At the historic moment, it came into being and transformed at the right time.
The Dalian Commodity Exchange came into being in 1993 with the transition from traditional planned economy to market economy and relying on the geographical advantages and resource endowment of Northeast China. As one of the earliest futures exchanges established in the new era, DCE actively explore the construction of business rules and technical systems, pay attention to strengthening risk prevention and control, after several cleanups and rectifications, they are finally approved and retained by the State Council, gradually establish the membership congresses, councils and management under the leadership of the Party Committee, and rebuild the basic system rules in accordance with the relevant provisions of the State and the Securities Regulatory Commission.
After cleaning up and rectifying in 1998, DCE only retained one soybean futures variety. At the same time, relying on the regional advantages of Northeast Agricultural products, DCE steadily launched soybean meal, soybean oil, maize and other futures varieties, developed agricultural product lines covering grain, feed, oil and fat, and rose to be the second largest agricultural product futures trading center in China and the second largest agricultural product futures market in the world.
In 2007, the Northeast Regional Revitalization Plan, which clearly put forward the new goal of "relying on Dalian Commodity Exchange, vigorously developing futures trade and building an important futures trading center in Asia", put forward for the DCE. At the end of July of the same year, LLDPE (Linear Low Density Polyethylene Futures) which was listed by DCE took the first step from agricultural futures market to comprehensive commodity futures market.
Since then, DCE have accelerated the pace of variety and business innovation, listed palm oil, polyvinyl chloride and coke futures successively, further expanded the field of comprehensive commodity futures, and gradually formed a Multi-wheel-driven development pattern of agricultural products, chemical industry and energy. At the same time, DCE have gradually established a "troika" of information system planning, construction and operation and maintenance management, continuously strengthening the management and innovation of transaction, settlement and delivery business, strengthening internal management, expanding market services, and initially forming a group development pattern.
Facing the ever-changing risks and challenges, DCE always adhere to the fundamental purpose of serving the real economy and the national strategy. Since 2013, on the basis of the preliminary establishment of a comprehensive commodity futures exchange, Dalian Commercial Exchange has successively realized the first domestic commodity option listing, introduced foreign traders into the listed products for the first time, initiated the introduction of commodity swap business in the domestic futures exchange, and gradually realized the strategic transformation from a single and closed commodity futures exchange to a diversified and open comprehensive derivatives exchange. Steps have been taken to build a global commodity pricing center and a risk management center.
At present, DCE has 18 futures varieties such as soybean, soybean meal, maize and iron ore, and 2 options varieties of soybean meal and maize. It has taken the lead in introducing commodity swap business in China and issued 37 commodity futures indices, initially forming a comprehensive variety system supported by six major industrial sectors, including grain, oil, livestock, timber, chemical industry and black metal. Derivatives system including options, swaps, indices and other instruments.
In 2018, the average open interest of DCE was 5.89 million, accounting for 42% of the National Futures market; the annual turnover was 982 million, accounting for 33% of the National Futures market, ranking 12th in the global derivatives exchange, maintaining the world's largest position in the futures market of agricultural products, plastics, coal and iron ore. By the end of August, the average daily holding capacity of DCE was 6.07.42 million hands, accounting for 38.63% of the National Futures market, and 4.965 million hands, accounting for 32.03% of the National Futures market.

Innovation business serves the real economy
In order to build a diversified and open derivatives exchange, DCE actively innovate and expand the range of products and services, grasp new fields, expand and innovate institutional arrangements, grasp the maintenance and operation of listed contracts, attach importance to both improving the quality of market operation and continuously improving the ability to serve the real economy.
As an exchange based on agricultural products, Dalian Commercial Exchange has been exploring new models and channels of futures market serving agriculture, countryside and farmers. Since 2015, DCE has organized and promoted the cooperation between futures companies and insurance companies, based on helping agricultural risk management, and explored a new mode of "insurance + futures" serving "agriculture, rural areas and farmers". The innovation of this model has solved the problem of peasants' income security under the small-scale peasant economy in China, and has been written into the No. 1 document of the Central Committee for four consecutive years.
In 2018, DCE further explored the pilot project of a comprehensive "peasant income security plan" based on "insurance + futures" price insurance, income insurance and grain spread purchase. The pilot project has carried out 106 projects in 16 provinces (districts and municipalities) including Heilongjiang, Jilin, Liaoning and Mongolia, covering 2.497 million tons of corn, 0.2871 million tons of soybean, 84,000 tons of eggs, 6.395 million mu of land and 580 cooperatives and 152.8 million farmers. At the same time, it also improves farmers' income and enthusiasm for planting.
In 2017, soybean meal option, the first commodity option product in China, was listed on the exchange, which widened the field of serving the real economy. With the increasing competition in the oil and fat industry, the demand of industrial customers for risk management is no longer limited to a single lock-in risk. Soybean meal option can not only provide more flexible risk management tools for the industry in sales, procurement and inventory management, but also ensure the enthusiasm of downstream enterprises to take delivery of goods and help downstream enterprises to cope with price fluctuation risk in spot risk management of soybean meal by embedding option products into traditional basis trade contracts.
By the end of 2018, 154 industrial customers had participated in soybean meal option trading, including 27 upstream oil and fat enterprises, 78 middle-stream traders, 40 downstream feed and aquaculture food enterprises and 9 other industrial customers. The average daily turnover of industrial customers is 20,000 hands, the market share is 3%, and the average monthly position is 33,000 hands, the market share is 9%. The market function of soybean meal options has gradually emerged and deepened.
In 2018, DCE iron ore futures trading formally introduced foreign traders, which not only promoted China's iron ore futures price to become the international influential price produced by global participants, but also provided strong support for global iron ore trade. By the end of August, more than 150 overseas customers had opened accounts from more than 10 countries and regions, such as Singapore, UK, Australia and Japan. The rules and regulations of iron ore internationalization have been tested by the market, and the spread pricing model based on iron ore futures price has been promoted and applied in international trade.

Diversified Opening and Steady Forward
At present, DCE have entered the stage of diversified and open development. In the next step, all the responsible persons of the major commercial firms said that they would insist on deepening the structural reform of the financial supply side, continue to consolidate the development achievements of opening up, continuously improve the level of service entity economy, expand the scope of service entity economy, comprehensively promote the construction of international first-class derivatives exchanges, and move towards the goal of global commodity pricing center and risk management center.
First, we should adhere to all-round and high-level opening-up to promote reform and development. Focusing on the work of multi-currency margin, profit exchange scheme, direct connection of foreign special participants and cultivation of international market, we will deepen the internationalization of iron ore futures, improve the international representativeness and influence of iron ore futures prices, open up soybean No. 1, palm oil, soybean meal, soybean oil and other varieties as soon as possible, accelerate the internationalization of soybean No. 2 and develop plastic products. We should actively promote the participation of QFII and RQFII in the market of DCE, explore and explore ways to cooperate with overseas exchanges, and cooperate with the exchanges and agencies of countries and regions along the "one belt" along the way. We should actively promote the world economic forum to set up a forum for the development of financial and derivative products to further enhance the international influence of China's derivatives market.
The second is to strengthen incremental supply. We will vigorously promote the listing process of futures such as gas, coal, live pigs, shipping and dry pepper, actively develop scrap steel, LPG and weather index derivatives, promote the listing of iron ore, corn starch, soybean oil, polypropylene and palm oil options while cultivating soybean meal and corn options markets, and promote the listing of spreads swaps and base contracts and other structural futures products.
Third, optimize the stock supply. In order to further enhance the market liquidity of existing varieties, we should coordinate efforts in improving contract rules and market cultivation, accelerate the improvement of the continuity of major contracts of listed varieties and the activity of contracts in recent months, and close to the changes of spot market, and further improve the construction of delivery system.
Fourthly, we should adhere to the core of serving the high-quality development of the real economy, strengthen the improvement of service supply and promote the full play of market functions. With the expansion of the pilot project of "insurance + futures" as the core, the pilot projects of "peasants' income security plan", "over-the-counter options" and "basis trade" should be carried out continuously, the new food bank model of introducing risk management mechanism should be promoted, and effective ways of serving the real economy and Rural Revitalization Strategy should be explored continuously; service brands such as bank cooperation, industrial conferences and institutional commodity derivatives forums should be brought into full play. We should play a good role in cultivating industry talents and reserve talents, intensify the cultivation of industries, institutions and overseas customers, and promote all kinds of subjects to participate in and make good use of the futures market.
Fifth, further enhance the ability of intelligent professional supervision to ensure the sustained and healthy development of the futures market. We should further improve the rule system and monitoring index system, optimize the dynamic adjustment mechanism of risk management measures, strengthen the analysis of investors' trading behavior, especially the identification of related transactions and the impact of high-frequency transactions on the market; strengthen pre-research and pre-judgment of market risks and precise measures; strengthen market inspection to effectively crack down on violations of laws and regulations; vigorously promote scientific and technological supervision and promote big data; The application of new technologies such as artificial intelligence in the field of supervision; strengthening supervision cooperation, forming supervision synergy, and jointly promoting the stable operation and healthy development of the market.
(Li Yujia, Financial World)

大商所——以创新开放打造国际一流衍生品交易所

应运而生 应时转型
乘着传统计划经济向市场经济转轨的东风，依托东北地区地理优势和资源禀赋，1993年大连商品交易所应运而生。作为新时期最早成立的期货交易所之一，大商所积极探索业务规则和技术系统建设，注意加强风险防控，历经数次清理整顿终被国务院批准保留，逐步建立起党委领导下的会员大会、理事会、经营管理层，并按照国家和证监会有关规定重建基础制度规则。
经过1998年的清理整顿，大商所仅保留大豆一个期货品种。在深耕大豆期货市场的同时，大商所依托东北农产品产销大区优势，稳步推出豆粕、豆油、玉米等期货品种，发展出覆盖粮食、饲料、油脂油料的农产品线，崛起为我国农产品期货交易中心和全球第二大农产品期货市场。
2007年，明确提出“依托大连商品交易所，大力发展期货贸易，建设亚洲重要的期货交易中心”的《东北区域振兴规划》为大商所提出了新目标。同年7月底，大商所上市线型低密度聚乙烯期货（LLDPE），迈出从农产品期货市场向综合性商品期货市场转变的第一步。
此后，大商所加快品种和业务创新步伐，先后上市棕榈油、聚氯乙烯、焦炭期货，进一步拓展综合性商品期货领域，逐步形成农产品、化工、能源多轮驱动发展格局。与此同时，大商所逐步建立信息系统规划、建设和运维管理“三驾马车”，持续加强交易、结算、交割业务管理和创新，加强内部管理，拓展市场服务，初步形成集团化发展格局。
面对不断变化的风险与挑战，大商所始终坚持服务实体经济、服务国家战略的根本宗旨。2013年以来，大商所在初步建成综合性商品期货交易所的基础上，先后实现国内首个商品期权上市，首次在已上市品种引入境外交易者，率先在国内期货交易所推出商品互换业务，逐步实现从单一、封闭的商品期货交易所向多元、开放综合性衍生品交易所战略转型，在建设全球大宗商品定价中心和风险管理中心道路上迈出坚实步伐。
目前，大商所现有黄大豆、豆粕、玉米、铁矿石等18个期货品种，豆粕和玉米2个期权品种，并率先在国内推出商品互换业务，发布了37支商品期货指数，初步形成以粮食、油脂油料、禽畜、木材、化工、黑色等六大产业板块为支撑的综合性品种体系，和包括期货、期权、互换、指数等多种工具在内的衍生产品体系。
2018年，大商所日均持仓量589万手，占全国期货市场的42％；年成交量9.82亿手，占全国期货市场的33％，在全球衍生品交易所排名第12位，保持全球最大的农产品、塑料、煤炭、铁矿石期货市场地位。截至8月底，大商所日均持仓量607.42万手，占全国期货市场的38.63％；成交量496.55万手，占全国期货市场的32.03％。

创新业务 服务实体经济
为建设多元开放的衍生品交易所，大商所积极创新拓展品种服务范围，一手抓新领域，拓展、创新制度安排，一手抓已上市合约的维护运行，“两手”并重提升市场运行质量，不断提高服务实体经济的能力。
作为以农产品起家的交易所，大商所一直持续探索期货市场服务“三农”的新模式和新渠道。从2015年起，大商所组织推动期货公司与保险公司合作，立足于助力农业风险管理，探索出了“保险＋期货”服务“三农”的新模式。该模式创新解决了我国小农经济下农民的收入保障问题，并连续四年被写入中央一号文件。
2018年，大商所进一步探索基于“保险＋期货”的价格险、收入险和粮食基差收购的综合性“农民收入保障计划”试点。试点在黑、吉、辽、蒙等16个省（区、市）开展了106个项目，覆盖玉米240.97万吨、大豆28.71万吨、鸡蛋8.4万吨，土地639.51万亩，服务了580个合作社和15.28万个农户。在实现风险保障的同时，也提高了农民收益和种植积极性。
2017年，大商所上市国内首个商品期权产品——豆粕期权，更拓宽了服务实体经济的领域。随着油脂油料行业竞争加剧，产业客户对风险管理的需求不再局限于单一锁定风险。而豆粕期权不仅能在销售、采购、库存管理等方面为产业提供更加灵活多样的风险管理工具，同时，上游企业通过将期权产品嵌入传统基差贸易合同中，既保证了下游企业提货的积极性，也帮助下游企业应对豆粕现货风险管理中的价格波动风险。
截至2018年底，共有154家产业客户参与了豆粕期权交易，包括上游油脂企业27家、中游贸易商78家、下游饲料养殖食品等类型企业40家以及其他产业客户9家。产业客户的日均成交量为0.2万手，市场占比为3％；平均月末持仓量为3.3万手，市场占比为9％。豆粕期权的市场功能逐步显现并不断深化。
2018年，大商所铁矿石期货正式引入境外交易者，不仅推动我国铁矿石期货价格真正成为全球参与者共同交易产生的、具有国际影响力的价格，更是为全球铁矿石贸易提供有力支撑。截至8月底，已有分布在新加坡、英国、澳大利亚、日本等10多个国家和地区的150余个境外客户开户。铁矿石国际化的规则制度得到市场检验，并带动以铁矿石期货价格为基准的基差定价模式在国际贸易中推广应用。

多元开放 稳步前行
目前，大商所已经进入多元开放发展阶段。大商所有关负责人表示，下一步，大商所将坚持深化金融供给侧结构性改革，继续巩固对外开放发展成果，持续提高服务实体经济水平，拓展服务实体经济范围，全面推进国际一流衍生品交易所建设，向着全球大宗商品定价中心和风险管理中心的目标不断迈进。
一是坚持全方位、高水平对外开放，以开放促改革、促发展。重点围绕多币种充抵保证金、盈利换汇方案、境外特殊参与者直连、国际市场培育等工作，深化铁矿石期货国际化，提高铁矿石期货价格的国际代表性和影响力；尽快实现黄大豆1号、棕榈油、豆粕、豆油等品种的对外开放，加快推进黄大豆2号国际化，开展塑料品种国际化研究，积极推动QFII和RQFII参与大商所市场；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；积极推动世界经济论坛设立金融及衍生品发展分论坛，进一步提升我国衍生品市场的国际影响力。
二是强化增量供给。大力推进气煤、生猪、航运、干辣椒等期货上市进程，积极开展废钢、LPG、天气指数衍生品的开发；在做好豆粕、玉米期权市场培育的同时，推进铁矿石、玉米淀粉、豆油、聚丙烯、棕榈油期权上市；推动价差互换和基差合约及其他结构性期货产品上市等。
三是优化存量供给。在合约规则制度完善、市场培育等方面协同发力，进一步提升现有品种的市场流动性；加快改善已上市品种主力合约连续性、近月合约活跃度；贴近现货市场变化，进一步完善交割体系建设。
四是坚持以服务实体经济高质量发展为核心，加强改进服务供给，促进市场功能发挥。以扩大“保险＋期货”试点为核心，持续开展“农民收入保障计划”、场外期权、基差贸易试点，推广引入风险管理机制的新型粮食银行模式，持续探索服务实体经济和乡村振兴战略的有效途径；充分发挥银期合作、产业大会、机构大宗商品衍生品论坛等服务品牌作用，做好行业人才和后备人才培育，加大产业、机构和境外客户培育力度，推动各类主体参与利用好期货市场。
五是进一步提升智能化专业监管能力，保障期货市场持续健康发展。进一步完善规则制度和监控指标体系，优化风控措施动态调整机制，加强投资者交易行为分析，特别是对关联交易的识别、高频交易对市场影响的分析；强化市场风险预研预判，精准施策；加强市场稽查，有效打击违法违规行为；大力推进科技监管，推进大数据、人工智能等新技术在监管领域的应用；强化监管协作，形成监管合力，共同促进市场稳定运行和健康发展。（金融世界 李宇佳）