Journalist, Wang Ning, Securities Daily

2018 is the "first year of internationalization" of China's futures market. PTA, iron ore and crude oil futures have become the first batch of internationalized products. Up to now, the overall operation is good.

At the "China (Zhengzhou) International Futures Forum 2019" held on September 2, the reporter of "Securities Daily" learnt the international operation "answer sheet" of PTA futures submission. There are 115 overseas customers’ accounts. The foreign customers hold more than 10,000 lots, and the market is running well.

Industry insiders pointed out that, as one of the symbols of the industry's opening to the outside world, internationalization of futures varieties is one of the most concerned focuses of all participants in the market. Up to now, the futures varieties are running well as investors are actively involved in trading. On this basis, we can expect that there will be more futures varieties realizing internationalization in the future. Chen Huaping, chairman of ZCE, told reporters that ZCE will provide more convenient conditions for foreign investors to participate in PTA futures trading in the later period.

PTA Futures Realizes "Double Crown"

Last November 30, ZCE PTA futures began to introduce foreign traders, which became the first chemical product in China's futures market. At the same time, it was also the first chemical product to introduce foreign traders, which was called the "double crown" of the first chemical product in the industry.

It is understood that up to now, 115 overseas customers have completed the account registration of PTA futures. Overseas customers hold more than 10,000 lots. 29 overseas brokerage agencies have completed the filing and can carry out the overseas brokerage business of PTA futures.

"At present, PTA futures function plays a good role. PTA futures price has become the pricing benchmark of spot trade. Futures price plus discount is widely used to determine the trade price in the industry." ZCE’s responsible person told the reporter of Securities Daily that over the years, the correlation of spot price of PTA futures has been over 0.90, and the breadth and depth of industrial enterprises' participation in PTA futures have further increased.

In the first eight months of this year, the holdings of PTA futures corporate customers accounted for 62%. Enterprises in the industrial chain use PTA futures tools to avoid risks in a flexible and diverse manner, such as point-to-point trading, warehouse receipt financing, agent processing, pre-sale of production capacity and arbitrage. PTA futures market continues to enhance the ability of serving entities. In the functional evaluation of domestic futures varieties in the first half of 2019, PTA futures ranked first in chemical products.

According to a data obtained by the reporter, PTA futures have good liquidity, which provides convenient conditions for relevant enterprises to avoid risks. In the first eight months of this year, PTA futures have accumulated 240 million lots (unilateral, the same below), accounting for about 10% of the national futures market, with an average daily turnover of 1.47 million lots, an increase of 134% compared with the same period of last year; average daily holding volume is 1.13 million lots, an increase of 41% compared with the same period of last year.

Xu Junting, deputy general manager of the head office of financial institutions of Bank of communications, said that the international trade volume of upstream and downstream products of PTA industry chain is large, and the main trading countries are distributed along the "one belt and one road" line. Under the background of RMB internationalization and the opening of futures market, PTA futures are introduced to foreign traders to further promote China to become the pricing center of global polyester products and enhance its international influence.

ZCE will speed up variety innovation and supply

The reporter of Securities Daily learned that after PTA futures were introduced to foreign traders, the market of ZCE has made breakthrough progress in opening up. Next, ZCE will expand its opening to the outside world, strive to improve the quality of market operation, and provide high-quality services for the real economy.

"In the later stage, we will vigorously promote the R&D and listing of staple fiber, bottle flakes, PX and other industrial chain varieties, create the futures variety basket of the polyester industrial chain, and help the stable operation of the polyester industry." Relevant person said that public ETF products linked to ZCE's enabled commodity index have been approved, and the exchange will enrich the ways for investors to participate in commodity futures market after listing. At the same time, it will accelerate the listing of PTA options to meet the individual and diverse risk management needs of enterprises.

"We will continue to promote product innovation and improve product quality, and focus on promoting the listing of soda futures and PTA options in the near future. Chen Huaping, chairman of ZCE, said that the research and development of futures such as bottle flakes, staple fibers, PX, coffee, peanut and options such as rapeseed oil, rapeseed meal and methanol would be accelerated, and the reserve of futures varieties such as price index and new materials would be strengthened. At the same time, the reform of grain price formation mechanism and changes of spot market would be followed closely, and the listed futures contracts, such as wheat and paddy would be improved to strive to enrich the variety, structure and quality of ZCE's products.

In addition, the technical system will be optimized. Chen Huaping said that ZCE has formulated an information system development plan this year, and will take the implementation of the information system development plan as a starting point, promote the overall upgrading of existing systems, further improve the new generation of settlement platform, use Internet of things and other technologies to build delivery business management platform, use big data, artificial intelligence and other financial technology to build a new generation of market monitoring platform.

Chen Huaping disclosed that in the later period, he will continue to promote the optimization and improvement of relevant policies and measures, provide more convenient conditions for foreign investors to participate in PTA futures trading, and continuously improve the internationalization of PTA futures market. At the same time, we will actively promote the introduction of methanol and other futures to overseas traders, explore product interlinkages with overseas exchanges, and study futures contracts listed on the basis of overseas basic assets.

首个化工类期货品种呈上国际化答卷
证券日报 记者 王 宁

2018年是中国期货市场的“国际化元年”，PTA、铁矿石和原油期货率先成为首批国际化品种，截至目前，整体运行良好。
《证券日报》记者在9月2日举行的“2019年中国（郑州）国际期货论坛”上，获悉了PTA期货上交的国际化运行“答卷”——共有115个境外客户开户，境外客户持仓量突破1万手，市场运行良好。
业内人士指出，作为行业对外开放的标志之一，期货品种实现国际化，是市场各方参与者最为关注的焦点之一，截至目前，品种运行整体良好，投资者参与交易积极，在此基础上，可以预期，未来还将会有更多期货品种实现国际化业务。郑商所理事长陈华平向记者透露，后期郑商所将为境外投资者参与PTA期货交易提供更加便利条件。

PTA期货实现“双冠”
去年11月30日，郑商所PTA期货开始引入境外交易者，由此成为我国期货市场第一个化工品种，同时，也是第一个引入境外交易者的化工品种，此举被业内称为首个化工类品种的“双冠”。
据了解，截至目前，共有115个境外客户完成了PTA期货的开户，境外客户持仓量突破了1万手，有29家境外经纪机构完成备案，可以开展PTA期货的境外经纪业务。
“目前PTA期货功能发挥良好，PTA期货价格已经成为现货贸易的定价基准，行业内普遍采用期货价格加升贴水的模式确定贸易价格。”郑商所相关负责人向《证券日报》记者介绍说，多年以来，PTA期现货价格相关性均在0.90以上，产业企业参与PTA期货的广度和深度进一步增加。
今年前8个月，PTA期货法人客户持仓量占比达62%，产业链企业利用PTA期货工具规避风险的方式方法灵活多样，如点价交易、仓单融资、代理加工、产能预售和套保套利等。PTA期货市场服务实体企业的能力持续增强，在2019年上半年国内期货品种功能评估中，PTA期货位列化工品第一。
记者获悉的一份数据显示，PTA期货流动性良好，为相关企业规避风险提供了便利条件；今年前8个月，PTA期货累计成交2.4亿手（单边，下同），占全国期货市场份额约10%，日均成交量147万手，同比增长134%；日均持仓量113万手，同比增长41%。
交通银行总行金融机构部副总经理徐俊婷表示，PTA产业链上下游产品的国际贸易量大，且主要贸易国家分布在“一带一路”沿线。在人民币国际化和期货市场对外开放的背景下，PTA期货引入境外交易者，进一步推动我国成为全球聚酯产品的定价中心，提升国际影响力。

郑商所将加快品种创新和供给
《证券日报》记者了解到，PTA期货引入境外交易者后，郑商所市场对外开放取得突破性进展。接下来，郑商所还将扩大对外开放，努力提升市场运行质量，为实体经济提供高质量的服务。
“后期将大力推进短纤、瓶片、PX等产业链品种研发上市，打造聚酯产业链期货品种板块，助力聚酯产业稳健运行。”郑商所相关人士表示，挂钩郑商所能化商品指数的公募ETF产品已经获批，交易所将在上市后丰富投资者参与商品期货市场的途径。同时，加快推进PTA期权上市，满足实体企业个性化、多样性的风险管理需求。
“将以实体经济需求为导向，持续推进产品创新，提升产品质量，近期重点推动纯碱期货、PTA期权早日上市。”郑商所理事长陈华平表示，将加快推进瓶片、短纤、PX、咖啡、花生期货和菜油、菜粕、甲醇等期权品种的研发，扎实做好价格指数、新型材料等期货品种的储备，同时，紧跟粮食价格形成机制改革和现货市场变化，完善小麦、稻谷等已上市期货合约，努力使郑商所市场产品种类更加丰富、结构更加合理、质量持续提升。
此外，还将优化技术系统。陈华平说，郑商所今年制定了信息系统发展规划，并将以落实信息系统发展规划为抓手，推动现有系统全面升级，进一步完善新一代结算平台，运用物联网等技术建设交割业务管理平台，运用大数据、人工智能等金融科技打造新一代市场监察平台。
陈华平透露说，后期还会继续推动相关政策措施的优化完善，为境外投资者参与PTA期货交易提供更加便利条件，不断提高PTA期货市场的国际化程度。同时，积极推进甲醇等期货品种引入境外交易者，探索与境外交易所开展产品互挂，研究上市以境外基础资产为标的期货合约。