On December 9, the 18th China (Shenzhen) International Conference was held in Shenzhen. The major ** exchanges gathered together to conduct in-depth exchanges on topics such as the high-quality development of the ** market, the optimization of functional services and the future development layout.
In 2023, the innovation and development of the first-class market will be accelerated, the variety registration system will be fully implemented, the total number of varieties will reach 131, and the quality of market operation will be steadily improved.
It is worth noting that in the past few years, the influence of the industry has continued to increase, and more and more enterprises have referred to the spot market, and many varieties such as Shanghai, iron ore and PTA have become an important reference for the international negotiation of industrial chain enterprises.
The pace of variety innovation has accelerated, and the quality of operation has continued to improve.
With the formal implementation of the "Derivatives Law", the institutional foundation of the market has been continuously improved, the pace of innovation of the varieties of major exchanges has accelerated, the product system has become increasingly rich, and the operation quality has continued to improve.
Zhang Ming, deputy general manager of Shanghai ** Stock Exchange, said that in the past two years, we have listed 6 new varieties of rebar options, ** options, alumina**, butadiene rubber ** and options, as well as container transportation index (European line). Among them, the container transportation index (European line) ** is China's first service ** variety, and it is also the first index class and cash delivery ** variety listed on the commodity ** exchange, so it is known as "the most innovative ** variety in China's ** market in recent years", which is conducive to the construction of Shanghai international financial center and shipping center.
In the face of extreme prices such as the soaring price of nickel, the Shanghai Futures Exchange gave full play to the advantages of the risk control system with Chinese characteristics to provide rational signals for global customers. Since the beginning of this year, commodities have fluctuated sharply, and the Shanghai Futures Exchange has studied and judged the risks as soon as possible, and cracked down on violations of laws and regulations with "zero tolerance", which has not only effectively prevented the largest and largest down, but also maintained a certain scale and vitality of the market. Zhang Ming said.
Wang Xiaoming, deputy general manager of Zhengzhou Commodity Exchange, said that our product system is becoming more and more abundant, and six new options such as paraxylene, caustic soda ** options and soda ash have been listed, forming a relatively complete industrial chain tool system of polyester, coal chemical industry, salt chemical industry, etc.
At the same time, the quality of our operations continues to improve. 15 ** varieties were introduced into market makers, and the bid-ask spread and order depth were significantly improvedFour varieties of ferroalloys and other varieties have been stably rotated month by month, and liquidity has continued to improve in recent monthsFor market makers, the first portfolio margin business was launched, reducing the margin occupation by about 70%, and the quality was effectively improved. ”
Wang Weijun, deputy general manager of Dalian Commodity Exchange, pointed out that in the research and development of new varieties, DCE is promoting product research and development in the fields of steel, agriculture and forestry, chemical industry, and weather. While building the on-exchange market, the exchange is also promoting the construction of the over-the-counter market of "one circle and two centers".
Starting from the actual variety, we continue to improve the quality of market operation and explore ways to improve the quality and efficiency of serving the real economy. Keeping up with the needs of the industry, the "one product, one policy" promotes the optimization of contract rules, the continuous activity of contracts and the improvement of the delivery system, and through the introduction of non-benchmark, non-standard and negotiated businesses, the market takes into account standardization and personalization, mandatory and inclusiveness, and further improves the operation quality and hedging efficiency of industrial enterprises. Wang Weijun said.
Shi Guangwei, deputy general manager of China Financial Exchange, said that in terms of enriching the product system and equity, in the past two years, we have successfully listed the stock index ** and option products of the CSI 1000, as well as the stock index option products of the SSE 50, covering four major types of broad-based indexes and 1,800**. In terms of government bonds**, in the past two years, we have launched 30-year treasury bonds**, covering key maturities of two-year, five-year, ten-year and 30-year treasury bonds. And the Treasury yield curve is formed from the short end to the ultra-long end.
Leng Bing, deputy general manager of the Guangzhou ** Exchange, said that on December 22 last year, the first variety of industrial silicon on the Guangzhou ** Exchange was listed and will run for one year. The second variety, lithium carbonate, was launched on July 21 this year, and has been in operation for less than half a year. Overall, the operation of these two varieties is still safe, stable and orderly.
In view of the characteristics of the new energy industry, the Institute adheres to the bottom-line thinking in the early research stage, and carries out extensive arguments from contracts, systems and business rules to ensure that risks are controllable. In addition, the firm has overcome the difficulties of insufficient personnel and experience, and has built a safe and stable information system to ensure the stable and efficient operation of the whole process business system such as trading, settlement, supervision and delivery.
Focus on service entities and enhance influence.
As an important part of the modern economic system, the market is an important place for discovery and risk management.
Zhang Ming said that since the beginning of this year, in addition to continuously optimizing the trading mechanism, the Shanghai ** Exchange has also integrated and launched a series of promotion brands such as "Strong Source to Help Enterprises", covering all varieties of series, providing more accurate and comprehensive services for entity enterprises. As of the end of October, driven by the option incentive project, the trading volume and open interest of option varieties increased by about 300% year-on-year.
It is worth noting that "Shanghai**" is much easier to use. In August this year, the Ministry of Natural Resources took Shanghai as the benchmark price for the income market from the transfer of oil and gas mining rights, and the application scenario of "Shanghai Oil" was further expanded. The cross-border ** contract signed with No. 20 rubber ** as the pricing benchmark accounts for more than one-third of China's natural rubber imports.
Wang Xiaoming pointed out that Zhengshang has formulated and implemented a three-year special action plan for industrial services to support the development of industrial customers by the company, and has introduced 27 key enterprises and 1,084 small and medium-sized enterprises to participate in the market. Since the launch of the buyout repurchase business, it has provided financing of more than 28.1 billion yuan to 117 industrial enterprises, and the average financing interest has been reduced by more than 10% compared with traditional channels. The number of varieties that can apply for hedging quota by variety has been expanded to 11, effectively improving the convenience of industrial enterprises to participate in hedging.
Our influence continues to grow. From a domestic point of view, more and more enterprises refer to the first spot market, such as methanol has become the vane of spot in East China and South China. From an international point of view, PTA, cotton, sugar, and cuisine are written into cross-border contracts, which have become an important reference for international negotiations for industrial chain enterprises. Wang Xiaoming said that Wang Weijun said that DCE adheres to the model of promoting and serving the main body of the industry, sending "suitable shoes" to the main body of the industry, and boldly explores the road of real economic services. This year, the value of the "insurance + ** project supported by Dashang is about 60 billion yuan, and the project has provided more than 350 billion yuan of risk protection for various agriculture-related entities in the past nine years, and has made active explorations in serving rural revitalization and agricultural industry modernization.
At present, in the feed, oil and oil industries, the basis **, the right ** and other difficult to understand professional terms in the past have become popular words. In the future, it is hoped that through the high-quality development and service of the market, more industries will turn professional terms into industrial buzzwords, so that the market will serve every nerve ending of the national economy as a part of the financial bloodline. Wang Weijun said.
In the past two years, we have made a breakthrough in the participation of banking and insurance institutions in the treasury bond market, with a total of two batches of ten insurance institutions, five state-owned commercial banks and one foreign bank participating in the treasury bonds. In addition, the range of market participants is gradually enriched, from the perspective of holdings, institutional holdings account for 77% of the stock index** and 94% of the treasury bonds**. The function of the whole market is playing well. Shi Guangwei said.
Shi Guangwei said that in the next step, the CFFEX will further implement the spirit of the first financial work conference, implement the various arrangements of the China Securities Regulatory Commission, and focus on ensuring safety, promoting development, strengthening supervision and building ecology next year.
Leng Bing said that since its settlement in Guangzhou, the Bay Area, with products as the core, has driven the first-class industrial chain composed of first-class companies, industrial enterprises, warehousing, logistics, etc. to take root in Guangdong. As of the end of the third quarter of 2023, Guangzhou has newly moved into 1 legal person ** company, and 31 ** companies have newly established Guangzhou regional headquarters. A number of commercial banks have set up financial outlets, and major financial institutions have selected financial professionals to further enhance the cohesion of local related industries.
Looking forward to next year, we will take serving the real economy as our fundamental purpose and strive to deepen the ability of the service industry. The first is to speed up the improvement of the variety system. The second is to effectively improve the quality of service. Leng Bing said.
Editor-in-charge: Yang Yucheng.
Proofreading: Yang Lilin.