上期所再次亮相伦敦 中国期货市场吸引全球目光-下载亚博
发布日期：2024-06-25
2024年6月17日至6月19日，国际期货业协会（futures industry association，fia）在英国伦敦举办2024年国际衍生品大会（international derivatives expo，idx）。上期所再次作为参展机构亮相伦敦，分享中国期货市场近年来的发展情况，吸引了参会者的广泛关注。
本次会议主题围绕全球衍生品市场监管环境变化、各衍生品交易所面临的机遇与挑战、转型中的商品市场等议题展开，汇聚逾千名参会者，包括郑商所、港交所、cme、ice、lme、eurex、b3等在内的全球衍生品交易所，美国商品期货交易委员会（cftc）等监管机构以及期货经纪商、技术服务供应商等机构参会，30余家机构参展。
近年来，中国期货市场国际化进程不断深化。2023年8月，我国首个航运期货品种——集运指数（欧线）期货在上期能源上市，这是我国首个在商品期货交易所上市的服务类、指数类、现金交割的期货品种，面向全球投资者开放，可以为航运公司、物流公司和进出口方提供抵御运价波动潜在风险的金融工具。该品种上市以来成交活跃，市场参与积极，期现价格联动紧密，一些外贸出口企业、货代企业开始利用该品种套期保值，一定程度上对冲了运价波动风险，降低了企业经营成本。至此，上期所面向境外投资者开放的特定品种达到6个，合格境外投资者可交易品种达16个，对外开放品种序列进一步扩大。与此同时，境外客户的数量和参与度持续增长，2023年，以上海原油期货为例，其境外交易者日均成交、日均持仓占比均超过三成，在境内已上市品种中位居前列。此外，自2022年9月起，合格境外投资者（qfi）开始参与中国境内商品期货期权，其在上期所的成交量于2023年下半年起显著增长，境外参与路径和规模进一步扩大。
为充分利用本次伦敦线下参会的机会向全球投资者介绍中国期货市场，上期所还在会议期间组织了题为“中国市场交易机遇”的圆桌讨论，邀请摩根大通期货、五矿英国（有限）公司、花旗环球金融有限公司和君合律师事务所的嘉宾围绕境外投资者参与中国期货市场最感兴趣的话题展开讨论，吸引了来自不同国家和地区的各个领域的近百名与会者参与。与会嘉宾认为，虽然中国期货市场相比境外市场起步较晚，但在市场发展、对外开放、风险管理、法治建设等方面都迈出了独特而坚实的步伐。中国期货市场规模大、流动性好，近年来积极推动市场对外开放，在境外交易者市场准入、开户、资金进出、外汇兑换、交割、税收等政策上屡有创新和突破，境外投资者实现了稳步发展，境外参与更为便利。面对近年来国际大宗商品市场的剧烈波动，中国期货市场应对有序，其近年来的有效风控实践经受住了市场考验，守住了不发生系统性风险的底线，并为境外市场提供了有益参考借鉴。
展望未来，中国期货市场将持续服务全球交易者，不断丰富品种序列，优化功能发挥，为全球交易者提供更多更有效的价格发现和风险管理工具。
shfe at idx 2024: chinese exchange drew world attention
on june 17-19, 2024, the 2024 international derivatives expo (idx 2024) hosted by futures industry association (fia) was successfully held in london, uk. it was the second time that shanghai futures exchange (shfe) participated in idx as an exhibitor and shared the latest developments of china’s futures market, attracting wide attention from various participants of the event.
idx 2024 brought together more than 1,000 attendees from global derivatives exchanges such as shfe, zce, hkex, cme, ice, lme, and eurex, regulators such as cftc, as well as futures brokers, technology service providers, and over 30 exhibitors from the global futures industry. this year’s themes focus on evolving regulatory landscape in global derivatives markets, opportunities and challenges facing global derivatives exchanges, commodities markets in transition, etc.
in recent years, china’s futures market kept opening up. in august, 2023, china’s first shipping futures product “containerized freight index (europe service) futures” was listed on shanghai international energy exchange (ine, a subsidiary and international platform of shfe). this is not only china’s first service-oriented futures product, but also china’s first cash-settled index futures product listed on a commodity futures exchange, which is also open to global investors, and is an ideal financial tool to counter potential freight rate volatility risks for shipping companies, logistics companies and importers/exporters. the trading of this product was active since its listing, with active market participation and close correlation between the futures price and the spot price. some export enterprises and freight forwarders have already begun to trade this product for hedging, which to some extent hedged the risk of freight rate fluctuation and reduced the operating costs of these enterprises. by now, we have 6 specified products (also known as “international products”) directly opened to overseas investors and 16 products accessible to qualified foreign investors (qfis). meanwhile, both the number and participation of overseas investors kept growing. in 2023, overseas investors of shanghai crude oil futures accounted for more than 30% both in average daily trading volume and open interest, which is one of the highest among listed onshore contracts. in addition, since september, 2022, qualified foreign investors (qfi) were allowed to trade china’s onshore commodity futures and options, which further expanded the access channel for global investors. their trading on shfe started to grow significantly since the second half of 2023, demonstrating their commitment to and interest in shfe’s market.
to make full use of this opportunity to introduce china’s futures market to global investors, shfe participated in the sponsored session named “opportunities in trading china” during idx 2024, and invited jp morgan futures co. ltd, minmetals (uk) limited, citigroup global markets limited, and junhe llp to share views on topics of most interest to overseas investors regarding china’s futures market. this session attracted nearly a hundred participants from different countries and regions covering various sectors. the guest speakers believed that, although china's futures market started late compared to overseas markets, it has found a unique way in market development, opening up, risk management and legal framework. china's futures market has a large scale and good liquidity, and in recent years, the market gradually opened to overseas investors, with a myriad of innovations and breakthroughs in market access, account opening, capital inflow/outflow, foreign exchange conversion, bonded physical delivery, tax policy, etc., making it more convenient for global investors to participate. in addition, in the face of the highly volatile international commodity market in recent years, china's futures market has also coped well, and its effective risk management practices in recent years have stood the test of the market and provided useful reference for overseas markets.
moving forward, china’s futures market will continue to serve global traders, diversify its product mix, optimize market rules and mechanisms, and provide more effective tools of price discovery and risk management for global traders.