China's first TAS order launched, and there have already been some funds targeting crude oil futures.

Recently, the Shanghai Futures Exchange disclosed that its subsidiary, Shanghai International Energy Exchange, will issue a trading order for crude oil futures based on the settlement price, referred to as the TAS order. The industry insiders believe that this will facilitate the quantitative trading of crude oil futures. Some fund managers said that this will facilitate the design and launch of more financial derivatives. According to Securities Times reporters, there already have been funds targeting crude oil futures index products.

The TAS order will facilitate the quantitative trading and the launch of derivatives

The TAS order refers to allowing a trader to declare the buy and sell of futures contracts based on the settlement price or a certain minimum change price based on the settlement price of the futures contract on the current day. Its essence is to provide a convenient and efficient risk management tool for the market, which has been widely used in mature international markets.

The TAS order for the crude oil futures is the first TAS order introduced by domestic futures market. On the one hand, the TAS order is helpful to optimize the trading mechanism, provide traders with effective risk management tools, reduce hedging costs, improve hedging efficiency, and promote market entities to more conveniently and widely reference to Shanghai crude oil futures prices, On the other hand, It is conducive to further improving the structure of traders, attracting more domestic and foreign industrial customers and financial institutions to participate in the transaction, and increasing the price influence of Shanghai crude oil futures. In addition, it also plays a positive role in improving the liquidity of crude oil futures trading and promoting the coordinated development of the exchange and OTC market.

In response, Wang Xiang, fund manager of the Bosera Fund Index and Quantitative Investment Department, said that the TAS order of the crude oil futures is a useful supplement to the existing auction market trading model, helping market participants to more easily track the daily benchmark settlement price of crude oil futures. It is also conducive to the design and launch of more financial derivatives.

Wang Xiang believes that for public funds, index products with commodity futures as the target is an important way to expand diversified financial instruments. The implementation of the TAS instruction function will make the fund manager's tracking of futures assets more flexible and convenient, which will not only help reduce product tracking errors and improve product tracking quality, but also effectively reduce the business costs of market makers and improve liquidity.

There have been many parties targeting the crude oil ETFs

The reporter learned that there are already fund companies in the industry who are aiming at the crude oil futures index and have started the research and development and reserve work of related products.

The SHFE has attached great importance to the development of futures derivatives. In March 2019, the crude oil futures price index was introduced in the SHFE. And the SHFE believes that the introduction of crude oil ETFs in the securities market is conducive to the opening of the securities and futures markets. They also said that they will promote the listing of innovative products such as crude oil ETFs.

The Shenzhen Stock Exchange also attaches great importance to crude oil ETFs. Recently, when the Shenzhen Stock Exchange talked about the 2020 plan, it made ETFs a priority, which emphasized the need to promote research and development of various innovative varieties such as crude oil ETFs.

In recent years, progress has been made in the field of commodity futures ETFs. In August last year, the first batch of commodity futures ETFs was approved. Recently, Huaxia Feed Soybean Meal Futures ETF, Dacheng Nonferrous Metal Futures ETF, and CCB Energy Energy Chemicals Futures ETF have been listed. A few days ago, the Shanghai Stock Exchange announced that since the 20th of this month, the intraday reversal trading model will be implemented on the commodity futures, and the domestic commodity futures ETF will soon realize "T + 0".

近期，上海期货交易所披露，子公司上海国际能源交易中心将推出原油期货结算价交易指令，简称TAS指令。业内人士认为，这将有利于原油期货的量化交易。有基金经理称，这将有利于更多金融衍生品的设计和推出。据证券时报记者了解，已有基金公司瞄准了原油期货指数产品。

TAS指令有利于量化交易和衍生品推出
TAS指令是指允许交易者在规定交易时段内，按照期货合约当日结算价或当日结算价增减若干个最小变动价位申报买卖期货合约。其本质是为市场提供一种便捷高效的风险管理工具，已在国际成熟市场广泛使用。
此次原油期货TAS指令为我国期货市场推出的首个TAS指令。TAS指令一方面有利于优化交易机制，为交易者提供有效的风险管理工具，降低套保成本、提高套保效率，推动市场主体更为便利和广泛地参考上海原油期货价格；另一方面，也有利于进一步完善交易者结构，吸引更多境内外产业客户和金融机构参与交易，提升上海原油期货的价格影响力。此外，对于提高原油期货交易流动性，促进场内外协调发展也具有积极作用。
对此，博时基金指数与量化投资部基金经理王祥表示，原油期货TAS指令的推出是对既有竞价市场交易模式的有益补充，帮助市场参与者更便利地追踪原油期货每日基准结算价格，也有利于更多金融衍生产品的设计和推出。
王祥认为，对于公募基金而言，以商品期货为标的的指数化产品是拓展多样化金融工具的重要路径。TAS指令功能的实现将使基金管理人对期货资产的追踪方式更为灵活便利，不仅利于降低产品跟踪误差，提升产品跟踪质量，也能够有效降低场内份额做市商的业务成本，为场内份额流动性注入新的活力。

各方酝酿原油ETF
记者了解到，业内已有基金公司将目光瞄准原油期货指数，并已开始相关产品的研发和储备工作。
上期所也一直非常重视期货衍生品的发展。2019年3月，上期所推出原油期货价格指数。上期所认为，在证券市场上推出原油ETF有利于打通证券和期货两个市场，他们也表示会推进原油ETF等创新产品上市。
深交所也很重视原油ETF。近日，深交所在谈到2020年规划时，将ETF作为一项工作重点，其中强调要推动研究开发原油ETF等多种创新品种。
近年来，商品期货ETF领域进展不断。去年8月，首批商品期货ETF获批。近期，华夏饲料豆粕期货ETF、大成有色金属期货ETF、建信易盛能源化工期货ETF先后上市。日前，上交所宣布，自本月20日起对商品期货ETF实行当日回转交易，国内商品期货ETF即将完全实现“T+0”。