TSR 20 futures were listed in Shanghai on August 12, becoming the fourth commodity futures product open to foreign traders after crude oil, PTA and iron ore, demonstrating China's determination to further promote the opening up of the financial industry.

TSR 20 is a kind of natural rubber. Its main production area is concentrated in Indonesia, Thailand and other Southeast Asian regions. It is the main raw material for tire production. With the development of automobile industry, China has become a major consumer of TSR 20. The fluctuation of price makes enterprises in the industry chain need risk management tools strongly.

Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said that TSR 20 is also an important raw material product for bilateral trade between China and Thailand, Indonesia and Malaysia. Against this background, it is logical to introduce 20 rubber futures in Shanghai and the introduction of foreign traders at the outset. This is of great significance for implementing the " The Belt and Road" initiative, enhancing the pricing influence of China in the global natural rubber market, and serving the upstream and downstream industries of the industrial chain.

In the natural rubber industry, the Shanghai Futures Exchange has previously launched natural rubber futures, options and standard warehouse receipts and other on-site derivatives. Previously, listed natural rubber futures focused on reflecting the supply-demand relationship in the domestic natural rubber market, while TSR 20 futures mainly reflected the supply-demand relationship of natural rubber worldwide, which complemented each other.

"The listing of TSR 20 futures will strongly promote relevant industries to manage risks by using futures market, and form effective linkage with existing natural rubber futures, natural rubber options and natural rubber standard warehouse receipts transactions, which will help to build a multi-level market system of spot, futures and options interconnection and domestic and overseas markets interconnection." Jiang Yan, chairman of Shanghai Futures Exchange, said.

Fang Xinghai, Vice Chairman of CSRC, and Weng Zuliang, Standing Committee of Shanghai Municipal Committee and Secretary of Pudong New Area Committee, jointly struck a gong for the listing of TSR 20 futures.

At present, both Singapore and Japan have listed TSR 20 futures contracts, which have a certain influence in the international market, according to relevant people.

"After the listing of China's TSR 20 futures, on the one hand, Shanghai market can carry out cross-market arbitrage with Singapore and Japan markets, on the other hand, it can also attract foreign traders and enhance the international influence of China's market." He said.

In March 2018, crude oil futures came on the market. It is the first futures product in China that can be traded with investors both at home and abroad. At present, "China version" crude oil futures are the third largest crude oil futures contracts in the world after New York and London.

According to data provided by Shanghai Futures Exchange, Shanghai International Energy Exchange, which lists crude oil futures, has made positive progress in opening up. At present, the total number of customers is more than 70,000, an increase of 137.2% over the same period of last year; among them, overseas customers have increased by 121.6% over the same period of last year. Overseas traders of crude oil futures accounted for 17.5% of the total trading volume and 23.7% of the average daily positions in the past week.

In recent years, in addition to continuing to expand the variety opening, China's commodity futures market has also put forward corresponding measures to optimize the system of investor appropriateness, improve the process of opening accounts and improve market efficiency, so as to further optimize the open environment of commodity futures market.

Fang Xinghai said that China's commodity futures market will be further opened up in the next step.

中国20号橡胶期货上市 推动金融市场持续对外开放

20号橡胶期货12日在上海挂牌交易，成为继原油、PTA和铁矿石之后，中国第四个对境外交易者开放的商品期货品种，彰显中国进一步推动金融业对外开放的决心。

20号橡胶是天然橡胶的一种，主产区集中在印尼、泰国等东南亚地区，是轮胎生产的主要原料。随着汽车工业的发展，中国已成为20号橡胶的主要消费国，价格的波动让产业链上企业对风险管理工具需求强烈。

中国证监会副主席方星海表示，20号胶还是中国与泰国、印度尼西亚、马来西亚等“一带一路”沿线国家双边贸易的重要原材料产品，天然具有国际化属性。在这一背景下，在上海上市20号胶期货并一开始就引入境外交易者参与，是顺理成章的事，这对践行“一带一路”倡议、提升中国在全球天然橡胶市场的定价影响力、服务产业链上下游企业都具有重要意义。

在天然橡胶产业中，上海期货交易所此前已推出天然橡胶期货，期权及标准仓单等场内衍生品。此前上市的天然橡胶期货侧重于反映国内天然橡胶市场的供求关系，而20号胶期货主要反映全球范围内的天然橡胶供求关系，二者互为补充。

“20号胶期货上市，将有力推动相关产业利用期货市场管理风险，并与现有的天胶期货、天胶期权、天胶标准仓单交易形成有效联动，助力建设现货、期货、期权互联，境内境外市场互通的多层次市场体系。”上海期货交易所理事长姜岩说。

中国证监会副主席方星海，上海市委常委、浦东新区区委书记翁祖亮一同为20号橡胶期货上市鸣锣。图片来源：上海期货交易所

建信期货研究员李捷表示，目前新加坡和日本都有挂牌20号橡胶期货合约，并在国际市场产生一定影响力。

“中国20号橡胶期货上市后，一方面，上海市场可以和新加坡、日本市场之间进行跨市场套利，另一方面也可以吸引境外交易者，提升中国市场的国际影响力。”他说。

2018年3月，中国境内首个境内外投资者可以同台交易的期货品种原油期货上市。目前，“中国版”原油期货稳居纽约和伦敦之后的全球第三大原油期货合约。

上海期货交易所提供的数据显示，原油期货上市的上海国际能源交易中心，对外开放取得积极进展，目前客户总数逾7万户，同比增长137.2%；其中境外客户同比增长121.6%。在最近一周，原油期货的境外交易者交易量占比为17.5%，日均持仓量占比为23.7%。

近年中国商品期货市场除了继续扩大品种开放外，还在优化投资者适当性制度、改进开户流程、提高市场效率等方面推出了相应的措施，使商品期货市场对外开放环境进一步优化。

方星海说，下一步中国商品期货市场还将进一步扩大开放。