Approval System For Fifteen Years To Change The Listing Mechanism

< p > the decision making power of the new futures variety and the delisting is initially in various exchanges.

At the time when the system was not perfect and the market was "barbaric growing", the emergence of some risk events led to the tightening of regulatory policy. In the two futures market rectification in 1993 and 1998, this power gradually shifted to the regulatory authorities.

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The Provisional Regulations on futures trading administration, officially implemented in September 1, 1999 P, stipulate that the futures exchange's listing, suspension, cancellation or resumption of futures trading varieties shall be approved by < a href= "http:// www.sjfzxm.com/news/index_c.asp" > SFC < /a >.

This system has gradually evolved into a joint examination and approval system (the approval system of the State Council) in practice, and it has been confirmed and retained in the form of provisions in the following two amendments.

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< p > regulation has been tightened repeatedly, which is closely related to the prevailing market environment prevailing in the futures market.

When the futures varieties were incorporated into the "regular army", the number once declined.

In 1995, after the "327 national debt futures" crisis, the Treasury bond futures were cancelled; in 1998, under the rectification of the State Council's notice on further rectifying and regulating the futures market, China's futures varieties were reduced from 35 to 12, and then reduced to 8. The varieties of mung bean, red bean, coffee, sorghum, plywood, and indica rice disappeared from the perspective of investors.

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< p > "the addition of futures varieties began in 2003.

This is because the regulatory layer begins to realize the importance of the futures market to the national economy, and the urgency of making the futures market stronger and stronger in the competition for international commodity pricing power. "

A senior market researcher said.

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< p > according to the statistics of journalists, from 1998 to 2008, the number of domestic futures trading increased from 8 to 19, and the 11 increased varieties were cotton, fuel oil, corn, soybean 2, sugar, soybean oil, PTA, zinc, rapeseed oil, LLDPE and gold.

At this point, the futures chain of agricultural products, metals and chemical industry was initially established, and even in 2008, the international a href= "http:// www.sjfzxm.com/news/index_c.asp" > financial crisis < /a > added gold futures varieties.

After that, new varieties of futures appear at speeds of two to three per year.

In 2013, the listing of 9 new varieties opened up a new prospect for the listing of futures in China.

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< p > < < a href= http:// / www.sjfzxm.com/news/index_c.asp > > /a > speed increase, although not necessarily the corresponding market demand is very strong, but there is no doubt that by this time the market operation mechanism has been stable and mature.

A Futures Company executive in Central China said that after tight supervision, the market risk events were significantly reduced and Futures Company compliance awareness was strengthened. Especially after the outbreak of market risk in the international financial crisis in 2008, there was no systemic risk in the case of multiple varieties of continuous down limits. Instead, an effective risk control system was established.

"Through the test of this crisis, the futures market has an endogenous antibody to resist risks, that is, a set of standardized prevention, control and disposal systems, such as expanding the price limits in advance, raising the margin to guard against risks, carrying out stress tests in a timely manner, forcing the warehouse to be reduced, and strictly controlling access to gold, and so on.

He said.

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< p > it is understood that in 2008, the total number of customers in 163 Futures Company in China was only 22 million yuan, accounting for only 5/10000 of the total margin of futures market.

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< p > although the speed of listing of domestic futures is accelerating, the decision and the rhythm of listing are still determined by the will of regulators.

In the United States market with varieties registration system, the exchange only needs to submit materials to the regulatory authorities, which proves that the design of the new product meets all the basic principles, and the new product can be listed on its own. Under the condition of full submission of materials, the shortest time for the new product is only 1 days.

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At present, both the risk control level of exchange and Futures Company and the trading level of traders have been improved qualitatively in the early stage of P.

Along with the prevalence of procedural pactions, the expansion of CTA asset management scale, and the coming out and introduction of QDII and QFII systems, the market is gradually becoming mature, and a more effective basic system is needed.

The Futures Company executives said.

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< p > "in the long run, the examination and approval system has more disadvantages than benefits.

When the market is mature, the exchange should be allowed to be cautious in trial and error, so as to develop products that are most suitable for market demand, and at the same time, the exchange should be allowed to compete with each other to improve market efficiency.

Shi Guangda, deputy general manager of Southwest Futures Research Center, said that after the market matures, it is necessary to open such a system.

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