On March 3, Zhang Xiaogang, deputy general manager of CFFEX, introduced the preparation of bank insurance institutions to participate in treasury bond futures trading on an online exchange platform held by China Insurance Asset Management Association.
Zhang Xiaogang said that CFFEX will work with its member companies to do a good job in handling and preparing for guidance of insurance funds entering the market, strengthen cooperation with insurance asset management association and other industries, and carry out wide coverage and multi-level business training for all lines.
Zhang Xiaogang introduced that since CFFEX launched treasury bond futures in 2013, it has listed five-year, 10-year and two-year Treasury bond futures in succession, with stable market operation, steady growth of transactions, close linkage between futures and cash, and gradual play of market functions.
According to reports, the daily average volume of treasury bond futures in 2019 was 53400 lots, an increase of 11 times over 2013, with an average annual growth rate of 52%.From the point of view of the correlation between the two-year, five-year and 10-year Treasury bond futures in 2019, the correlation between the main contracts and the spot price is above 97%, and the trend of treasury bond spot is highly consistent.
At present, the participants in the Treasury bond futures market are mainly institutional investors.In 2019, the average daily positions of institutional investors represented by securities companies, fund companies and asset management products accounted for more than 80%.Treasury bond futures have become the futures with the highest position reference in China.
Zhang Xiaogang said that it is of great significance for commercial banks and insurance institutions to participate in treasury bond futures. They will play an important role in improving their ability to serve the real economy, improving the construction of the financial market system, improving the Treasury bond yield curve, and promoting the opening of the financial market.
It is revealed that in the future, after insurance institutions enter the market smoothly, CFFEX will also promote the listing of 30-year treasury bond futures, providing investors such as insurance institutions with tools to hedge the interest rate risk of ultra long-term bonds and adjust the asset duration.

CFFEX will continue to optimize the trading mechanism and improve the quality of market operation.Last year, CFFEX has successively launched short-term market maker mechanism for futures. On this basis, CFFEX will further study measures to improve market liquidity and operation quality, so as to better meet the risk management needs of investors such as insurance institutions.

3月3日，中金所副总经理张晓刚在中国保险资产管理业协会举办的一个在线交流平台上，就银行保险机构参与国债期货交易的准备工作进行了介绍。
张晓刚表示，中金所将与会员公司一起做好保险资金入市业务办理和辅导准备工作，将与保险资产管理业协会等加强合作，开展广覆盖、多层次的各条线业务培训。
张晓刚介绍，中金所2013年推出国债期货以来，已陆续上市了5年期、10年期和2年期国债期货品种，市场运行平稳，成交稳步增长，期现联动紧密，市场功能逐步发挥。
据介绍， 2019年国债期货日均成交量为5.34万手，较2013年增长11倍，年均增长率52%。从期现的相关性来看，2019年2年期、5年期、10年期国债期货主力合约与现货价格的相关性均在97%以上，国债期现货走势高度一致。
目前，国债期货市场的参与者以机构投资者为主。2019年，以证券公司、基金公司、资管产品为代表的机构投资者日均持仓占比超过80%。国债期货已成为我国机构持仓参比最高的期货品种。
张晓刚表示，商业银行、保险机构参与国债期货意义重大，它们将在提升服务实体经济能力、完善金融市场体系建设、健全国债收益率曲线、促进金融市场对外开放等方面发挥重要作用。
据透露，未来，保险机构平稳入市之后，中金所还将推动30年期国债期货上市，为保险机构等投资者提供对冲超长期债券利率风险和调整资产久期的工具。
中金所还将持续优化交易机制，提升市场运行质量。去年，中金所已相继推出期货短线做市商机制，在此基础上，中金所还将进一步研究提高市场流动性和运行质量的措施，以更好满足保险机构等投资者风险管理的需求。（证券时报 潘玉蓉 ）