本报告介绍中国期货市场发展、期货法、国际化进程，以及中国大陆和港台七家期货交易所的创建历史、治理结构、产品系列等。具体包括：中国金融期货交易所、上海期货交易所、大连商品交易所、郑州商品交易所、广州期货交易所、香港期货交易所、台湾期货交易所。

研究报告全文：中信期货研究国际化CITICFuturesResearch2023-09-28投资咨询业务资格中国期货交易所介绍证监许可2012669号InvestmentconsultingbusinessIntroductiononChinaFuturesExchangesqualificationSECLicense2012No669摘要ABSTRACT桂晨曦本报告介绍中国期货市场发展期货法国际化进程以及中国大陆和港台七家期货交易所从业资格号F3023159的创建历史治理结构产品系列等具体包括中国金融期货交易所上海期货交易所投资咨询号Z0013632大连商品交易所郑州商品交易所广州期货交易所香港期货交易所台湾期货交易所GuiChenxiQualificationNoF3023159ConsultingNoZ0013632ThisreportreviewsthehistoryregulationandinternationalizationofChinafuturesmarketEmailGuichenxiciticsfcomandtheestablishmentorganizationandproductsofsevenChinaFuturesexchanges中信期货国际化ChinaFinancialFuturesExchangeCFFEXShanghaiFuturesExchangeSHFERelatedReportsDalianCommodityExchangeDCEZhengzhouCommodityExchangeCZCE中国期货合约手册20230912ChinaFuturesContractsManualGuangZhouFuturesExchangeGFEXHongKongFuturesExchangeHKFE中国期权合约手册20230919TaiwanFuturesExchangeTAIFEXChinaOptionsContractsManual重要提示本报告非期货交易咨询业务项下服务其中的观点和信息仅作参考之用不构成对任何人投资建议我司不会因为关注收到或阅读本报告内容而视相关人员为客户ThisreportisnotaserviceunderthefuturestradingconsultingbusinessTheopinionsandinformationprovidedareforreferenceonlyanddonotconstituteinvestmentadvicetoanyoneCITICFuturesdonotregardpersonnelascustomeronlyduetotheattentionreceiptorreadingofthisreport中信期货研究国际化CITICFuturesResearch目录摘要ABSTRACT1一概述411发展历史412期货和衍生品法513国际化61IntroductiononChinaFuturesMarket911History912FuturesandDerivativeslaw1013Internationalization11二中国金融期货交易所1321建立历史1322治理结构1323场内衍生品业务132ChinaFinancialFuturesExchange1421EstablishmentHistory1422GovernanceStructure1423On-exchangeDerivatives15三上海期货交易所1631建立历史1632治理结构1633场内衍生品业务173ShanghaiFuturesExchange1831EstablishmentHistory1832GovernanceStructure1833On-exchangeDerivatives19四大连商品交易所2041建立历史2042治理结构2043场内衍生品业务2144场外衍生品业务214DalianCommodityExchange2241EstablishmentHistory2242GovernanceStructure2243On-exchangeDerivatives2344OTCDerivatives23五郑州商品交易所2551建立历史2552治理结构2553场内衍生品业务2654场外衍生品业务26243中信期货研究国际化CITICFuturesResearch5ZhengzhouCommodityExchange2751EstablishmentHistory2752GovernanceStructure2753On-exchangeDerivatives2854OTCDerivatives28六广州期货交易所3061建立历史3062治理结构3063场内衍生品业务306GuangZhouFuturesExchange3161EstablishmentHistory3162GovernanceStructure3163On-exchangeDerivatives31七香港期货交易所3271建立历史3272治理结构3273场内衍生品业务3374场外衍生品业务337HongKongFuturesExchange3571EstablishmentHistory3572GovernanceStructure3573On-exchangeDerivatives3774OTCDerivatives37八台湾期货交易所3981建立历史3982治理结构3983场内衍生品业务398TaiwanFuturesExchange4081EstablishmentHistory4082GovernanceStructure4083On-exchangeDerivatives41免责声明42Disclaimer43343中信期货研究国际化CITICFuturesResearch一概述11发展历史中国市场化改革沿着企业改革和价格改革两条主线展开20世纪80年代初期国有企业股份制改革催生中国证券市场而商品市场价格改革孕育了中国期货市场90年代初期中国期货交易所大多采用的治理方式是以营利为目的公司制然而在当时发展状况下导致自律监管不足与期货市场混乱不堪中国证监会于1995年出台关于期货交易所进行会员制改造的意见要求期货交易所按会员制组织形式发展来保证期货市场稳定发展在经历了盲目发展阶段后中国政府对期货市场进行清理整顿关闭了超过半数的交易所重新审批期货经纪公司资质限制市场准入资格大量减少并规范交易品种以应对交易所过多经纪公司运作不规范投机气氛浓厚风险控制能力不强交易品种重复等主要问题直到1997年中国期货市场进入平稳发展阶段建立了垂直统一的监管机构期货交易管理暂行条例及四个管理办法被颁布和实行交易所继续缩减至3家交易品种重复的现象被根除期货市场更加规范经纪公司质量提高投资者素质也逐步提高风险意识和风控能力加强期货市场日益规范成熟自2001年起期货市场成交量恢复增长至2010年中国商品期货成交量达到全球第一同年推出沪深300股指期货金融期货重新开启交易中国大陆地区现有五家期货交易所分别是会员制的郑州商品交易所郑商所大连商品交易所大商所上海期货交易所上期所及公司制的中国金融期货交易所中金所和广州期货交易所广期所香港地区的期货交易所为香港期货交易所台湾地区的期货交易所为台湾期货交易所图表1中国期货交易所成立时间线TheEstablishmentTimelineofChinaFuturesExchangesCZCEDCECFFEX郑州商品交易所大连商品交易所中国金融期货交易所ZhengzhouDalianChinaFinancial197612Commodity199011Commodity199709FuturesExchange202104ExchangeExchangeHKFESHFETAIFEXGFEX199010199302200609香港期货交易所上海期货交易所台湾期货交易所广州期货交易所HongKongShanghaiFuturesTaiwanFuturesGuangZhouFuturesExchangeFuturesExchangeExchangeExchange数据来源交易所公开资料中信期货研究所SourceExchangesCITICFuturesCompany443中信期货研究国际化CITICFuturesResearch12期货和衍生品法2022年8月实行的中华人民共和国期货和衍生品法是衍生品市场基本法在品种上市机制期货公司业务范围保证金多样化等方面做出规范将促发展和防风险并重从交易机制监测监控监督管理等各方面都做出了风险防控安排确保期货市场平稳运行将防范化解风险作为重中之重专门在总则中规定建立和完善风险监测监控与化解处置机制依法限制过度投机行为防范市场系统性风险期货和行生品法既是市场促进法又是风险防控法为防范系统性风险确保市场健康稳定运行提供了法律基础对期货行业发展提出了更高的合规要求将国际业务引入专门的法律法规监管这意味着具备杠杆效应的期货及衍生品市场将更加规范的发展消除监管盲区进一步发挥期货服务实体经济的功能跨境监管机制从主体来看对境外期货交易场所向境内单位或个人提供直接入场交易和境外期货经营机构接受境内期货经营机构委托从事境外期货业务的采取的是注册制境外交易场所在境内设立代表机构采取的是备案制从行为来看境外机构从事或者委托境内机构从事市场营销推介及招揽活动则为批准制境外期货交易场所的上市合约以境内交易所上市合约价格进行挂钩的应符合国务院期货监督管理机构的规定经国务院期货监督管理机构和国务院有关主管部门同意国内期货监管机构可以和境外期货监管机构建立监督管理合作机制以下为期货和行生品法主要章节第一章总则第二章期货交易和衍生品交易第一节一般规定第二节期货交易第三节衍生品交易第三章期货结算与交割制度第四章期货交易者第五章期货经营机构第六章交易场所第七章结算机构第八章服务机构第九章期货业协会第十章监督管理第十一章跨境交易与监管协作第十二章法律责任第十三章附则543中信期货研究国际化CITICFuturesResearch13国际化2018年被称为中国期货国际化元年中国首个国际化期货品种原油期货上市铁矿石和PTA期货引入境外交易者等标志着中国期货市场加速对外开放国务院金融稳定发展委员会办公室于2019年7月宣布取消期货公司外资持股比例限制证监会2019年10月正式公布取消期货公司外资持股比例51的限制决定于2020年1月1日开始符合条件的境外投资者持有期货公司股比可至100同年6月摩根大通期货率先成为境内首家外资全资控股期货公司2023年5月摩根士丹利作为境内首家外资新设期货公司获批设立目前外资参与中国期货市场的路径有三条第一WFOEPFM外商独资私募证券投资基金管理人模式外资通过审批在中国境内设立外商独资企业以该企业登记成为境内私募证券基金管理人的形式进行境内投资币种为人民币在基金业协会备案后外资通过该路径可投资境内各类债券证券期货期权基金等品种第二QFIIRQFII合格境外机构投资者模式外资在证监会审批后外管局允许的额度内可投资特定品种的债券证券期货期权基金等QFII境外外币投资需先将外币换成人民币RQFII境外人民币投资需通过香港中资金融机构目前期货市场已有46个商品股指期货及期权产品面向QFIIRQFII开放交易中金所沪深300上证50中证500中证1000股指期货沪深300中证1000股指期权上期所原油黄金铜铝锌期货及期权白银螺纹钢热轧卷板20号胶低硫燃料油国际铜和SCFIS欧线期货郑商所PTA甲醇白糖菜籽油菜籽粕花生期货及期权短纤期货大商所黄大豆1号黄大豆2号豆粕豆油棕榈油铁矿石线型低密度聚乙烯期货及期权第三国际化期货或期权品种外资可通过交易所境内会员或境外特殊参与者渠道进行国际化品种交易保证金可为人民币或美元目前有15个国际化期货合约和9个国际化期权合约上期所原油期货及期权20号胶低硫燃料油国际铜SCFIS欧线期货大商所黄大豆1号黄大豆2号豆粕豆油和棕榈油期货及期权铁矿石期货郑商所菜籽油菜籽粕花生期货及期权PTA期货为了使中国期货市场与全球先进期货市场接轨同时增强市场吸引力上期所大商所郑商所中金所于2019年分别被证监会批复为合格中央对手方QCCP同时证监会统一国内期货行业期货交易数据为单边计算自2020年1月1日起上期所大商所郑商所开始执行推动期货市场数据标准与国际接轨此外期货交易所的境外业务开展持续推动大商所于2019年11月获得新加坡金融监管局MAS批准后上期所和大商所均取得了新加坡ROM资质上期所大商所郑商所都取得中国香港的自动化交易服务ATS牌照近年来中国期货公司也积极参与海外衍生品市场截止2022年已有23家内地期货公司在海外设立了26家一级子公司以经纪业务做支点逐渐布局证券期货外汇投资顾问贸易和清算服务期货国际化业务的空间潜力十分巨大643中信期货研究国际化CITICFuturesResearch图表2QFIIRQFII衍生品投资范围和国际化期货期权合约交易所QFIIRQFII可交易合约沪深300股指期权中证1000股指期权中金所沪深300股指期货上证50股指期权中证500股指期权中证1000股指期货原油黄金铜铝锌期货及期权上期所白银螺纹钢热轧卷板20号胶低硫燃料油国际铜和SCFIS欧线期货大商所黄大豆1号黄大豆2号豆粕豆油棕榈油铁矿石线型低密度聚乙烯期货及期权郑商所PTA甲醇白糖菜籽油期货及期权短纤期货交易所国际化期货期权合约上期所原油期货及期权20号胶低硫燃料油国际铜和SCFIS欧线期货大商所黄大豆1号黄大豆2号豆粕豆油和棕榈油期货及期权铁矿石期货郑商所菜籽油菜籽粕花生期货及期权PTA期货资料来源中金所上期所大商所郑商所中信期货研究所图表3中国期货交易所日均持仓保证金ChinaFuturesExchangesdailyopenInterestmargin亿元100millionYuan中国金融期货交易所上海期货交易所800ChinaFinancialFuturesExchange500ShanghaiFuturesExchange7004006005003004003002002001001000020162017201820192020202120222016201720182019202020212022大连商品交易所郑州商品交易所DalianCommodityFuturesExchange25ZhengzhouCommodityExchange353020251520151010550020162017201820192020202120222016201720182019202020212022数据来源万得中信期货研究所SourceWINDCITICFuturesCompany743中信期货研究国际化CITICFuturesResearch图表42022年中国期货日均持仓保证金ChinaFuturesdailyopenInterestmarginin2022亿元100millionYuan350中国金融期货交易所300ChinaFinancialFuturesExchange250200150100500100上海期货交易所80ShanghaiFuturesExchange604020060上海期货交易所50ShanghaiFuturesExchange40302010050郑州商品交易所ZhengzhouCommodityExchange403020100数据来源万得中信期货研究所SourceWINDCITICFuturesCompany843中信期货研究国际化CITICFuturesResearch1IntroductiononChinaFuturesMarket11HistoryChinascapitalmarketdevelopedwiththemarketeconomyreformprogressShareholdingreformofstate-ownedenterpriseshelpedtheimprovementofChinasecuritiesmarketandcommoditypricereformledtotheformationofChinafuturesmarketIntheearly1990smostofChinasfuturesexchangesweresetupasCorporationsfor-profitinadequateregulationledtoaperiodofwilddevelopmentThefuturesmarketsexhibitedsomemajorissuessuchasexcessiveexchangesirregularoperationsofbrokeragefirmsirrationalspeculativeatmosphereweakriskcontrolcapabilitiesandrepeatedtradingproductsIn1995ChinaSecuritiesRegulatoryCommissionCSRCissuedtheOpinionsontheTransformationofFuturesExchangesintoMembershipSystemsrequiringthegovernanceoffuturesexchangestochangefromcorporationtomembershipsystemtoensurethestabledevelopmentofthefuturesmarketChinesegovernmenttightenstheregulationoffuturesmarketOverhalfoftheexchangeswereclosedbrokeragecompanieswerere-evaluatedmarketaccessqualificationwererestrictedfuturesproductswerecompressedIn1997ChinafuturesregulationsystemwasreinforcedthemarketenteredintoastageofstabledevelopmentInterimRegulationsonFuturesTradingManagementandfourotherregulationswerepublishedThenumberoffuturesexchangeswasfurtherreducedtothreeThefuturesmarketbecamemoreregulatedbrokeragefirmqualityimprovedandinvestorqualificationsgraduallyincreasedRiskawarenessandriskcontrolcapabilitieswerestrengthenedSince2001ChinafuturestradingvolumebegantogrowBy2010ChinascommodityfuturestradingvolumewasthetopamongtheworldInthesameyeartheCSI300stockindexfutureswerelaunchedreinitiatingfinancialfuturestradingTherearesevenfuturesexchangeinChinaincludingfiveonthemainlandChinaFinancialFuturesExchangeCFFEXShanghaiFuturesExchangeSHFEDalianCommodityExchangeDCEZhengzhouCommodityExchangeCZCEGuangZhouFuturesExchangeGFEXaswellasHongKongFuturesExchangeHKFEandTaiwanFuturesExchangeTAIFEX943中信期货研究国际化CITICFuturesResearch12FuturesandDerivativeslawTheFuturesandDerivativesLawwhichcameintoeffectinAugust2022servesasthebasiclawforChinafuturesmarketItclarifiestherequirementsofvariousissuessuchasproductlistingmechanismbusinessscopeoffuturescompaniesanddiversificationofmarginrequirementsItemphasizesbothdevelopmentpromotionandriskpreventioninareassuchastradingmechanismsmonitoringandsupervisionandregulatorymanagementItspecificallystipulatestheestablishmentandimprovementofriskmonitoringcontrolandresolutionmechanismsinthegeneralprovisionsItalsorestrictsexcessivespeculativeactivitiesinaccordancewiththelawtopreventsystemicrisksinthemarketTheFuturesandDerivativesLawprovidesalegalbasisforpreventingsystemicrisksandensuringthehealthyandstableoperationofthemarketItsetshighercompliancerequirementsforthefuturesindustryandintroducesspecializedlegalandregulatoryoversightforinternationalbusinessesThiswillpromotethefuturesandderivativesmarkettodevelopinamoreregulatedmannerandfurtherenhancingtheroleoffuturesinbenefitingtherealeconomyThecontentChapter1GeneralProvisionsChapter2FuturesTradingandDerivativesTradingChapter3FuturesSettlementandDeliverySystemChapter4FuturesTradersChapter5FuturesOperatingInstitutionsChapter6TradingPlaceChapter7SettlementInstitutionsChapter8ServiceInstitutionsChapter9FuturesIndustryAssociationChapter10SupervisionandManagementChapter11CrossborderTransactionsandRegulatoryCollaborationChapter12LegalLiabilityChapter13SupplementaryProvisionsCross-borderregulatorymechanismsaregistration-basedapproachisadoptedforoverseasfuturestradingexchangesthatprovidedirectaccesstradingtodomesticentitiesorindividualsandforoverseasfuturesoperatinginstitutionsthatareentrustedbydomesticfuturesoperatinginstitutionstoengageinoverseasfuturesbusinessTheestablishmentofrepresentativeofficesbyoverseastradingexchangesinthedomesticmarketfollowsafiling-basedapproachIfoverseasinstitutionsengageinorentrustdomesticinstitutionstoconductmarketmarketingpromotionandsolicitationactivitiesitissubjecttoapprovalThelistingcontractsofoverseasfuturestradingexchangeswhicharelinkedtothepricesoflistedcontractsondomesticexchangesmustcomplywiththeregulationsofTheStateCouncilFuturesRegulatoryCommissionsfuturesregulatoryauthorityWiththeapprovaloftheCommissionsfuturesregulatoryauthorityandrelevantcompetentauthoritiesdomesticfuturesregulatoryinstitutionscanestablishacooperativemechanismforsupervisionandmanagementwithoverseasfuturesregulatoryinstitutions1043中信期货研究国际化CITICFuturesResearch13Internationalization2018wasthekeyyearofinternationalizationfortheChinafuturesmarketChinasfirstinternationalizedfuturesCrudeoilwasonlistironoreandPTAfutureswerealsoopentooverseastradersmarkedtheaccelerationofChinasfuturesmarketopeningtotheglobalinvestorsInJuly2019OfficeoftheFinancialStabilityandDevelopmentCommissionoftheStateCouncilannouncedtheliftingofforeignshareholdingrestrictionsonfuturescompaniesInOctober2019TheChinaSecuritiesRegulatoryCommissionofficiallyliftedthe51foreignshareholdinglimitonfuturescompaniesStartingfromJanuary12020eligibleforeigninvestorscanholdupto100ofthesharesoffuturescompaniesInJune2020JPMorganChaseFuturesbecamethefirstforeign-fundedwholly-ownedfuturescompanyinChinaInMay2023MorganStanleywasapprovedfortheestablishmentasthesecondwhollyforeign-ownedfuturescompanyinChinaCurrentlytherearethreepathsforforeigncapitalstoparticipateintheChinafuturesmarketFirstlythroughtheWFOEPFMWhollyForeign-OwnedEnterprisePrivateFundManagermodeAfterobtainingapprovementofspecificgovernanceagenciesforeigninvestorscanestablishwhollyforeign-ownedenterprisesinChinaandregisterthemasdomesticprivatefundmanagersAfterfilingwiththeAssetManagementAssociationofChinaAMACforeigninvestorsthroughthispathcaninvestinvariousdomesticfinancialproductsincludingbondssecuritiesfuturesoptionsandfundsinCNYSecondlythroughtheQFIIRQFIIQualifiedForeignInstitutionalInvestormodeAfterobtainingtheapprovementfromChinaSecuritiesRegulatoryCommissionaswellasStateAdministrationofForeignExchangeforeigninvestorscaninvestinspecificbondssecuritiesfuturesoptionsandfundsForQFIIforeigncurrencyneedstobeconvertedintoCNYforRQFIICNHneedtobeinvestedthroughHongKong-basedChinesefinancialinstitutionsThereare46QFIIRQFIIderivativesCFFEXCSI300andCSI1000optionsCSI300SSE50CSI500CSI1000futuresSHFECrudeOilGoldCooperAluminumandZincfuturesoptionsSilverSteelRebarHot-RolledCoilTSR20LSFOCopperBCandSCFISEuropefuturesDCENo1SoybeanNo2SoybeanSoybeanMealSoybeanOilRBDPalmOleinIronOreandLLDPEfuturesoptionsCZCEPTAMethanolWhiteSugarRapeseedOilRapeseedMealandPeanutKernelfuturesoptionsPolyesterStapleFiberfutures1143中信期货研究国际化CITICFuturesResearchThirdlyspecificinternationalizedfuturesandoptionsForeigninvestorscantradeinternationalizedderivativesthroughtheexchangemembersoroverseasspecialparticipantsThemargincouldbeinRMBorUSDTherearecurrently15internationalizedfuturescontractsand9internationalizedoptionscontractsSHFEcrudeoilfuturesandoptionsTSR20LSFOCopperBCandSCFISEuropefuturesDCENo1SoybeanNo2SoybeanSoybeanMealSoybeanOilandRBDPalmOleinfuturesoptionsIronOrefuturesCZCERapeseedOilRapeseedMealandPeanutKernelfuturesoptionsPTAfuturesTopromotetheinternationalizationofChinafuturesmarketShanghaiFuturesExchangeDalianCommodityExchangeZhengzhouCommodityExchangeandChinaFinancialFuturesExchangewereapprovedbytheCSRCin2019asQualifiedCentralCounterpartiesQCCPsInthesameyeartheCSRCunifiedthecalculationmethodofdomesticfuturestradingdatawhichcameintoeffectonJanuary12020toalignwiththestandardsofinternationalpracticesEffortshavealsobeenmadetodeveloptheoverseasbusinessoffuturesexchangesAfterobtainingapprovalfromtheMonetaryAuthorityofSingaporeMASinNovember2019boththeShanghaiFuturesExchangeandDalianCommodityExchangeobtainedtheRecognizedOverseasMarketROMqualificationTheShanghaiFuturesExchangeDalianCommodityExchangeandZhengzhouCommodityExchangehaveallobtainedtheAutomatedTradingServicesATSlicensesinHongKongChinaInrecentyearsChinesefuturescompanieshavealsoactivelyparticipatedinoverseasderivativemarketsAsof202223mainlandfuturescompanieshaveestablished26primarysubsidiariesoverseascoversbusinessinbrokerageadvisorytradeandclearingservicesofsecuritiesfuturesandforeignexchangeOveralltheinternationalinfluenceofChinasfuturesmarkethasbeenimprovingandhasmorepotentialtogrowinfuture图表5QFIIRQFIIqualifiedderivativesInternationalizedfuturesandoptionsExchangeQFIIRQFIIqualifiedfuturesandoptionscontractsCFFEXCSI300CSI1000optionsCSI300SSE50CSI500CSI1000futuresCrudeOilGoldCooperAluminumZincfuturesoptionsSHFESilverSteelRebarHot-RolledCoilTSR20LSFOCopperBCSCFISEuropefuturesDCENo1SoybeanNo2SoybeanSoybeanMealSoybeanOilRBDPalmOleinIronOrePEfuturesoptionsCZCEPTAMethanolWhiteSugarRapeseedOilfuturesoptionsPolyesterStapleFiberfuturesExchangeInternationalizedfuturesandoptionscontractsSHFECrudeOilfuturesoptionsTSR20LSFOCopperBCSCFISEuropefuturesDCENo1SoybeanNo2SoybeanSoybeanMealSoybeanOilRBDPalmOleinfuturesoptionsIronOrefuturesCZCERapeseedOilRapeseedMealPeanutKernelfuturesoptionsPTAfuturesSourceExchangesCITICFuturesCompany1243中信期货研究国际化CITICFuturesResearch二中国金融期货交易所21建立历史中国金融期货交易所2006年9月在上海成立是经国务院同意中国证监会批准设立的专门从事金融期货期权等金融衍生品交易与结算的公司制交易所中金所由上海期货交易所郑州商品交易所大连商品交易所上海证券交易所深圳证券交易所共同发起成立中金所以服务实体经济需要服务多层次资本市场体系建设为宗旨通过向市场提供安全高效完善的金融衍生产品及服务促进金融风险合理转移与配置提升金融市场效率促进社会经济繁荣22治理结构中金所的主要职能是组织安排金融期货等金融衍生品上市交易结算和交割制订业务管理规则实施自律管理发布交易信息提供技术场所设施服务以及中国证监会许可的其他职能中金所建立了投资者适当性跨市场协调监管异常交易监控等一系列制度维护金融市场正常秩序维护市场公开公平公正维护投资者特别是中小投资者合法权益中金所稳步扩大金融期货市场对外开放积极加入国际期货行业组织与境外主要交易所签订合作谅解备忘录做实信息共享与互换人员培训业务学习产品开发等合作内容满足跨境交易需求中金所现有148家会员股东大会是公司的权力机构公司设董事会对股东大会负责行使股东大会授予的权力董事会设执行委员会作为日常决策管理执行机构并设风险交易专门委员会在董事会授权下开展工作对董事会负责中金所内设部门20个分别为办公室党委办公室人力资源部党委组织部党务工作部党委宣传部纪检办公室财务部审计部法律事务部期货衍生品一部期货衍生品二部期货衍生品三部场外业务部交易部结算部期货市场巡回审理协作部会员管理部市场监查部机构管理部投资者服务部信息科技部研究部中金所下属公司3家分别为上海金融期货信息技术有限公司中金所数据有限公司上海唐银投资发展有限公司23场内衍生品业务中金所实行当日无负债结算制度每日对会员交易进行集中结算由期货公司会员负责对其客户交易进行结算中金所实行会员分级结算制度分为结算会员和交易会员结算会员分为交易结算会员全面结算会员特别结算会员实行会员分级结算制度形成多层次风险控制体系保障市场安全运行截至2023年9月中金所上市产品包括沪深300股指期货中证500股指期货中证1000股指期货上证50股指期货2年期国债期货5年期国债期货10年期国债期货30年期国债期货8个期货合约以及沪深300股指期权中证1000股指期权上证50股指期权3个期权合约1343中信期货研究国际化CITICFuturesResearch2ChinaFinancialFuturesExchange21EstablishmentHistoryChinaFinancialFuturesExchangeCFFEXestablishedwiththeapprovaloftheStateCouncilandtheChinaSecuritiesRegulatoryCommissionCSRCisanincorporatedexchangespecializinginprovidingtradingandclearingservicesforfinancialfuturesoptionsandotherderivativesOnSeptember2006CFFEXwasestablishedinShanghaibyShanghaiFuturesExchangeZhengzhouCommodityExchangeDalianCommodityExchangeShanghaiStockExchangeandShenzhenStockExchangeCFFEXiscommittedtoservingtheeconomyandsupportingChinasmulti-layeredcapitalmarketByofferingsafeefficientandwell-functioningfinancialderivativeproductsandservicesCFFEXfacilitatesthesoundtransferandallocationoffinancialrisksimprovesfinancialmarketefficiencyandboostssocialandeconomicprosperity22GovernanceStructureCFFEXsmainfunctionsaretoorganizeandarrangeforthetradingclearinganddeliveryoffinancialfuturesandotherfinancialderivativesformulaterelevantrulesconductself-regulationdisseminatemarketdataandrelatedinformationproviderelevanttechnologiesvenuesandfacilitiesandperformotherfunctionsapprovedbytheCSRCCFFEXappliesinvestorsuitabilityregimecross-marketsupervisingcooperationabnormaltradingmonitoringandothermeasurestoguaranteetheorderlyfunctioningofanopenfairandjustfinancialmarketprotectlegitimaterightsandinterestsofmarketparticipantsespeciallysmallandmediuminvestorsanddefendthebottomlineofpreventingsystemicriskCFFEXgraduallyadvancestheopening-upofthefinancialfuturesmarketbyjoininginternationalfuturesindustryassociationssigningMOUsandstrengtheningcooperationwithmajoroverseasexchangesthroughinformationsharingpersonneltrainingbusinessresearchandjointproductdevelopmentthusmeetingdomesticandforeigndemandforcross-bordertradingCFFEXcurrentlyhas148membercompaniesTheGeneralMeetingofShareholdersisthecompanysdecision-makingbodyThecompanyhasaBoardofDirectorswhichisresponsiblefortheGeneralMeetingofShareholdersandexercisespowersgrantedbytheGeneralMeetingofShareholdersTheBoardofDirectorshasanExecutiveCommitteewhichservesasthedailydecision-makingmanagementandexecutionbodyoftheBoardandhasspecializedcommitteesforriskandtradingcarryingoutworkundertheauthorizationoftheBoardandbeingaccountabletotheBoard1443中信期货研究国际化CITICFuturesResearchCFFEXhas20departmentsincludingtheOfficeHumanResourcesDepartmentPartyAffairsOfficeDisciplinaryInspectionOfficeFinanceDepartmentAuditDepartmentLegalAffairsDepartmentFuturesandDerivativesDepartmentIFuturesandDerivativesDepartmentIIFuturesandDerivativesDepartmentIIIOTCBusinessDepartmentTradingDepartmentClearingDepartmentFuturesMarketTourHearingandCooperationDepartmentMemberManagementDepartmentMarketSurveillanceDepartmentInstitutionalManagementDepartmentInvestorServicesDepartmentInformationTechnologyDepartmentandResearchDepartmentCFFEXhasthreesubsidiarycompaniesShanghaiFinancialFuturesInformationTechnologyCoLtdCFFEXDataCoLtdandShanghaiTangyinInvestmentDevelopmentCoLtd23On-exchangeDerivativesCFFEXadoptsthemarginsystemandthedailymark-to-marketsystemforthecentralizedclearingoftheMemberstradingCFFEXimplementsatieredmembershipclearingsystemMembersareclassifiedintoClearingMembersandTradingMembersByscopeofbusinessClearingMembersareclassifiedintoTradingClearingMembersGeneralClearingMembersandSpecialClearingMembersThetieredmembershipclearingsystemhelpstoformamulti-layeredrisk-managementframeworkthatsafeguardssoundoperationsofthemarketCFFEXproductsincludefinancialfuturesandoptionsUptoSeptember2023thereare4indexfuturesonCSI300indexCSI500indexCSI1000indexSSE50index4bondfutureson2-YearCGB5-YearCGB10-YearCGB30-YearCGBand3optionsonCSI300indexCSI1000indexSSE50index1543中信期货研究国际化CITICFuturesResearch三上海期货交易所31建立历史上海期货交易所成立于1990年11月是受证监会集中统一监管的期货交易所宗旨是服务实体经济根据公开公平公正和诚实信用的原则上海期货交易所组织经证监会批准的期货交易根据中华人民共和国期货和衍生品法期货交易管理条例期货交易所管理办法等法律法规上海期货交易所建立了组织架构和交易规则等制度体系上海国际能源交易中心股份有限公司是经中国证监会批准由上海期货交易所发起设立的面向期货市场参与者的国际交易场所根据公司法期货交易管理条例和中国证监会等有关法律法规履行期货市场自律管理职能2013年11月6日注册于中国上海自由贸易试验区经营范围包括组织安排期货期权等衍生品上市交易结算交割及其相关活动制定业务管理规则实施自律管理发布市场信息提供技术场所和设施服务32治理结构上海期货交易所党委是交易所的政治领导核心会员大会是交易所的权力机构由全体会员组成理事会是通过召开会员大会选举产生是会员大会的常设机构对会员大会负责行使交易所章程规定和会员大会授予的有关职权下设战略发展风险管理品种上市审核监察交易结算交割会员资格审查法律与调解财务技术金属产品能源化工产品专门委员会并可以根据需要设立其他专门委员会总经理受证监会委派负责交易所日常管理工作并且设副总经理和其他高级管理人员若干人监事会是交易所的监督机构对会员大会负责对上海期货交易所的管理由会员大会理事会和专业委员会共同实施上海期货交易所现有201家会员成员交易所内同类型的会员享有相同的权利承担相同的责任上海期货交易所的决策机制分为三个层面第一层面是会员大会决策对上海期货交易所的重大事项进行决策例如决定交易所的合并分立解散和清算事项交易所章程的审议或修改和选举或更换理事等第二层面是理事会决策召集会员大会并向会员报告工作审议各项方案与报告提交会员大会通过第三层面是总经理决策主持上海期货交易所的日常工作拟定各项计划与报告等监督机制包括上海期货交易所内部实施的监督及通过市场和社会进行的外部监督两方面会员大会通过投票对上海期货交易所进行制约监督理事会通过下设机构对管理层进行监督监事会作为上海期货交易所的专职监督机构对其经营活动监督并对会员大会负责证监会和其他利益相关者对上海期货交易所外部监管近年上海期货交易所加强监管启动了期货大数据监管科技项目开展了包括关联账户分析异常动因分析等功能开发工作监管科技实验支撑平台等基础研发工作另外持续提升跨境监管能力和水平进一步优化跨境监管相关流程和制度探究跨境监管协作的途径1643中信期货研究国际化CITICFuturesResearch33场内衍生品业务上海期货交易所实行保证金和当日无负债结算制度每日对会员交易进行集中结算期货公司会员负责对其客户交易进行结算实行实物交割制度合约到期后以实物交割方式履约全国交割仓库116家存放点223个为促进期货市场对外开放和国际化上海期货交易所首创保税交割和连续交易促进了相关品种国内外价格的及时联动上期综合业务平台已上线买方挂牌卖方挂牌定向挂牌仓单线上质押融资等功能满足实体企业的多元化需求上海期货交易所拥有高可用高性能的计算机交易结算风控等系统通过大容量光纤数据专线等通讯手段确保远程交易的实时高效和安全可靠截至2023年9月上海期货交易所已上市黄金白银铜铝锌铅镍锡氧化铝螺纹钢不锈钢线材热轧卷板燃料油石油沥青天然橡胶合成橡胶纸浆上海国际能源交易中心上市原油低硫燃料油20号胶国际铜SCFIS欧线共23个期货品种上期所上市黄金白银铜铝锌螺纹钢天然橡胶合成橡胶期权上海国际能源交易中心上市原油期权共9个期权品种上海期货交易所挂牌交易的产品中原油期货是首个国际化期货品种铜期权是首个工业品期权铜期货已成为世界影响力最大的三大铜期货市场之一并与铝锌铅镍锡期货形成有色金属品种系列天然橡胶期货的权威定价地位逐步巩固黄金白银期货促进了贵金属市场体系发展1743中信期货研究国际化CITICFuturesResearch3ShanghaiFuturesExchange31EstablishmentHistoryShanghaiFuturesExchangeSHFEwasestablishedinNovember1990SHFEisundertheuniformregulationoftheChinaSecuritiesRegulatoryCommissionCSRCwiththeultimategoalofservingtherealeconomyBasedontheprinciplesofopennessfairnessjusticeandhonestcreditSHFEorganizesfuturestradingthathasbeenapprovedbytheCSRCInaccordancewithAdministrativeRegulationsonFuturesTradingandMeasuresforAdministrationofFuturesExchangeissuedbyCSRCSHFEhasestablishedacompletesetofrulesandregulationsontradingoperationandmarketregulationApprovedbyCSRCShanghaiInternationalEnergyExchangeINEisaninternationalexchangethatisjointlyinitiatedandestablishedbyrelevantentitiesincludingtheShanghaiFuturesExchangeandopentoglobalfuturesparticipantsINEdischargesitsdutiespursuanttotheCompanyLawtheRegulationsontheAdministrationofFuturesTradingandrelevantrulesandregulationsprescribedbytheCSRCRegisteredintheChinaShanghaiPilotFreeTradeZoneonNovember6th2013INEoperatesthelistingclearingsettlementanddeliveryoffuturesoptionsandotherderivativesformulatesbusinessrulesimplementsself-regulationpublishesmarketinformationandprovidestechnologyvenueandfacilityservices32GovernanceStructureSHFEorganizedinmultiplefunctionaldepartmentsincludingGeneralOfficeHumanResourcesDepartmentMediaPublicityDepartmentDisciplineInspectionOfficeFinanceDepartmentAuditDepartmentInternationalCooperationDepartmentLegalAffairsDepartmentCommodityFuturesDepartmentICommodityFuturesDepartmentIICommodityFuturesDepartmentIIIFuturesDerivativesDepartmentOTCDepartmentTradingDepartmentClearingDepartmentDeliveryDepartmentMemberManagementDepartmentMarketComplianceDepartmentRiskManagementDepartmentInformationTechnologyDepartmentIInformationTechnologyDepartmentIIDataManagementDepartmentandSHFENorthCenterThemanagementofSHFEisjointlyimplementedbytheGeneralAssemblyofMemberstheCouncilandspecializedcommitteesSHFEcurrentlyhas201membercompaniesandmembersofthesametypeenjoythesamerightsandbearthesameresponsibilitieswithintheexchange1843中信期货研究国际化CITICFuturesResearchThedecision-makingmechanismofSHFEisdividedintothreelevelsThefirstlevelistheGeneralAssemblyofMemberswhichmakesdecisionsonmajormatterssuchasmergersseparationsdissolutionsandliquidationsoftheexchangerevieworamendmentoftheArticlesofAssociationandelectionorreplacementofdirectorsThesecondlevelistheCouncilwhichconvenestheGeneralAssemblyandreportsitsworktothemembersItreviewsvariousproposalsandreportsandsubmitsthemtotheGeneralAssemblyforapprovalThethirdlevelistheGeneralManagerwhoisresponsibleforthedailyworkofSHFEandformulatesvariousplansandreportsThesupervisionmechanismincludesinternalsupervisionimplementedbySHFEandexternalsupervisionconductedthroughthemarketandsocietyTheGeneralAssemblyofMembersexercisesrestrictivesupervisionoverSHFEthroughvotingTheCouncilsupervisesthemanagementthroughitssubordinateinstitutionsTheSupervisoryBoardasthededicatedsupervisoryinstitutionofSHFEsupervisesitsoperationsandisresponsibletotheGeneralAssemblyofMembersTheChinaSecuritiesRegulatoryCommissionandotherstakeholdersconductexternalsupervisionofSHFEInrecentyearsSHFEhasbeenstrengtheningthesupervisionlaunchedtheFuturesBigDataSupervisionTechnologyProjectdevelopedfunctionssuchasrelatedaccountanalysisandabnormalcauseanalysisandconductedbasicresearchonsupervisiontechnologysupportplatformsEffortshavealsobeenmadetoenhancecross-borderregulatorycapabilitiesandsystemsandexploredapproachestocross-borderregulatorycooperation33On-exchangeDerivativesSHFEadoptsthemarginsystemandmark-to-marketsystemforthecentralizedclearingoftheMemberstradingFuturescompanymembersareresponsibleforclearingofthetradingoftheirclientsUnderthephysicaldeliverysystemallopencontractsatexpirationmustbesatisfiedbyphysicaldeliveryCurrentlythereare119deliverywarehousesand223storagesitesaroundthecountryAdheringtothephilosophyofgraspingtwokeylinksofbothregulationandserviceatthesametimetheExchangehasofferedthoroughandpromptservicestoitsmembersandinvestorsUptoSeptember2023thereare23futureslistedonSHFEGoldSilverCopperAluminumZincLeadNickelTinAluminumOxideSteelRebarStainlessSteelSteelWireRodHot-RolledCoilFuelOilBitumenNaturalRubberSyntheticRubberWoodpulpandINECrudeOilLSFOTSR20CopperBCSCFISEuropeand9optionslistedonSHFEGoldSilverCopperAluminumZincRebarNaturalRubberSyntheticRubberandINECrudeOil1943中信期货研究国际化CITICFuturesResearch四大连商品交易所41建立历史大连商品交易所成立于1993年2月经国务院批准并由中国证监会监督管理交易所是依照期货交易管理条例和期货交易所管理办法设立按章程规定的职责实行自律管理的法人42治理结构大商所实行党委会领导下三会一层党委会理事会监事会行政管理层的法人治理结构形成管理体制和运行机制交易所党委是交易所的政治领导核心通过党委会会议的形式对党内工作中的重大问题讨论和做出决定理事会会员大会是交易所的权力机构由全体会员组成理事会是会员大会的常设机构是交易所决策权的具体承担者对会员大会负责大连商品交易所现有160家会员成员专门委员会是理事会议事机构协助理事会开展工作对理事会负责目前交易所理事会设有战略咨询风险管理交易工业品农业品结算会员资格审查调解及纪律处分财务信息技术等10个专门委员会经营管理层是交易所决策执行机构是交易所各项行政事宜决策者行政班子成员是经营管理层权力的具体执行者监事会监事会是交易所的监督机构对会员大会负责交易所设有办公室党委办公室交易部结算部市场监查部商品一部商品二部商品三部期货衍生品部场外业务部市场发展部国际业务发展部信息科技一部信息科技二部法律事务部财务部人力资源部党委组织部审计部党委宣传部纪检办公室上海发展与服务总部等19个内设部门并在新加坡设置了中国商品交易所新加坡联合办事处大商所工作组此外还下设了北京大商所期货与期权研究中心有限公司大连飞创信息技术有限公司大商所飞泰测试技术有限公司大连商品交易所行政服务有限公司4个下属单位上海发展与服务总部主要职能负责本区域内的市场拓展与服务工作负责本区域内相关政府部门监管机构行业协会等的沟通联络及关系维护搜集分析及反馈本区域内相关市场信息协助开展本区域内的境外合作与交流活动负责交易所在本区域内相关活动和业务的统筹协调和服务保障新加坡代表处主要职能负责交易所在新加坡及东南亚区域的市场推介与业务拓展工作国际化品种的海外市场推广与客户开发相关监管机构金融机构的沟通联络与关系维护境外市场信息跟踪搜集和相关海外市场业务研究服务保障交易所在本区域内的相关活动和业务顺利开展代表处运营管理相关工作2043