ZCE: Creating a Better Investment Atmosphere for Institutional Investors
CCTV reporter, Cai Jun
The Forum of Futures Investment Institutions, a preheated forum of China (Zhengzhou) International Futures Forum, was held in Zhengzhou on September 1, 2019. Representatives from China Securities Investment Fund Association, relevant investment institutions, enterprises, futures companies and other institutions have made in-depth discussions on commodity investment and institutional investment strategy selection.
With the opening of financial supply-side reform, China's futures market serves the real economy in depth. The participants in the futures market show the trend of product, institutionalization and specialization. The position of institutional investors represented by private equity in the futures market is becoming more and more important. According to relevant data, as of the end of June, 77,000 private equity funds had been registered. The number and scale of private equity products and funds participating in the futures market increased significantly. The size of the futures market of private equity products was 87.57 billion yuan, an increase of 31.1% over the end of 2018, and the turnover and position increased by 40.2% and 58.1% respectively compared with the end of 2018.
According to the relevant person in charge of ZCE at the meeting, in order to adapt to the new trend of rapid development of institutional investors and promote the benign interaction and integration between industrial enterprises and investment institutions, ZCE has done a lot of work in serving institutional investors. First, we will improve new tools for new varieties and provide new channels for institutional investors to participate in the futures market. At present, ZCE has listed 20 futures and 2 options. The variety system basically covers agriculture, energy, chemical industry, building materials, metallurgy and other important areas of national economy. It has initially formed a new pattern that combines futures options, on-site and off-site coordination, and expands from domestic to overseas. The second is to improve market liquidity and enhance the participation space of institutional investors. In the first seven months of this year, the total volume of ZCE futures was 664 million lots (unilateral, the same below), up 59% year-on-year, accounting for 31% of the national market; in the first half of 2019, the average daily holding volume of ZCE futures was 3876,000 lots, up 13.4% year-on-year, and the market share was 26.4% year-on-year, up by 2.1 percentage points. Third, actively explore the construction of off-site market, provide a new way for the integration of production and investment, vigorously carry out the construction of off-site market and the development of product index ETF. Fourth, we should take various measures to promote opening-up. Last year, ZCE launched PTA to introduce foreign traders, and carried out market cultivation activities abroad. Fifth, we should strengthen innovation and create a good investment environment for institutional investors. Since this year, according to the principle of close to the market, the contract rules for barley, glass, cotton yarn and other varieties have been revised and completed, and the layout of warehouses for PTA, cotton, apple, rapeseed oil and rapeseed meal have been optimized.
Chen Chunyan, secretary-general of China Securities Investment Fund Association, said at the meeting that as one of the important professional institutional investors in the derivatives market, funds play an increasingly important role in the derivatives market. From the perspective of participating in the derivatives market, first, public funds have made breakthroughs. On August 27, three domestic commodity futures ETFs were approved by the CSRC for the first time since 2016. Second, the scale of private-equity investment commodities and financial derivatives has increased significantly. Third, private equity fund is an important force for private equity fund industry to invest in commodities and financial derivatives. Fourth, the futures industry began to focus on capital management industry and give full play to its advantages in derivatives field. Fifth, the managers of solely foreign-funded private equity fund gradually participate in the derivatives market. As a new type of professional institutional investors, the managers of solely foreign-funded private equity fund inject new vitality into the derivatives market.

In the next step, according to the unified deployment of China Securities Regulatory Commission, ZCE will persist in "four reverences, one joint effort", actively create a good market ecology, further promote the sustained, healthy and steady development of the futures market, and create a better investment environment for institutional investors. First, continue to vigorously promote product business innovation and enrich the variety system. We will accelerate preparations for the listing of soda ash, coffee, PX, staple fiber and peanut futures, accelerate the listing of options such as PTA, methanol and rapeseed meal, and do a good job in the research and development of commodity index ETF. The second is to make fine products that have been listed. We should amend and improve the contract rules for power coal, wheat, rice and other varieties as soon as possible, introduce market maker mechanism into more varieties, expand the variety position quota and standard, increase the promotion of "insurance + futures", continue to carry out various market cultivation work, and further deepen the service of institutional investors. Third, we will continue to strengthen market supervision and risk prevention. We should attach great importance to risk supervision, run risk prevention throughout the whole process of business development, strengthen the monitoring and analysis of key varieties, take timely measures to prevent and resolve potential market risks. Fourth, constantly improve and optimize the information technology system. According to the needs of market development, we should constantly improve the settlement and delivery system, synchronously build a new settlement 6.0 system to realize the new phase of the settlement system online; continuously optimize the membership service system, improve the unified opening of accounts, hedging applications, delivery, warehouse receipts and other business processing functions; and build a commodity index service system to lay the foundation for the development of index trading.

郑商所：为机构投资者营造更好投资氛围
2019中国（郑州）国际期货论坛的预热论坛——期货投资机构论坛9月1日在郑州举行。来自中国证券投资基金业协会、相关投资机构、现货企业、期货公司等机构的代表，围绕大宗商品投资和机构投资策略选择等问题进行了深入探讨。
随着金融供给侧改革的开启，我国期货市场服务实体经济不断深入，期货市场的参与主体呈现出产品化、机构化和专业化的发展趋势，以私募为代表的机构投资者在期货市场中的地位越来越重要。据有关资料显示，截至6月底，已备案私募基金7.7万只，参与期货市场的私募产品数量和资金规模大幅增长，私募产品期货市场规模为875.7亿元，较2018年底增长31.1%，成交金额和持仓分别较2018年增长40.2%和58.1%。
据郑商所相关负责人在会上介绍，为适应机构投资者快速发展的新趋势，推动产业企业和投资机构良性互动、融合发展，郑商所在服务机构投资者方面做了大量工作。一是完善新品种新工具，为机构投资者参与期货市场提供新渠道。目前郑商所已上市20个期货品种和2个期权品种，品种体系基本覆盖农业、能源、化工、建材、冶金等国民经济重要领域，初步形成了兼有期货期权，场内场外协同，从境内向境外拓展的新格局。二是改善市场流动性，提升机构投资者参与空间。今年前7个月，郑商所期货累计成交量6.64亿手（单边，下同），同比增长59%，占全国市场31%；2019年上半年，郑商所商品期货日均持仓量387.6万手，同比增加13.4%，市场份额26.4%，同比提高2.1个百分点。三是积极探索场外市场建设，为产投融合提供新途径，大力开展场外市场建设和开发商品指数ETF等工作。四是多举措推进对外开放。去年郑商所启动了PTA引入境外交易者，并在境外开展市场培育活动。五是加大创新力度，为机构投资者创造良好的投资环境。今年以来，按照贴近市场的原则，修改完成了强麦、玻璃、棉纱等品种合约规则，优化了PTA、棉花、苹果、菜油和菜粕等品种交割仓库布局和升贴水。
中国证券投资基金业协会秘书长陈春艳在会上表示，作为衍生品市场中重要的专业机构投资者之一，基金在衍生品市场中发挥越来越重要的作用。从参与衍生品市场情况来看，一是公募基金参与衍生品市场取得突破性进展，8月27日，国内三只商品期货ETF获得证监会批准，为2016年以来首次获批。二是私募产品投资商品及金融衍生品规模明显增长。三是私募基金是私募基金行业投资商品及金融衍生品的重要力量。四是期货资管行业开始专注资管本业，发挥自身衍生品领域优势。五是外商独资私募证券投资基金管理人逐渐参与衍生品市场，外商独资私募证券投资基金管理人作为新类型的专业机构投资者，为衍生品市场注入了新活力。
郑商所相关负责人还表示，下一步，郑商所将按照中国证监会统一部署，坚持“四个敬畏，一个合力”，积极营造良好市场生态，进一步推进期货市场持续健康稳步发展，为机构投资者营造更好的投资氛围。一是继续大力推进产品业务创新，丰富品种体系。加快推进筹备纯碱、咖啡、PX、短纤、花生等品种期货的上市，加快PTA、甲醇、菜粕等期权的上市，深入做好商品指数ETF的研发。二是做精做细已上市品种。尽快修改完善动力煤、小麦、水稻等品种合约规则，在更多品种上引入做市商机制，扩大品种持仓限额和持仓标准，加大“保险+期货”推广力度，持续开展各项市场培育工作，进一步深化机构投资者服务。三是持续加强市场监管和风险防范。高度重视风险监管工作，把防范风险贯穿于业务发展全过程；加强对重点品种的监控和监测分析，及时采取应对措施，防范化解市场风险隐患。四是不断完善优化信息技术系统。根据市场发展需要，不断完善结算交割系统，同步新建结算6.0系统，实现新一期结算系统上线；持续优化会员服务系统，完善统一开户、套保申请、交割、仓单等业务办理功能；建设商品指数服务系统，为开展指数交易奠定基础。