The emergence and development of the futures market to the futures market to the development environment, based on the emergence of the futures market but also regulate and guide the development of the futures market environment. Both mutually reinforcing and inseparable. Currently, the futures market has been severely shortcomings exist affect the normal development of the futures market, futures market, cultivate and improve the environment for promoting the development of the futures market has become very necessary.
A futures market environment and the relationship between the futures market
1 In the futures market and the futures market exists between an intrinsic ratio between the number of
In the modern market system is running, the futures market and the futures market environment that exists between the number of proportional relationship status often determines the relationship of the market in good condition, whether it is commodity futures, or the total amount of financial futures on the price actually are his mouth, the difference between the spot price, constitute the basis futures. Such groups generally poor delivery period approaches as constantly tends to shrink in the process of commodity futures, basis movements have obvious regularity. If the base spread over a certain amount of limit, then the futures market from the futures market will be due to excessive environmental basis of variation occurs in nature, reduced to a purely speculative market. internal spot in the futures market hedging the volume of business and speculation have to maintain a certain percentage of the volume of business, if exceeded this ratio, two opposite phenomenon occurs, if the relatively large hedgers, will reduce the liquidity of the futures market, so that the spot hedge business because it is difficult to find and not be able to bear the risk of speculators risk transfer out.
(2) the operation and development of the futures market is based on the actual needs of the operation of the market based on the substance
In the modern market system is running, the futures market price and the futures market is the relationship between the price of futures price movements in the spot price is the basis and the futures price in the futures market prices basically reflect movements in the premise, through the futures market supply and demand adjustment of the role and continue to make spot prices gradually become balanced. commodity futures business conduct futures market environment must be clearly based on the futures market during the operation, the spot or physical delivery futures markets are linked bond and futures market environment.
3 is a futures market futures market environment continues to produce epitaxial expansion and deepening the meaning of the results
On the transactions concerned, commodity futures are cash transactions from the spot evolved due to the expansion of commodity trading and show the limited nature of the transactions, as well as the limited nature of this crisis brought about by the commercial possibilities , co-led commodity exchange in the temporal and spatial contradiction contradictory With this contradiction constantly sharp and intensified, resulting in the generation of forward contract transactions. As the market continues to expand the range of goods traded in different regions and frequent price changes at different times great phenomenon both forward contracts often because of changes in the price of default, which, in turn, further exacerbating the economic and social goods basic contradiction - between private labor and social labor conflicts.
Second, the futures market environment, the impact on the futures market
1 futures market imperfections limit the liquidity of futures markets
During the transition economy, especially in the futures market after the formation of the market reform needs, the futures market between the environment and the futures market generated considerable complicated contradictions between on the one hand the original price system and risk a very large configuration extent, gave way to the market system, with independent interests and bear the market risk constitutes the main manufacturers futures market system needs power. market organization for this new form of the establishment and development to create a rational, the other characteristics of the coexistence of two-track and institutional transformation imbalance in turn determines the corresponding spot commodity futures, financial instruments, financial instruments and spot price formation process in general be subject to varying degrees of administrative intervention. futures market environment resulting price distortions, is bound to affect the futures market price discovery and risk diversification function, so the futures market futures market participants restricted mobility is not high.Links to free download http://eng.hi138.com
(2) the degree of development futures market futures market functions restricts levels of play
The size of the futures market environment, maturity, information conditions, infrastructure and unity will be some impact on its function.
2.1 generation process from the futures market point of view, it is meant to lower transaction costs in a market forms and mechanisms to address environmental illiquid futures markets, price risk is too centralized and other conflicts and the emergence and development of the futures market environment, the development process , these contradictions and the sharpness of the urgency to resolve these contradictions, fundamentally determines the futures market system to establish the necessity of the existence of futures market price risk issues, in fact, defines a futures market functioning.
2.2 Although the futures market reaches a certain size, does not necessarily require a complete set, but the futures market futures market development scale and the extent of its functionality actual play, have affected the futures market environment, the scale of development constraints in the futures market environment in lower level of development, the domestic market is not high uniformity in the case, although avoiding market risk requirements may be very strong, but the futures price will be due to market segregation, radiation limited in scope, comprehensive information is insufficient and the lack of appropriate authority of price discovery function will not be very strong.
2.3 futures market environment conditions and infrastructure status information also restricts the development of the futures market. Futures market price discovery and risk diversification function is entirely built on the basis of market economy, giving full play to these features, the requirements on the spot market and funding liquidity with high, requiring a more comprehensive communications equipment, Automated Quotation System the market trading premises and equipment and cargo storage facilities, but due to technical and institutional reasons, and liquidity in the spot by blocking the case stunted futures market environment is bound to give a firm offer warehousing, transport and delivery of inconvenience and limitations of these cases will undoubtedly increase the operational risks of the futures market futures market functions and thus is not conducive to the function.
3. Futures market structure defines the status of the function of the futures market boundaries
Futures market imperfections in the structure of the actual function of the futures market and the real operating results define an insurmountable boundary in the futures market structure is relatively sound and the number of risk and revenue risk can be better absorbed by the case, the futures market positive function will significantly render and play, in the opposite case, the function of the futures market will diversify risk serious flaws in market structure and quantity of risk and the risk of increased revenues normally be difficult to play in Futures market environment under the conditions of underdevelopment, the ability to carry out futures trading, whether it should wait until after the futures market to develop improved environment to carry out the corresponding futures. I believe the development of a market, depending on the objective needs of the market, it is not to The people's will in the short term market demand is likely to be depressed or even alienation, but this is a heavy price to pay, and its precedents abound.
To sum up, China's futures market is the objective needs of the market and the government to promote joint action generated visible level of development of the futures market environment and conditions are fully met, can not decide for the futures market and the introduction of a variety of pilot The only basis for the key depends on market demand from China since the reform and opening up of the situation on the futures market economy, the market demand is unquestionable, especially with China's accession to WTO and the deepening of the reform of state-owned enterprises after the reform of state-owned enterprises in many varieties futures more pressing needs. To this end we should strengthen the supervision of the premise, to take effective measures to meet the legitimate needs of this futures market to promote the healthy development.Links to free download http://eng.hi138.com