Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum highlighted the increasing importance of the futures market in managing risks amid global economic uncertainties, emphasizing its role in supporting the real economy and enhancing market service capabilities [1][2]. Group 1: Market Development and Service Capabilities - The futures market's service capabilities have been continuously enhanced, with a diverse range of products introduced, including polysilicon, casting aluminum alloy, pure benzene, and propylene, bringing the total number of listed commodity futures and options to 131 [1]. - The participation of industrial clients has significantly increased, with a 12.2% year-on-year growth in daily trading volume for industrial clients in 2024, and the total holding of major products by these clients exceeding 200 million tons [1]. Group 2: Price Influence and Market Integration - The influence of futures prices has been rising, with various hedging strategies being widely adopted in response to external uncertainties, and some products becoming reference points for international trade pricing [2]. - The futures market is increasingly integrated into national development strategies, supporting rural revitalization and ensuring food security through innovative models like "insurance + futures" [2]. Group 3: Future Directions and Regulatory Focus - The China Securities Regulatory Commission (CSRC) plans to enrich product offerings by promoting the listing of important energy products like liquefied natural gas and expanding the coverage of futures and derivative tools [3]. - The CSRC aims to enhance the openness of the futures market by increasing the range of futures and options available to qualified foreign investors, thereby improving their participation [3]. - Continuous improvement of market services is a priority, with a focus on guiding leading enterprises to utilize the futures market effectively and supporting small and medium-sized enterprises in risk management [3].

Core Insights - The 2025 China (Zhengzhou) International Futures Forum focuses on the high-level opening of China's futures market and its future prospects [1][3] - The forum emphasizes the importance of expanding the futures market's openness to enhance international competitiveness and support the national economy [3][4] Industry Perspectives - Yang Guang, President of the China Futures Association, highlighted that high-level openness in the futures market is crucial for linking domestic and international markets, with China's commodity futures market accounting for over 60% of global trading volume [3] - The Zhengzhou Commodity Exchange (ZCE) aims to enhance its international competitiveness and influence while serving the high-quality development of the real economy through systematic openness [4] Global Market Dynamics - Tim Smith from the CME Group stressed the importance of risk management amid increasing market volatility, indicating that China's futures market must innovate to meet the complex risk management needs of various institutions [6] - Gareth Lamb from GSK noted that despite uncertainties, global trade growth remains promising, with China accounting for 29% of global bottle demand, driving the need for stable risk management tools [6] Competitive Strategies - The forum discussed the necessity of differentiated competition among futures firms, with companies like COFCO Futures and Dongzheng Futures focusing on unique service offerings and international expansion [10][11] - UBS Futures emphasized a differentiated development strategy, leveraging its international platform to explore suitable business models in the context of China's futures market opening [11] Future Opportunities - The forum underscored the potential for China's futures market to play a more significant role in global commodity pricing and risk management as market openness deepens [8][10] - Industry leaders expressed confidence in the future of China's futures market, aiming to bridge international clients with the domestic market [11]

Group 1 - The forum focused on the high-level opening of China's futures market and its future prospects, emphasizing the importance of international cooperation and market optimization [1][2] - The China Futures Association highlighted that the futures market's high-level opening is crucial for enhancing the domestic and international market linkage and improving the market participant structure [2][3] - Zhengzhou Commodity Exchange aims to enhance its international competitiveness and influence while supporting the high-quality development of the real economy through systematic opening [2][3] Group 2 - The opening of the futures market is seen as essential for increasing the influence of commodity prices and providing more hedging tools for domestic and international enterprises [3][4] - Global representatives emphasized the importance of risk management in the context of increasing market volatility and uncertainty, with a focus on meeting the complex needs of various institutions [4][5] - The demand for stable and transparent risk management tools is growing, particularly in the context of global trade and commodity pricing [4][6] Group 3 - The changing landscape of the global commodity futures market is being shaped by the rise of Asian exchanges, with China increasing its influence in agricultural product pricing [5][6] - The need for differentiated competition and unique service offerings is critical for futures companies as they navigate internationalization [7][8] - Foreign-funded futures companies are exploring suitable business models and development paths to leverage their international resources and compliance advantages [8]

Group 1 - The forum emphasized the importance of high-level opening of the futures market in China as a key aspect of building a new development pattern and enhancing the linkage between domestic and international markets [1][2] - The China Futures Association highlighted that the domestic commodity futures market accounts for over 60% of the global total trading volume, indicating a strong position in the global market [1] - Continuous expansion of openness is seen as a crucial path for the futures market to achieve stability and long-term development, supporting the modernization and financial strength of China [1][2] Group 2 - The Zhengzhou Commodity Exchange (ZCE) stated that advancing the high-level institutional opening of the futures market is essential for enhancing international competitiveness and serving the high-quality development of the real economy [2] - The ZCE aims to provide more futures and options products to the international market, optimize market rules, and attract more foreign participants, thereby improving the structure of market participants [2] - The forum gathered insights from regulatory bodies, domestic and foreign exchanges, and industry representatives, emphasizing that openness is not only an internal requirement for market development but also a key driver for stabilizing global supply chains and improving resource allocation efficiency [3]

Core Insights - The 2025 China (Zhengzhou) International Futures Forum highlighted the critical role of custodial banks in the opening of the futures market to foreign investors [1][2] - HSBC China has established itself as a key player in the market, with 276 qualified foreign investor clients, representing 31% of the total market [1] Group 1: Market Dynamics - Foreign clients prioritize trading varieties, account opening efficiency, fund settlement capabilities, and service levels [1] - Industrial clients focus on hedging varieties, while investment clients value the number and coverage of trading varieties [1] - The popularity of qualified foreign investor channels is attributed to their broad coverage of trading varieties [1] Group 2: HSBC China's Role - HSBC China is one of the first foreign custodial banks actively participating in the opening of China's futures market [1] - The bank completed the first qualified foreign investor commodity futures transaction and was among the first to engage in the expansion of trading varieties for qualified foreign investors [1] - HSBC China plans to continue serving as a market service provider, offering futures trading and daily payment services to domestic and foreign corporate clients [2] Group 3: Future Strategies - HSBC China aims to deepen cooperation with exchanges and promote the Chinese futures market to foreign investors through various activities [2] - The bank intends to leverage its global network to attract more foreign capital, contributing to the long-term development of China's futures market [2]

Core Viewpoint - The forum emphasized the importance of an open futures market in enhancing China's global price influence on major commodities and reducing cross-border transaction costs [1][2]. Group 1: Market Opening and Internationalization - China's futures market has made significant progress in internationalization, with improved rules facilitating foreign participation [2][3]. - The China Futures Association proposed to expand the variety of futures products available for foreign investors, focusing on mature and controllable options [2][3]. - Zhengzhou Commodity Exchange (ZCE) has opened 17 futures options to Qualified Foreign Investors (QFI), ranking second in the country for the number of open products [3]. Group 2: Risk Management and Market Stability - The increasing market volatility highlights the need for effective risk management strategies, especially in uncertain times [3]. - The collaboration between China's futures market and global derivatives markets aims to meet the complex risk management needs of various institutions [3]. Group 3: Industry Perspectives and Future Outlook - The roundtable discussion revealed a consensus that market openness is essential for enhancing resource allocation efficiency and stabilizing global supply chains [4]. - Stakeholders from regulatory bodies, exchanges, and industry representatives discussed pathways and prospects for further opening the futures industry [4].

Group 1 - The core viewpoint of the articles highlights the increasing openness of China's futures market, particularly through the Zhengzhou Commodity Exchange (ZCE), which has attracted nearly 800 foreign clients from 33 countries and regions [1][2] - The ZCE has implemented three main models for foreign participation: direct opening for specific varieties, Qualified Foreign Investor (QFI) participation, and settlement price authorization [1] - PTA futures, introduced in 2018, is the first chemical futures product open to foreign traders and has become a pricing benchmark for both domestic and international trade [1] Group 2 - As of now, 26 futures and options products are open to QFI, with nearly 170 QFI clients primarily from Singapore, the UK, and 10 other countries and regions [2] - The ZCE is actively expanding its international cooperation by signing memorandums of understanding with 12 foreign exchanges, including the Singapore Exchange and Deutsche Börse [2] - The exchange is also developing innovative products like the Baltic Panamax Dry Freight Index futures (BPI index futures) and exploring settlement price authorization collaborations with foreign futures exchanges [2]

作为首批外资托管银行，汇丰银行积极参与中国期货市场开放，托管的QFI客户达276家，占全市场的 31%，完成首单QFI商品期货交易，也是首批参与QFI品种扩容交易的机构。 期货日报网讯（记者 吕双梅）8月19日，由郑州商品交易所、芝加哥商业交易所集团联合主办的2025中 国（郑州）国际期货论坛正式开启。在当日下午举行的对外开放论坛上，汇丰银行环球支付方案部产品 总监林达权深入剖析了托管行在期货市场对外开放进程中的关键角色与定位。 林达权表示，境外客户高度关注交易品种、开户效率、资金结算能力及服务水平。其中，产业客户侧重 所需套期保值的品种，投资类客户看重品种数量与覆盖面，QFI渠道因覆盖品种范围广较受青睐。同 时，开户周期、操作便利性以及银行全球化服务能力也是重要考量，境外客户习惯通过主办银行集中管 理资金，重视长期合作与服务响应速度。 林达权表示，未来汇丰银行将继续以市场服务提供者的身份，为境内外企业客户提供期货交易及日常支 付服务；持续深化与交易所合作，通过线上线下活动向境外推广中国期货市场。同时推进存管银行资格 申请，发挥全球网络优势，助力引入更多境外资金，为中国期货市场对外开放及长期发展贡献力量。 ...

据该负责人介绍，下一步，在吸引全球交易者参与境内期货市场方面，协会建议持续扩容特定品种，稳 步扩大开放"品种池"。在风险可控的前提下，以"成熟一个、纳入一个"的节奏，继续扩大特定品种范 围，优先将运行成熟、风险可控的期货期权品种纳入对外开放清单，使境外投资者能够沿用现有较为完 备、便利的制度规则，直接参与交易、交割和套保；同时配套优化跨境资金结算、保税交割网络等，进 一步降低交易者制度性成本。 （文章来源：新华财经） 新华财经郑州8月19日电（记者李丽静） 8月19日，2025中国（郑州）国际期货论坛上在郑州召开。中 国期货业协会相关负责人在论坛上表示，将在风险可控的前提下，持续扩容特定品种，方便境外投资 者。 近年来，我国期货市场在对外开放方面积极探索，取得了一系列重要成果，市场国际化程度逐步提升。 同时，相关制度规则不断完善，为境外交易者参与中国期货市场创造了更加便利的条件。自2018年首个 对外开放的期货品种原油期货上市以来，已形成覆盖能源、金属、农产品、航运等多领域的开放产品体 系。截至2025年7月底，共有特定品种24个。 ...

Core Insights - The 2025 China (Zhengzhou) International Futures Forum highlighted the current state of China's futures market, emphasizing its open structure and international participation [1][2] - The China Securities Regulatory Commission (CSRC) reported that the futures market has established three main modes of international openness: direct openness, Qualified Foreign Institutional Investor (QFI) participation, and settlement price authorization [1] Group 1: Market Structure and Participation - China's futures market has 24 internationalized products covering key categories such as crude oil, iron ore, and PTA, attracting over 1,000 foreign traders from 40 countries and regions [1] - A total of 91 futures and options products are included in the QFI trading scope, indicating a significant level of foreign engagement [1] Group 2: Market Impact and Global Position - The Shanghai crude oil futures market ranks among the top three globally, serving as a crucial pricing reference for crude oil trade in the Asia-Pacific region [1] - Approximately 40% of natural rubber imports are linked to the price of the 20th rubber futures, and about 30% of South American farmers reference the Dalian Commodity Exchange's No. 2 soybean futures price, showcasing the growing international influence of "Chinese prices" [1] Group 3: Future Outlook - The CSRC emphasized the need to balance openness with safety and to enhance trading convenience while deepening cross-border cooperation in the futures market [2] - Future plans include expanding the range of open products and improving trading accessibility [2]