期货市场高水平开放

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期货业创新发展丰富品种工具供给
Zheng Quan Ri Bao· 2025-08-20 16:53
8月19日至20日,2025中国(郑州)国际期货论坛举行,主题为"赋能实体经济、助力强国建设",来自 监管层、期货公司等境内外与会人士,从多个创新发展维度就中国期货市场高水平开放进行探讨,并就 未来发展方向作出重要部署。 期货公司仍需补短板 培育具有国际竞争力的期货公司是建设强大金融市场的需要,更是强国建设赋予期货业的使命。在中国 期货业协会党委书记、会长杨光看来,期货公司要想成为强大的金融机构,应当具备资金实力雄厚、具 有高素质人才队伍、能够提供综合金融服务的能力,同时还应具备强大的盈利能力和创新能力,具有数 字化金融科技的服务体系。"期货公司要成为国内外市场期货和衍生品的中介机构,要满足实体企业国 际化的风险管理需求,在参与国际竞争中提升自身服务能力。" 近些年,我国期货公司发展已有长足进步,但横向对比国外期货公司,仍有很多不足和进步空间。杨光 表示,目前期货公司整体业务收入单一,低水平、同质化竞争较为严重,此外,专业水平和服务能力有 待提升,行业发展的人才基础还有待加强。下一步,为支持期货公司创新发展,中期协将有相关的政策 和建议举措,具体包括:一是完善期货公司功能定位。二是加强业务监管与创新。三是拓宽 ...
期货业多举措高水平开放 推动与国际市场接轨
Zheng Quan Ri Bao· 2025-08-19 16:48
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. A series of opening measures are forming a "combination punch" for high-level institutional opening of the Chinese futures market, continuously promoting alignment with international markets [1] Group 1: Internationalization and Opening Measures - The high-level opening of the futures market is crucial for enhancing domestic and international market linkage and implementing major national policy decisions. The China Futures Association has indicated that further opening will help optimize the participant structure and improve market rules, thereby enhancing competitiveness and influence [2] - The futures market has actively explored internationalization in recent years, achieving significant results, with the internationalization level gradually increasing. Relevant institutional rules have been improved to create favorable conditions for foreign traders to participate in the Chinese futures market [2] - 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] Group 2: Specific Initiatives and Developments - Zhengzhou Commodity Exchange has been promoting the opening of the futures market with a focus on specific domestic futures varieties, expanding the range of qualified foreign investors. Currently, nearly 800 foreign clients from 33 countries and regions have opened accounts at Zhengzhou Commodity Exchange [3] - Zhengzhou Commodity Exchange has opened 26 futures options varieties to qualified foreign investors, ranking second in the country in terms of the number of open varieties. Approximately 170 QFI clients from 12 countries and regions have opened accounts [3] - The exchange has signed cooperation memorandums with 12 overseas exchanges, including the Singapore Exchange and Deutsche Börse, to explore practical service pathways for both parties' futures markets [4] Group 3: Future Recommendations and Strategies - The latest data indicates that as of mid-2023, the total number of tradable varieties for qualified foreign investors has reached 91, including 83 commodity varieties and 7 financial varieties [5] - Industry insiders recommend continuing to expand the range of specific varieties and solidifying the institutional foundation for the futures market's opening [5] - The China Futures Association suggests a steady expansion of the specific varieties pool, prioritizing mature and controllable risk futures options for inclusion in the opening list, allowing foreign investors to participate in trading, delivery, and hedging under existing rules [6]