依托海南自贸港政策红利筑牢场外衍生品市场“底座”

Core Viewpoint - The development of the over-the-counter (OTC) derivatives market in China is accelerating, with the Hainan International Clearing House emerging as a key player in providing clearing services for the OTC market, thereby supporting the healthy development of the commodity derivatives ecosystem [1][2]. Group 1: Market Development - The OTC derivatives market in China has significant growth potential, with the current scale still lagging behind that of the futures market, despite the latter being among the largest globally [2]. - The Hainan International Clearing House has launched OTC swap clearing services, filling the gap between the futures and spot markets, and enhancing the multi-tiered commodity market system [2][4]. Group 2: Achievements and Growth - Since its establishment in October 2022, the Hainan International Clearing House has made substantial progress, with 45 OTC swap clearing products now available, covering various commodities such as steel, iron ore, and methanol [4]. - The number of participating institutions has exceeded 250, including major producers and traders, indicating a robust engagement in the clearing business [4]. - The cumulative clearing volume has surpassed 200 million tons, with the contract value exceeding 4 billion yuan, and customer margin balances reaching over 140 million yuan, reflecting a strong growth of 3-4 times compared to the same period in 2024 [4]. Group 3: Risk Management - The Hainan International Clearing House has established a comprehensive risk management system to address the complexities and uncertainties of the OTC market, including preemptive measures and communication mechanisms to prevent large-scale risk events [5][6]. - The institution has successfully navigated significant market fluctuations without any risk incidents, demonstrating the effectiveness of its risk management framework [6]. Group 4: Future Plans - The Hainan International Clearing House aims to expand its clearing product offerings based on the needs of the real economy, particularly in sectors where China leads in commodity imports [7][8]. - Plans include enhancing innovative business models, exploring cross-border clearing services, and optimizing its equity structure to foster international collaboration [8][9]. - The upcoming closure of the Hainan Free Trade Port is expected to provide historical opportunities for international development, necessitating alignment with high international standards [9].