Significant increase in overseas participation of Shanghai's international futures products

In order to continue to strengthen the function of futures market price discovery, resource allocation and risk management, Shanghai Futures Exchange and China Securities Investment Fund Association jointly held the "Commodity Futures Asset Allocation and Institutional Investor Trading Strategies" live broadcast series from June 2 to June 18. In the live broadcast, the person in charge of the International Cooperation and Business Development Department of Shanghai Futures Exchange gave a special speech on "Shanghai's Internationalized Commodity Futures Market Development and Practice in Serving the Real Economy".

The person said that the core function of the futures market is to provide companies with tools for price discovery and risk management. Companies can hedge risks through hedging, which can better focus on their main business and achieve sustainable development. The practice of China's futures market serving the real economy has continuously expanded its breadth and depth from the three levels which are macro, industry and enterprise. From the perspective of domestic international futures varieties, while the quality of market operations is gradually improving, its pricing function at the industrial level, promoting the development of modern logistics systems, increasing risk management and providing the arbitrage tools at the enterprise level significantly.

The person in charge introduced that in addition to the basic functions of price discovery and hedging, futures products have also evolved other functions. For example, on January 14, 2021, China’s first energy futures product bonded standard warehouse receipts complete the pledge business successfully in Shanghai, this further promoted the organic integration of futures finance and bonded practices.

The person in charge said that in terms of international development, in 2020, overseas exchanges will independently create new platforms or merge and acquire all the service capabilities such as transaction clearing, data analysis, and information consulting, and increase financial technology deployment. New technological innovations such as encrypted digital currency, cloud computing, and artificial intelligence have injected new impetus into the development of the derivatives market, and international cooperation has developed in-depth and more pragmatic.

A reporter learned that a series of international development measures of Shanghai Futures Exchange has a clear context and advance steadily. In 2007, Shanghai Futures Exchange revised and promulgated the "Regulations on the Registration and Administration of Non-ferrous Metal Delivery Commodities", implementing the full-process registration of overseas brands; in 2009, the US Freeport McMoRan registered the first overseas copper delivery brand on Shanghai Futures Exchange; in terms of bonded delivery, In 2011, the entire process of first due delivery and EFP delivery was completed; in 2013, INE was registered in China (Shanghai) Pilot Free Trade Zone and continuous trading was started; in 2018, the first internationalized crude oil on the Chinese futures market is listed for trading in INE, in addition, the crude oil options will be listed on June 21, 2021, it will be China’s first batch of international options and foreign traders will be involved. Shanghai Futures Exchange is actively preparing for innovative container freight index futures and other international varieties.

In recent years, Shanghai Futures Exchange and INE have strengthened their exploration of diversified cooperation with international exchanges, the process of expanding international markets has been accelerated, and overseas participation has increased significantly. According to the person in charge, there are currently 72 overseas intermediary agencies and 2 overseas special representatives that have been filed in INE. INE completed the registration of ATS in Hong Kong and RMO in Singapore. Shanghai Futures Exchange and INE are the first to be included in the positive list of post-transaction transparency assessment by ESMA. At the same time, Shanghai Futures Exchange and INE have won many international awards, including FOW’s Best Emerging Market Exchange Award and Best China Futures Exchange Award for many consecutive years; two exchanges have also been awarded the Best Commodity Exchange of the Year by EnergyRisk for two consecutive years.

The person in charge said that in the future, the internationalization of the futures market will face multiple challenges from policies, regulations, technology, and supervision, but it also has more opportunities. Shanghai Futures Exchange and INE will adhere to a positive and stable approach to openness, unswervingly promote internationalization and fully conduct research and judgment on risk. By expanding to the world, we will attract global industry chain companies and professional investment institutions to participate in the formation of Shanghai futures prices, and further enhance Shanghai Futures Exchange’s ability to serve the real economy.

上海国际化期货品种境外参与度显著提升

为持续强化期货市场价格发现、资源配置和风险管理等功能发挥，上期所联合中国证券投资基金业协会于6月2日至18日共同举办“商品期货资产配置与机构投资者交易策略”系列直播活动。在日前的直播中，上期所国际合作与业务发展部负责人作了“上海国际化品种期货市场发展与服务实体经济的实践”的专题演讲。

该负责人说，期货市场最核心的功能是为企业提供价格发现和风险管理的工具，实体企业通过套期保值来对冲风险，可以更好地聚焦主业，实现可持续发展。我国期货市场服务实体经济的实践，从宏观、产业和企业三个层面不断拓展广度和深度。从境内国际化期货品种来看，在市场运营质量逐步提升的同时，其在产业层面的定价功能和促进现代物流体系发展、在企业层面增加风险管理和套利工具的功能尤为显著。

该负责人介绍，期货品种除了价格发现和套期保值的基本功能外，还演化发展出其他的功能作用，如在2021年1月14日，我国首单能源类期货品种保税标准仓单所外质押业务在上海顺利完成，进一步促进了期货金融与保税实务的有机结合。

这位负责人表示，在国际化发展方面，2020年，境外交易所以自主创立新平台或兼并收购的方式完善交易清算、数据分析及信息咨询等全方位服务能力，加大金融科技布局力度，以加密数字货币、云计算、人工智能等新科技创新为衍生品市场发展注入新动力，国际合作向纵深发展且更为务实。

期货日报记者在观看直播中了解到，上期所一系列的国际化发展举措，脉络清晰，稳步推进。2007年上期所修订并颁布了《有色金属交割商品注册管理规定》，实行境外品牌的境内全流程注册；2009年美国自由港迈克墨伦公司在上期所注册首个境外铜交割品牌；保税交割方面，2011年完成了首次到期交割全流程操作和期转现交割；2013年，上期能源注册于中国（上海）自由贸易试验区，启动连续交易；2018年，中国期货市场上首个国际化品种原油期货在上期能源挂牌交易；即将于2021年6月21日上市的原油期权将作为我国首批国际化期权品种，引入境外交易者参与；此外，上期所正在积极筹备集装箱运价指数期货等创新的国际化品种。

近年来，上期所和上期能源加强探索与国际交易所的多元化合作，拓展国际市场的进程加快，境外参与度显著提升。该负责人介绍，目前上期能源备案的有72家境外中介机构和2家境外特参。上期能源完成香港ATS注册、新加坡RMO注册。上期所和上期能源率先被ESMA纳入交易后透明度评估正面清单。同时，上期所和上期能源在国际上获得诸多奖项，包括连续多年获得FOW的最佳新兴市场交易所奖和最佳中国期货交易所奖；上期能源连续两年被EnergyRisk授予年度最佳商品交易所。

该负责人表示，未来，期货市场国际化面临着来自政策、法规、技术、监管等各方面的多重挑战，但同时也拥有更多机遇。上期所和上期能源将坚持积极稳妥的开放思路，既坚定不移地推进国际化工作，也充分做好风险输入的研判。通过扩大对外开放，吸引全球产业链企业和专业投资机构参与到上海期货价格形成过程中，进一步提升上期所服务实体经济的能力。