Comparative Research On Liquidity Of Our Country's Futures Market And Some Policy Recommendations

The futures market of our country was born at the beginning of the 90s of last century, as the product of market economic development. The main functions of the futures market are finding price and avoiding risk. The full play of these functions depends on the stabilizing and improving of micro index including liquidity.This article mainly takes comparative research and demonstration research as the research method. According to the liquidity index, it has analysed the liquidity rules and characteristics of the copper, the aluminium, the natural rubber, the soybean, the bean dregs and the wheat in the futures market of our country and researched the comparative characteristics of liquidity between the above varieties. Through the above comparative research, it has drawn following conclusion: 1. The liquidity of domestic futures varieties has shown the trend of rising in the mass and the fluctuation is relatively great. The Dalian soybeans and Shanghai copper are best two pieces of liquidity of domestic futures varieties; 2. There are close relations among the improvement of liquidity of futures varieties and the popularization of the exchange and the rise of the price; 3. There is higher liquidity wholly in the varieties of Dalian Commodity Exchange, and the liquidity of the agricultural product futures is higher than those of the metal futures; 4. There is still a great gap between the liquidity of domestic futures varieties and those of international futures.On this basis, combining the actual conditions of development of our country's futures market under the transition economy, according to the thinking of the marketing-financial approach, it has proposed some policy recommendations of improving the liquidity of our country's futures market separately from different views such as the characteristic of the goods, the design of contracts and systems, the demand of tool and convenience, etc.