的研发以及相关产品价差分析等。”
期货公司相关负责人表示,公司积极接触贸易商等具有现货背景的境外企业,调研客户套期保值、交割仓库、物流运输等需求,依托集团资源优势,积极拓展境外市场客户。“金融科技的投入和升级改造力度将持续加大,保持低延迟高频交易系统在行业内的领先水平。同时,搭建基础数据库、产业数据库,有效提升国际市场的研究能力和质量。”
一方面,期货公司正从内部发力提升自身服务水平;另一方面,各交易所也在推动期货市场国际化方面开展更多工作。
大商所表示,除了推动更多品种国际化,交易所还积极研究探索与境外交易所开展合约互挂合作、与“一带一路”沿线国家和地区交易所或机构之间合作路径,助推全球衍生品市场的合作共赢。“交易所将进一步完善制度措施,便于境内外客户参与,如积极推动QFII/RQFII、互联互通等机制,进一步完善境外基金产品特殊法人账户管理工作,为境外客户参与大商所市场提供更多便利;推动开发挂钩铁矿石等期货价格的跨境ETF产品,丰富交易者参与期货市场的渠道。”
期货公司相关负责人建议,应持续推动原油期货相关规则、流程的优化,如适当简化境外客户交易账户设立流程,节约开户交易时间成本;推出更为灵活、贴近境外客户需求的盈利换汇制度,提高境外资金使用效率;优化投资者适当性管理,简化知识考试程序。

该负责人还表示,积极研究将更多成熟的商品期货品种纳入特定品种,可增强商品期货市场服务企业跨境贸易的能力,扩大我国期货价格的国际影响力。



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