Jiang Yang: China's futures market is entering a new stage of rapid development

Securities Times reporter Yu by the China Securities Regulatory Commission, Ministry of Industry, SASAC and China Iron and Steel Association co-sponsored by the Shanghai Futures Exchange, such as joint contractors of the first steel enterprise steel Futures Training course on May 31. The Assistant chairman of the SFC, Jiang Yang, said at the opening ceremony that to prevent the risk of Chinese state-owned enterprises participating in foreign derivative transactions, a set of risk prevention mechanisms and measures should be established within the enterprise.　　He stressed that state-owned enterprises should adhere to the principle of hedging, at this stage try to choose the market and simple products. Jiang Yang pointed out that the international financial crisis is the OTC derivatives market, and in exchange transactions in the field of derivatives market smooth operation, there is no problem, highlighting the need to develop futures market. The derivative market can be divided into the exchange market and the OTC market, the exchange market is used to be called the futures market. Compared with the OTC market, the futures market is simple, the price formation mechanism is open and transparent, the risk control measures are perfect and the market supervision is strict. Since the international financial crisis, the futures market has actively responded to and properly dissolved the risk of sharp fluctuations in futures prices, the developed countries in Europe and America are actively rethinking and trying to learn from the successful practice of the exchange market, through the introduction of centralized settlement, improve transparency, strengthen market supervision and other measures to standardize the development of the　　Therefore, the idea of developing the futures market has not only been weakened but further strengthened in this international financial crisis. Jiang Yang pointed out that China's futures market has now entered a new stage of standardization, health and rapid development. First of all, in recent years, the scale of China's futures market has steadily expanded, product innovation in an orderly manner, market function has been enhanced, the international impact of the force has been improved. Second, the futures company's capital strength gradually strengthened, the compliance level has improved, the industry structure began to optimize. Thirdly, the regulation system of the futures market has been perfected and the supervision system has been further strengthened, which adapts to the stage characteristics of China's futures market.　　However, compared with the international market, China's futures market in some areas still exist gaps. Therefore, Jiang Yang suggested that to prevent the risk of Chinese state-owned enterprises participating in foreign derivative trade, we must start from the internal control system of the enterprise, and set up the whole risk prevention mechanism and measures.　　State-owned enterprises should adhere to the principle of hedging, at this stage try to choose the market and simple products. Bingsheng, the executive vice president of CISA, said in the opening ceremony, steel futures listed two months of overall smooth operation, the current price linkage is high, the market parties reflect positive. The enthusiasm of the steel production, consumption and trade enterprises to enter the market has been increasing, and the scale of participating in futures trading has gradually expanded.　　Some steel spot enterprises to participate in futures trading at the same time, began to try to use the price of steel futures trading to guide the production and management. Bingsheng pointed out that the steel futures market should fully recognize the function of the development of a gradual process, the market needs to participate in the joint efforts of all parties and nurture. To guide the iron and steel enterprises to understand the futures market and consciously use the futures market is one of the important work of the futures service industry economy and market cultivation. Therefore, the purpose of this training course is to useEffective training, to help iron and steel enterprises to accelerate the understanding of the futures market, pay attention to and use good futures market, play a role in the development of steel futures service economy.