As China's first futures product opened to outside, the listing of crude oil futures to the market has been recognized by many parties. Recently, this listing project won the special prize of Shanghai Financial Innovation Award in 2018. The person in charge of SHFE said that the next step of the exchange would be to make a list and strengthen the implementation around the main task of allowing more domestic and foreign products and institutional customers to participate in the market, so as to give full play market function to it.

On March 26, 2018, the crude oil futures traded on the same platform by domestic and foreign investors were officially listed in INE, a wholly-owned subsidiary of SHFE. The data shows that as of September 30, the cumulative number of accounts opened for crude oil futures has exceeded 88k. According to unilateral statistics, the daily average volume of the whole market has exceeded 149k, and the daily average transaction amount has exceeded 69.16 billion yuan, ranking the third by scale in crude oil futures markets in the world.

In terms of the degree of participation of overseas investors, foreign customers account for about 20% of transactions and 25% of positions. "The performance of Shanghai crude oil futures since listing for about one and a half years has exceeded the expectation of the market to some extent. In addition to trading volume and participation of foreign traders, Shanghai crude oil futures has gradually shown certain independence in reflecting the actual situation of the domestic market." An expert said.

It is reported that the Shanghai financial innovation award is the first provincial and ministerial level award focusing on the financial field in China. Since its establishment in 2010, it has been selected for nine times. The special prize is not awarded annually, but irregularly to financial innovation achievements with outstanding contributions.

In fact, as China's first opening futures, the listing of crude oil futures has also attracted great attention from overseas markets. Previously, the British magazine Futures & Options world (FOW) awarded Shanghai crude oil futures (SC) the best newly listed derivative contract in Asia Capital Market 2018 and the most innovative new listing contract in international energy and commodity market 2018.

The person in charge of SHFE said that the construction of crude oil futures market is a complex and long-term system project. Next, the exchange will make a list and strengthen the implementation around the main task of involving more domestic and foreign industry and institutional customers in crude oil futures, so as to better play the market function and better serve the real economy and national strategy.

On the one hand, we will increase the supply of futures products and tools around the real economic demand, research and develop crude oil futures options, actively research and launch the intraday settlement price trading mechanism (TAS) and the release of the market reference price, so as to provide more trading varieties and trading methods for the market, and encourage domestic and foreign crude oil spot trade to adopt China's crude oil futures price as the benchmark price.

On the other hand, we will accelerate the internationalization of the futures market, explore the path of opening various futures markets such as QFII and RQFII, actively promote the internationalization of existing varieties such as non-ferrous metals, and deepen cooperation and exchanges with foreign exchanges.

In addition, on the basis of the three energy futures products of crude oil, fuel oil and asphalt, further promote product innovation, plan and orderly promote the listing of energy series futures products such as liquefied natural gas, gasoline and diesel oil, strive to build a rich and perfect energy and chemical product system, strive to provide perfect risk hedging tools for customers in the whole industry chain, and build a globally influential energy source and product pricing center.

上市一年半开户8.7万户 原油期货市场功能初显

作为我国首个对外开放的期货品种，原油期货上市来市场运行获多方肯定，日前这一上市项目获得2018年度上海金融创新奖特等奖，上期所相关负责人表示，下一步交易所将围绕让更多境内外产业和机构客户参与市场这一主要任务，列出清单、加强落实，以更好发挥市场功能。

2018年3月26日，境内外投资者同台交易的原油期货正式在上期所旗下全资子公司上海国际能源交易中心挂牌上市，数据显示，截至9月30日，原油期货累计开户数超过8.8万个，按单边统计，全市场日均成交量超过14.9万手，日均成交金额超过691.6亿元，按规模计为全球第三大原油期货市场。

在备受关注的境外投资者参与度方面，目前境外客户成交量占比为20%左右，持仓量占比为25%左右。“上市一年半左右以来的表现，一定程度上超出市场的预期，除了成交量和境外交易者的参与度，在反映国内市场实际方面，上海原油期货也逐渐显示出一定的独立性。”一期货公司原油研究总监王笑表示。

据悉，上海金融创新奖是国内首个聚焦金融领域的省部级奖项，自2010年设立以来已完成九届评选，特等奖这一奖项并非每年颁发，而是不定期颁发给有杰出贡献的金融创新成果。

实际上，作为我国首个对外开放的期货品种，原油期货上市也引起海外市场高度关注。此前英国《期货与期权世界（Futures & Options World(FOW)）》杂志，先后授予上海原油期货（SC）2018亚洲资本市场最佳新上市衍生品合约和2018国际能源和商品市场最具创新力新上市合约。

上期所相关负责人表示，原油期货市场建设是一个复杂而长期的系统工程，下一步交易所将围绕让更多境内外产业和机构客户参与原油期货这一主要任务，列出清单、加强落实，以更好地发挥市场功能，更好地服务实体经济和国家战略。

一方面围绕实体经济需求增加期货产品和工具供给，研究开发原油期货期权，积极研究并推出盘中结算价交易机制（TAS）以及发布日中交易参考价（Marker Price），为市场提供更多的交易品种及交易方式，鼓励境内外原油现货贸易采用我国原油期货价格作为基准价。

另一方面加快期货市场国际化步伐，探索QFII、RQFII等多种期货市场对外开放的路径，积极推进有色金属等现有品种的国际化，加深与境外交易所合作交流。

此外在原油、燃料油、沥青三大能化期货品种的基础上，进一步推动产品创新，统筹规划和有序推进液化天然气、汽柴油等能化序列期货品种的上市，着力构建丰富完善的能源化工产品体系，力争为全产业链客户提供完善的风险对冲工具，建设有全球影响力的能源产品定价中心。

（转自《新华财经》，记者 陈云富）