The Research Of Futures Physical Delivery System On Zhengzhou Wheat

Futures markets in China have developed for nearly 10 years since 1990. In these years, futures markets have experienced the course of developing-excessive expansion- rapid withering-gradual standardizing. As the last link of futures trading, delivery has attracted more and more attention because most of the manipulations in China's futures markets are closely related to delivery. With the economic functions of price discovery and risk transfer performed by the Chinese futures markets, especially by the agricultural futures markets, the physical delivery is playing more and more important roles in safeguarding of the integrity of the futures markets and the correlation of the futures market with the spot markets. At the present stage of the futures development, the improvement of the delivery system for better performance of the functions of the futures markets is an importance issue to be addressed.This thesis takes the process of the futures delivery as the object of the research, analyzes and investigates the physical delivery system. Firstly the thesis introduces the connotation, status and functions of the futures delivery in the futures market, and then makes a deep research in the futures delivery systems concerned such as the designing of the grade of the listed commodity at par as well as the premium and discount, the selection of the delivery locations and the regulation on the designated delivery warehouses, as well as the management and circulation of the warehouse receipts.On the basis of the above-mentioned analysis, this paper makes some constructive suggestions and recommendations on the improvement and innovation of the futures delivery to be taken by the Chinese futures market at the present stage.