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Original title: management scale of nearly 900 billion yuan, last year’s turnover increased by more than 50% year-on-year
Our reporter Wang Ning
In 2020, it can be said that the development of the futures industry has reached a new level. On the one hand, the supply of new products has accelerated and, on the other, the scale of market management has improved considerably. The “Securities Daily” reporter recently learned that so far, the full scale of futures industry market management is as high as 868.6 billion yuan, approaching the 900 billion mark; At the same time, the market turnover and turnover growth rates for the entire year 2020 will be 55.29% and 50.56% respectively, more than 50%.
Many industry insiders told the “Securities Daily” reporter that in 2020 the demand for risk management of commodities and the industry in general will increase, the volatility of commodity prices is high and the liquidity of the market it is weak, the signs of net capital inflows are obvious, and the scale of market management is performing. A breakthrough. It can be seen that with the improvement in the quality of the market’s operation, more entities and investment institutions have participated in futures market transactions.
The total amount of funds increased by more than half.
The “Securities Daily” reporter learned that the total amount of funds in the futures market is 868.6 billion yuan, an increase of 56% over the end of 2019; at the same time, there are a total of 90 futures and options on the market, including 68 futures and 22 options, which are formed initially A good situation has been achieved in the coordinated development of financing of commodities, futures and options, inside and outside of the market, in the national market and abroad.
Jin Xiao, head of commodity research at the East Securities Derivatives Institute, told a Securities Daily reporter that the main reason for the substantial expansion of the futures market in 2020 is that the market liquidity is in a state weak and some funds flow into the futures market. “The easy liquidity of the market is not limited to the domestic market. The global market is in a relaxed environment. At the same time, concerns about future inflation have increased, which means that the asset allocation portfolio should increase the allocation raw material”.
The reporter found that as total market capital increased, some sectors also showed large differences. For example, overall financial futures growth was the most obvious, followed by the precious metals and energy sectors.
Jin Xiao said that futures with significant growth in trading volume in 2020 include treasury bond futures, stock index futures, silver, fuel oil and asphalt. The most significant increase in open interest includes treasury bond futures, stock index futures, as well as stainless steel, pulp and asphalt. , Methanol and rapeseed oil; at the same time, the trading volume and open interest of most options have also increased significantly. The increase in trading volume is mainly due to increased price volatility. The impact of the epidemic caused commodity asset prices to experience a round of decline and then gradually bottomed out. At the end of 2020, the prices of many commodities increased more than 50% compared to the lows for the year.
At the same time, the rise in open interest means that institutional investors have increased their demand for the allocation of various assets, such as stock indices and commodities. Additionally, to hedge market risks, industrial institutions have also increased their hedging efforts accordingly.
Financial futures transactions increased significantly year over year
According to the latest data released by the China Futures Association, the futures market will have a total of 6.153 million transactions in 2020, with a cumulative turnover of 437.53 trillion yuan, an increase of 55.29% and 50, 56% year-on-year respectively; Among them, the number of institutional clients throughout the market in the first 11 months reached 57,400, and institutional holdings and trading volume represented 55.59% and 37.4% of the total market respectively, an increase of 38 % and 98.6%, respectively, and an increase of 2.01 times and 2.49 times, respectively, compared to 2015.
Wang Jun, dean of the Founder’s Medium-Term Futures Research Institute, told reporters that under the global commodity market price fluctuations and the accelerated supply of new products in the futures industry, the increase in the corporate hedge and hedge demand and high investment demand are jointly promoted, and the trading scale of the China futures and options market in 2020 The year-on-year increase is mainly due to several reasons: First, among the 90 varieties in all the market, more than 60 varieties have more transactions than the entire year of 2019. Among them, Shanghai and Shenzhen 300 stock index options, PTA options, methanol options, gold options, iron ore options, options natural rubber increased by more than 200%; and 14 futures varieties including sodium carbonate, stainless steel, styrene, glass and No. 20 rubber. An increase of more than 70%; Taken together, the year-on-year increase in trading volume for most futures options is the main force driving activity across the market.
Second, the trading volume of multiple sectors in the futures options market maintained year-on-year growth. Among them, the trading volume and the trading volume of the top five sectors of chemicals, energy, soft raw materials, steel and building materials and precious metals in December increased significantly, as the import price of iron ore. Affected by factors such as the sudden and seasonal increase in demand for thermal coal, transactions in the steel, building materials and energy sectors have been significantly active.
Third, financial futures in 2020 will increase significantly from year to year. The volume and turnover of the 5-year Treasury bond futures will increase by 223% and 228% respectively. The volume and turnover of 10-year Treasury futures will increase by 72% and 75% respectively. The trading volume and annual turnover of Treasury Bond futures increased by 16% and 17%, respectively, year-on-year The participation of large financial institutions such as banks and insurance in the Treasury Bond futures market has made assets Treasury bond futures.
It is worth mentioning that live pig futures will be officially listed for trading on the DCE on January 8, 2021. The launch of pig futures will provide a powerful tool for companies in the pig industry chain to avoid price fluctuations. and achieve stable operations. Overall, improving the operational quality of the futures market will encourage more investment entities and institutions to participate in the transaction.
