海外期货概况（地区篇）之三：欧洲

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The European futures market presents a pattern of "system - led, complementary functions, and regional division of labor". With Western Europe and the UK as dual cores and Northern Europe as a characteristic sector, mainstream financial futures contracts like EURO - Bund futures and STOXX index futures have positions in the hundreds of billions, and commodity futures contracts such as Brent crude oil and LME copper also have positions exceeding tens of billions [1][2]. - In 2024, the European futures market showed significant differentiation in activity. The UK market had strong growth, Western Europe was the largest trading volume area, and Northern Europe had a small - scale but specialized market [36]. - The European futures market has a multi - core and multi - level capital distribution, with leading varieties dominating and many characteristic contracts meeting various segmented needs [47]. 3. Summary According to the Directory 3.1 European Futures Market Development History - Origin: It originated in the late Middle Ages, and the Netherlands created the first large - scale derivatives market in history through tulip bulb futures trading in the 17th century [8]. - UK: In 1877, the London Metal Exchange Company was established, marking the birth of modern metal futures trading. Financial futures emerged in 1982 with the establishment of LIFFE. After multiple mergers and acquisitions, LIFFE is now under ICE Futures Europe. Regulatory framework changes, such as the "Big Bang" in 1986 and the implementation of the Financial Services and Markets Act in 2000, have also influenced the market. Brexit in 2018 led to regulatory adjustments [9][10]. - Western Europe: The modern futures market emerged after World War II. Eurex, Euronext, and EEX have played important roles. Eurex became the European interest - rate derivatives pricing center, Euronext integrated European financial derivatives business, and EEX became a leading platform for energy and environmental products [12][13]. - Northern Europe: Its trading tradition dates back to the Hanseatic League in the Middle Ages. After World War II, through economic cooperation, the derivatives market developed. In 1996, the Nordic Power Exchange was established, launching the world's first day - ahead power futures contract [14][16]. 3.2 European Futures Products - UK: ICE Futures Europe and LME are the cores, covering financial derivatives and commodities. Products include FTSE 100 index futures, gilt futures, Brent crude oil futures, and LME copper and aluminum futures [20][21]. - Western Europe: Eurex, Euronext, and EEX provide a wide range of products. There are STOXX 600 and DAX index futures, EURO - Bund and other interest - rate futures, wheat and power futures, and euro foreign - exchange futures [20][27]. - Northern Europe: OMX provides derivatives mainly for local and international investors. Key products are OMXS30 index futures and Nordic power futures [33][34]. 3.3 European Futures Market Volume and Price Overview - Trading Volume in 2024: The UK market had a turnover of about 1.78 billion lots, a year - on - year increase of 25.5%. Western Europe had a turnover close to 2.3 billion lots, a year - on - year increase of nearly 8%. Northern Europe had a turnover of 63.81 million lots with a slight decline [36]. - Market Structure: Western Europe has the most diverse and active market, with stock index futures leading in trading volume. The UK market is energy and interest - rate oriented, and the Northern European market has a small scale but a concentrated trading structure, focusing on local financial markets and specialized fields [40][41]. - Position Amount at the End of 2024: Many futures varieties have large position amounts, with some reaching hundreds of billions or even trillions of euros or dollars. For example, EURO - Bund futures had a position of over 1.5 trillion euros, and LME copper futures had a position of 58.6 billion dollars [46].