期货业多举措高水平开放推动与国际市场接轨

Core Viewpoint - The current stage of China's futures market is witnessing gradual internationalization, which is significant for enhancing the country's global pricing influence on major commodities, supported by a series of open measures that form a "combination punch" for high-level institutional opening [1] Group 1: Internationalization and Market Structure - The high-level opening of the futures market is crucial for enhancing the linkage between domestic and international markets and implementing major national policy decisions [2] - The China Futures Association (CFA) emphasizes that further opening of the futures market will help improve the structure of market participants and optimize the regulatory framework, thereby enhancing competitiveness and influence [2] - The internationalization of the futures market has been progressively achieved, with specific varieties covering energy, metals, agricultural products, and shipping [2] Group 2: Foreign Participation and Market Expansion - As of mid-2023, futures companies have established 22 overseas primary subsidiaries, 39 secondary subsidiaries, and 6 tertiary subsidiaries since the first batch of companies set up in Hong Kong in 2006 [3] - The Zhengzhou Commodity Exchange (ZCE) has been promoting the opening of the futures market with a focus on specific domestic futures varieties, expanding the range of qualified foreign investors [3] - Currently, nearly 800 foreign clients have opened accounts at ZCE, coming from 33 countries and regions, and 26 futures options varieties are open to qualified foreign investors [3][5] Group 3: Recommendations for Future Development - Industry experts suggest that the futures market should continue to expand the range of specific varieties and solidify the institutional foundation for opening up [5] - The CFA recommends a steady expansion of the "variety pool" for foreign investors, prioritizing mature and controllable risk futures options for inclusion in the opening list [5] - ZCE is actively promoting the opening of specific varieties such as PTA options and other innovative products while exploring settlement price authorization cooperation with overseas exchanges [6]