On the morning of August 12, TSR 20 futures were officially listed in Shanghai International Energy Exchange (INE), a subsidiary of Shanghai Futures Exchange. Fang Xinghai, Vice Chairman of CSRC, Weng Zuliang, Standing Committee of Shanghai Municipal Committee and Secretary of Pudong New Area Committee attended the ceremony and jointly sounded the gong for the listing of TSR 20 futures.

Jiang Yan, chairman of Shanghai Futures Exchange, gave an interview to reporters on the significance of TSR 20 futures listing and future planning.

The following is the interview record:

Q: What is the significance of listing TSR 20 futures?

Answer: TSR 20 futures is the second international product listed by INE. Based on the enormous market scale of natural rubber in China, INE listing TSR 20 futures is not only conducive to building the pricing system of global natural rubber market, serving the development of China's rubber industry, boosting China's tire industry from a big manufacturing country to a strong manufacturing country, serving China's natural rubber enterprises to "go out", but also conducive to promoting opening up China's futures market to further expand the influence of China's natural rubber futures market, it is a powerful measure to serve the country's "one belt and one road" initiative.

At present, SHFE natural rubber product series has natural rubber futures, natural rubber futures options and natural rubber standard warehouse receipts business, each variety of functions play a good role, effectively serving the real economy. With the listing of TSR 20 futures, the platform construction pattern of SHFE natural rubber product series is clearer, covering both international and domestic markets, which will further expand the international influence of China's natural rubber futures market.

In addition, SHFE actively contributed to the national strategy of precise poverty alleviation, continued to increase support for the pilot project of "insurance + futures" precise poverty alleviation of natural rubber, and fulfilled its social responsibility. In 2019 alone, SHFE invested more than 100 million yuan. By providing price risk management tools for the rubber industry chain enterprises to help enterprises lock in costs and keep profits, TSR 20 futures will also help improve the competitiveness of China's natural rubber industry, serve China's natural rubber enterprises to "go out" and implement the national " The Belt and Road" initiative.

Question: What measures will TSR 20 take after its successful listing?

Answer: According to the unified arrangement of the exchange business, after the successful listing of TSR 20 futures, we will timely develop the cross-market arbitrage directives between TSR 20 and SHFE existing natural rubber futures, in order to further promote the interaction and function between the two varieties, so as to achieve 1 + 1 > 2. In addition, according to the continuity of the existing natural rubber futures contracts in TSR 20 and SHFE, the introduction of market maker system is explored to further increase the liquidity of the two kinds of contracts. In addition, we plan to add TSR 20 on the standard warehouse receipt business platform to meet the personalized transaction needs of relevant enterprises and further serve the real economy.

Question: As the second international product of SHFE, what are the plans for the internationalization of TSR 20 futures?

Answer: TSR 20 futures adopt the listing mode of "international platform, net price trading, bonded delivery, RMB valuation", and comprehensively introduce foreign traders to participate.

In the future, SHFE will take the smooth operation of crude oil futures and the successful listing of TSR 20 futures as an opportunity, promote reform through opening up, and take the following substantive measures to make greater strides in internationalization. First, we will continue to improve the business mechanism, strengthen market promotion, further enhance overseas participation, and improve the crude oil and TSR 20 futures market. Second, we will continue to expand the internationalization of futures varieties and study and promote the internationalization of existing varieties, including the development of low-sulfur fuel oil futures contracts and copper futures. Third, we should promote overseas layout, explore the establishment of delivery warehouses and increase registered brands in the countries along the " The Belt and Road "; fourth, enhance cross-border supervision capabilities, improve the regulatory cooperation mechanism, and further promote cooperation with overseas exchanges and trade associations.

At the TSR 20 futures listing ceremony held on August 12, Jiang Yan also introduced that SHFE has listed 16 futures and 2 options. By the end of July this year, the total turnover of SHFE Group amounted to 76 million lots, an increase of 18.3% over the same period of last year; the general corporate customers of SHFE group amounted to 25,000 households, an increase of 7.3% over the same period of last year, and the volume of hedging transactions increased by 30.4% over the same period of last year. According to the statistics of the FIA, SHFE ranked first among the global commodity futures and options exchanges in volume in the first half of the year. At the same time, SHFE has achieved positive results in opening up, with the total number of INE customers exceeding 70,000, an increase of 137.2% year-on-year, general corporate customers 38.2% year-on-year, and overseas customers 121.6% year-on-year. In the recent week, foreign traders accounted for 17.5% of the total volume, with an average daily positions of 23.7%. Since the listing of crude oil futures, trading volume has been among the top three in the world.

We adhere to the advantages of the Chinese system, and build a governance pattern of poverty alleviation at the five levels of provinces, cities, counties and villages, and implementing the responsibility system at all levels. We should pay attention to six precisions, namely, the precise object of support, the precise project arrangement, the precise use of funds, the precise measures to the household, the precise dispatch of people from villages and the precise effect of poverty alleviation, so as to ensure that the benefits of various policies fall on the target of poverty alleviation. We adhere to classified policies, people-local policies, poverty-reason policies, poverty- types policies, through supporting production and employment development, relocation and resettlement, ecological protection, poverty alleviation through education, poverty alleviation through low-income policies.

8月12日上午，TSR 20期货在上海期货交易所子公司上海国际能源交易中心（以下简称“INE”）正式挂牌交易。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出席仪式，并共同为TSR 20期货上市鸣锣。

上海期货交易所理事长姜岩就TSR 20期货的上市意义和未来规划接受了21世纪经济报道记者的专访。

以下为采访实录：

问：TSR 20期货上市都有哪些意义？

答：TSR 20期货是INE上市的第二个国际化品种。基于我国天然橡胶自身庞大的市场规模，INE上市TSR 20期货既有利于构建全球天然橡胶市场的定价体系，服务我国橡胶工业的发展，助力我国轮胎产业从制造大国迈向制造强国，服务我国天然橡胶企业“走出去”，又有利于推进我国期货市场对外开放，进一步扩大我国天然橡胶期货市场影响力，是服务国家“一带一路”倡议的有力举措。

当前，SHFE天然橡胶产品序列已有天然橡胶期货、天然橡胶期货期权和天然橡胶标准仓单业务，各品种功能发挥良好，有效地服务了实体经济。随着TSR 20期货的上市，SHFE天然橡胶产品序列“一主两翼”的平台建设格局更加清晰，同时覆盖国际国内两个市场，将进一步扩大我国天然橡胶期货市场的国际影响力。

此外SHFE还积极助力精准扶贫国家战略，继续加大对天然橡胶“保险+期货”精准扶贫试点项目的支持力度，履行社会责任，仅2019年就投入了1亿多元人民币。通过为橡胶产业链企业提供价格风险管理的工具，帮助企业锁定成本、守住利润，TSR 20期货还将有利于提高我国天然橡胶产业竞争力，服务我国天然橡胶企业“走出去”，践行国家“一带一路”倡议。

问：TSR 20期货在成功上市后,还会有哪些举措？

答：根据交易所业务工作的统一安排，在TSR 20期货成功上市后，我们将适时开发TSR 20和SHFE现有天然橡胶期货之间的跨市场套利指令，以进一步促进两个品种间的互动和功能发挥，做到1+1>2 。此外，根据TSR 20和SHFE现有天然橡胶期货合约连续性情况，探索引入做市商制度，进一步增加两个品种合约的流动性。另外，我们还计划在标准仓单业务平台上增加TSR 20品种，以满足相关企业的个性化交易需求，进一步服务实体经济。

问：TSR 20期货作为SHFE第二个国际化品种，SHFE在国际化方面有哪些规划？

答：TSR 20期货采用“国际平台、净价交易、保税交割、人民币计价”的上市模式，全面引入境外交易者参与。

未来，SHFE将以原油期货的平稳运行和TSR 20期货的成功上市为契机，以开放促改革，通过以下的实质举措，迈开国际化的更大步伐。第一，我们将继续完善业务机制，加强市场推广，进一步提升境外参与度，做优原油和TSR 20期货市场；第二，持续扩大期货品种国际化，研究推进现有品种的国际化，包括开发低硫燃料油期货合约和铜期货国际化等；第三，推进境外布局，探索在“一带一路”沿线国家设立交割仓库和增加注册品牌；第四，提升跨境监管能力，完善监管协作机制，进一步推进与境外交易所、行业协会的合作。

在8月12日举行的TSR 20期货上市仪式上，姜岩还介绍称，目前SHFE已上市16个期货品种和2个期权品种。截至今年7月底，SHFE集团累计成交量7.6亿手，同比增加18.3%；SHFE一般法人客户约2.5万户，同比增加7.3%，套保交易量同比增长30.4%。据美国期货业协会（FIA）统计，SHFE上半年成交量在全球商品期货与期权交易所中排名第一。与此同时，SHFE对外开放取得积极成效，INE客户总数逾7万户，同比增长137.2%，一般法人客户同比增长38.2%，境外客户同比增长121.6%；最近一周，境外交易者交易量占比17.5%，日均持仓量占比23.7%。原油期货自上市以来成交量一直稳居全球同品种前三名。

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