Leading the development of China's futures industry and leading the reform and opening up

China's futures market has been established for less than 30 years. Compared with the development history of foreign futures market for more than 150 years, although it started late, it has developed rapidly. Now it is one of the largest futures markets in the world. Over the years, futures have played the role of hedging, price discovery and asset allocation to help the development of the real economy. As the only commodity futures exchange in Shanghai, Shanghai Futures Exchange (SHFE) has been striving to be the market leader with the purpose of serving the real economy since its establishment in 1999. It has been forging ahead and innovating continuously for 20 years, leading the development of China's futures industry. In particular, it plays an irreplaceable role in enhancing the influence of "Shanghai price", promoting the allocation of financial resources in Shanghai, and promoting the construction of Shanghai international financial center, and is moving forward to the goal of "building a world-class exchange".

Serving the real economy and achieving the first place in many capital markets

From the trial operation of merger transactions in 1999 to 2018, the volume of transactions of SHFE increased by 400 times from 03 million to 1.202 billion (unilateral); the volume of transactions increased by 392 times from 24 trillion to 94.28 trillion (unilateral); the volume and volume of transactions accounted for 39.69% and 44.72% respectively from 8.51% and 21.97% in 1999. According to the statistics of the Futures Industry Association of the United States (FIA), SHFE has ranked the first in the global trading volume of floor commodity derivatives exchanges for three consecutive years (2016-2018).

In the past 20 years, SHFE has achieved the "first" in many capital markets:

On May 28, 2004, the first Shanghai derivatives market forum hosted by SHFE was held in Shanghai, which was the first international forum of China's futures and derivatives industry. The forum has been successfully held for 16 consecutive sessions from 2004 to 2019.

On December 24, 2008, the "p * D" brand high-purity cathode copper produced by El Paso refinery, a subsidiary of Freeport McMullen copper and gold mine company, was approved for registration in SHFE, which is the first time that China's futures market approved the registration of overseas delivery brands. On this basis, on December 24, 2010, SHFE took the lead in carrying out bonded delivery, which is conducive to accelerating the interconnection between domestic and international markets, and promoting the radiation scope of resource allocation function of Shanghai commodity futures market to the international market.

On the evening of July 5, 2013, continuous trading of gold and silver Futures (also known as "night trading") officially opened in SHFE. This not only fills in the gap of domestic futures market in the evening trading period, provides convenience for investors to carry out risk management in real time, but also strengthens the linkage with the international market, and to a certain extent enhances the international influence of Shanghai market.

On March 26, 2018, China's first International Futures Crude Oil Futures officially went online in SHFE, marking a new important step in the construction of Shanghai international financial center. Since its listing, the volume of crude oil futures trading has been among the top three in the world. As of August 31 this year, crude oil futures have attracted 143 overseas customers from 12 countries and regions, with an increase of 175% year-on-year.

On September 21, 2018, China's first industrial option copper option was officially listed in SHFE. The listing of copper options is the opening work of SHFE's "one main and two wings" product diversification strategy and derivative innovation "one wing", which further enriches the product level. On the basis of the main line of "excellence, refinement and strength of commodity futures", it realizes the "two wings" of other derivatives such as commodity futures options and warehouse receipt trading platforms.

On September 25, 2019, the world's first stainless steel futures was officially listed and traded on Shanghai Futures Exchange, becoming the 20th variety listed on SHFE and the 69th new variety welcomed by China's futures market.

At present, the listed varieties of SHFE have increased from three futures varieties (copper, aluminum, natural rubber) in 1999 to 16 futures varieties (copper, aluminum, zinc, lead, tin, nickel, gold, silver, screw steel, wire rod, hot rolled coil, fuel oil, natural rubber, petroleum asphalt, crude oil, paper pulp) and two options contracts (copper, natural rubber) in 2019, covering the main fields of basic industrial products. And launched the standard warehouse receipt trading platform of the previous period, promoted the interaction and close connection between the futures market and the current market, and the multi-level commodity market system of SHFE took shape.

Speeding up the pace of internationalization and helping Shanghai to build an international financial center

SHFE director Jiang Yan said that SHFE will continue to enrich the product system on the basis of existing products, enhance the price impact and radiation range of varieties, expand the internationalization of futures varieties, promote the internationalization of existing varieties, promote overseas layout, explore the establishment of delivery warehouses and increase registered brands in the "one belt and one road" countries, and promote the SHFE price "going out".

The listing of crude oil futures in 2018 marks the beginning of the opening up of China's futures market. The internationalization of futures market is not only the internal requirement of the development of futures market, but also an important means for China to move from an economic power to an economic power. The unique price discovery function and risk hedging function of futures market, on the one hand, can promote the formation of pricing benchmark reflecting China's demand, participate in global resource and wealth allocation, and constantly improve the international influence of Chinese factors; on the other hand, it also provides effective hedging tools for real enterprises to avoid price fluctuation risk and better serve the high quality of China's real economy development.

Speeding up the pace of internationalization and helping Shanghai to build an international financial center

SHFE director Jiang Yan said that SHFE will continue to enrich the product system on the basis of existing products, enhance the price impact and radiation range of varieties, expand the internationalization of futures varieties, promote the internationalization of existing varieties, promote overseas layout, explore the establishment of delivery warehouses and increase registered brands in the "one belt and one road" countries, and promote the SHFE price "going out".

The listing of crude oil futures in 2018 marks the beginning of the opening up of China's futures market. The internationalization of futures market is not only the internal requirement of the development of futures market, but also an important means for China to move from an economic power to an economic power. The unique price discovery function and risk hedging function of futures market, on the one hand, can promote the formation of pricing benchmark reflecting China's demand, participate in global resource and wealth allocation, and constantly improve the international influence of Chinese factors; on the other hand, it also provides effective hedging tools for real enterprises to avoid price fluctuation risk and better serve the high quality of China's real economy. Development.

After the introduction of crude oil futures, this year, SHFE continued to promote opening up at a higher level, in a wider range and in more ways. On August 12, 2019, 20 rubber futures was officially listed in Shanghai International Energy Trading Center, a subsidiary of SHFE, and became the second international product launched by SHFE after crude oil futures. On the first day of listing, No. 20 rubber futures made a "good start", and the closing price of main contract nr2002 was 9820 yuan / ton, 6.05% higher than the benchmark. In terms of transaction information, there are 93 members and 362 customers participating in call auction on the first day of trading of 20 rubber futures, and the first 312 transactions (unilateral).

The emergence of No. 20 rubber futures not only promotes the integration of industry and finance, deepens the structural reform of the supply side, and implements the national "one belt and one way" initiative, but also helps Shanghai upgrade its financial services level, create a more open financial market, and build a global commodity pricing center, thereby enhancing the allocation of global resources by Shanghai international financial center. The ability to serve the country's high-quality economic development.

At present, SHFE has set up overseas offices in Singapore. In the previous period, energy has completed the registration in Hong Kong and Singapore, obtained ATS and RMO qualifications respectively, and completed the filing of 56 overseas intermediaries in Hong Kong, Singapore, the United Kingdom, South Korea, Japan and the Netherlands. In the near future, the trading volume of overseas customers of crude oil futures accounts for about 20%, and the proportion of positions is about 25%.

2019 marks the 70th anniversary of the founding of new China and the 20th anniversary of the founding of SHFE. In the future, SHFE will further deepen the construction of "one main and two wings" platform system, give full play to the two functions of "price discovery and hedging", actively promote the coordinated development inside and outside the field, and expand the scope and depth of serving the real economy; at the same time, it will actively serve the major national development such as the integration of the Yangtze River Delta region, the construction of Hainan Special Economic Zone, and the construction of "maritime power and shipping power" strategy. While further optimizing the crude oil and No. 20 rubber futures market, research and promote the internationalization of existing varieties, including the development of low sulfur fuel oil futures contracts, copper futures internationalization, etc. In addition, we need to improve cross-border regulatory capacity, improve regulatory cooperation mechanisms, and further promote cooperation with overseas exchanges and industry associations.

Jiang Yan said that SHFE, backed by Shanghai, has the advantages of talents, policies and information. In the future, it will continue to "be a good pioneer of national reform and opening-up, innovation and development", strive to improve the level of service to the real economy and the degree of internationalization, and help Shanghai to fully sprint the goal of "building an international financial center compatible with China's economic strength and RMB's international status by 2020" at the same time, strive to move towards the world-class exchange.

上期所：向世界一流交易所迈进

引领我国期货行业发展，当好改革开放排头兵

我国期货市场建立至今尚不满30年，相比国外期货市场一百五十多年的发展历史，虽然起步较晚但发展迅速，如今已是全球最大的期货市场之一。多年来，期货发挥着套期保值、价格发现、资产配置的功能，助力实体经济发展。作为上海唯一的商品期货交易所，上海期货交易所（简称：上期所）自1999年建立以来，一直以服务实体经济为宗旨，争做市场龙头，20年来锐意进取、持续创新，引领着我国期货行业的发展。特别是在提升“上海价格”影响力、提升上海金融配置资源、助推上海国际金融中心建设中的地位和作用方面，发挥着不可替代的作用，正向着“建设成为世界一流交易所”的目标迈进。
服务实体经济 取得多个资本市场第一
从1999年合并交易试营运起到2018年，上期所的成交量从0.03亿手到12.02亿手（单边），增长了400倍；成交金额从0.24万亿元到94.28万亿元（单边），增长了392倍；成交量、成交金额占全国比重，也从1999年的8.51%、21.97% 分 别 上 升 到 2018 年 的39.69%、44.72%。根据美国期货业协会（FIA）统计，上期所已连续三年（2016-2018年）在全球场内商品类衍生品交易所中成交量排名全球第一。
20年来，上期所取得了多个资本市场中的“第一”：
2004年5月28日，由上期所主办的第一届“上海衍生品市场论坛”在沪召开，这是我国期货和衍生品行业第一个国际论坛。该论坛自2004年至2019年已连续成功举办十六届。
2008年12月24日，美国自由港迈克墨伦铜金矿公司下属El Paso精炼厂生产的“P*D”牌高纯阴极铜在上期所获准注册，这是我国期货市场首次批准境外交割品牌进行注册。在此基础上，2010年12月24日，上期所率先开展保税交割，有利于加快国内国际两个市场的对接互通，促进上海商品期货市场资源配置功能辐射范围逐步向国际市场扩大。
2013年7月5日晚，黄金和白银期货连续交易（又称“夜盘”）正式在上期所鸣锣开张。这不仅填补了国内期货市场晚间交易时段的空白，为投资者实时进行风险管理提供便利，更加强了与国际市场的联动性，在一定程度上增强了上海市场的国际影响力。
2018年3月26日，中国首个国际化期货品种原油期货在上期所正式上线运行，标志着上海国际金融中心建设迈出新的重要步伐。自上市以来，原油期货成交量一直稳居全球同品种前三名。截至今年8月31日，原油期货已吸引12个国家和地区的143个境外客户参与，境外客户同比增长175%。
2018年9月21日，我国首个工业品期权铜期权在上期所正式挂牌交易。铜期权的上市，是上期所“一主两翼”产品多元化战略中，衍生品创新“一翼”的开篇之作，进一步丰富了产品层次，在“做优、做精、做强商品期货”主线的基础上，实现了商品期货期权等其它衍生品和仓单交易平台的“两翼齐飞”。
2019年9月25日，全球首个不锈钢期货在上海期货交易所正式挂牌交易，成为上期所上市的第20个品种，也是中国期货市场迎来的第69个新品种。
目前，上期所的上市品种已经由1999年的3个期货品种（铜、铝、天然橡胶） 增至2019年的铜、铝、锌、铅、锡、镍、黄金、白银、螺纹钢、线材、热轧卷板、燃料油、天然橡胶、石油沥青、原油、纸浆、20号胶、不锈钢18个期货品种和铜、天然橡胶2个期权合约，覆盖主要基础工业品领域，并推出了上期标准仓单交易平台，推进期现市场互动和紧密连接，上期所多层次商品市场体系初具雏形。
加快国际化步伐 助力上海建设国际金融中心
上期所理事长姜岩表示，上期所将在现有产品基础上，继续丰富产品体系，提升品种价格影响力与辐射范围；持续扩大期货品种国际化，研究推进现有品种的国际化；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，推动上期所价格“走出去”。
2018年原油期货的上市，为中国期货市场的对外开放拉开了序幕。期货市场的国际化不仅是期货市场发展的内在要求，也是中国从经济大国走向经济强国的一个重要手段。期货市场特有的价格发现功能和对冲风险功能，一方面能够推动形成反映中国需求的定价基准，参与全球资源、财富配置，不断提升中国因素的国际影响力；另一方面也为实体企业提供了有效的套期保值工具，规避价格波动风险，更好地服务我国实体经济高质量发展。
继推出原油期货之后，今年，上期所又在更高层次、更广范围、更多方式上持续推进对外开放。2019年8月12日，20号胶期货在上期所子公司上海国际能源交易中心正式挂牌交易，成为继原油期货之后，上期所推出的第二个国际化品种。上市首日，20号胶期货便取得“开门红”，主力合约NR2002收盘价9820元/吨，较基准上涨6.05%。从成交信息来看，20号胶期货首日交易参与集合竞价的会员和客户分别为93家、362个，首批成交312手（单边）。
20号胶期货的问世，不仅对促进“产融结合”、深化供给侧结构性改革、落实国家“一带一路”倡议具有重要意义，还将助力上海提升金融服务能级，打造更加开放的金融市场，建成具有全球影响力的大宗商品定价中心，从而提升上海国际金融中心配置全球资源、服务国家经济高质量发展的能力。
目前，上期所已在新加坡设立了境外办事处，上期能源已完成了香港和新加坡地区注册，分别取得了ATS和RMO资质，完成了香港、新加坡、英国、韩国、日本、荷兰共56家境外中介机构的备案。近期，原油期货的境外客户成交量占比为20%左右，持仓量占比为25%左右。
2019年是新中国成立的70周年，也正值上期所成立20周年。未来，上期所将进一步深化“一主两翼”平台体系建设，切实发挥“价格发现、套期保值”两大功能，积极推进场内场外协同发展，扩大服务实体经济的广度和深度；同时，积极服务长三角区域一体化、海南经济特区建设、“海洋强国、航运强国”建设等国家重大发展战略。在进一步做优原油和20号胶期货市场的同时，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、铜期货国际化等。此外，还要提升跨境监管能力，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。
姜岩表示，上期所背靠上海，具有人才、政策和信息等优势，未来将继续“当好全国改革开放排头兵、创新发展先行者”，努力提升服务实体经济水平和国际化程度，在助力上海全力冲刺“2020年基本建成与我国经济实力和人民币国际地位相适应的国际金融中心”目标的同时，努力朝着世界一流交易所迈进。
（转自《金融投资报》 ，记者 张璐璇）