The Study Of Developing Oil Future Market In China

The purpose of this study is a comparative study : horizontal and vertical comparative study The establishment of China's oil futures market to determine the obstacles and favorable factors, and then put forward suggestions and solutions in a targeted manner. The set is suited to China's actual situation of China's oil futures market system, operation mode and related policies. The paper : Comparative studies and longitudinal studies using a combination of methods. can more clearly see the development of China's futures market deficiencies, and the local advantages.Chapter I is the domestic price of oil futures System Analysis : The main contents of the current domestic price of oil futures system, The current trading volume and price system, in recent years the price of oil futures trend, Research also has undertaken a review of relevant domestic and foreign scholars.Chapters II oil futures contracts and the principle of the kind introduction. It begins with the definition of futures-related briefing, followed by the introduction of oil futures on the concept of futures-related concepts, China oil futures status, and then the risk factors affecting futures. Control risk analysis to establish the feasibility of the oil futures market. Three from the current development of China's futures industry, oil futures position in the financial services industry. China has established the feasibility analysis of the oil futures market. Lastly, oil prices, the international oil price system analysis on China's pricing system for crude oil futures. Hedging about the principle of selection futures subscript to the special assets, the price of oil futures established Futures about the basic principles and features of settlement other procedures.Chapter III ,Analysis of the domestic oil futures market in Chapter III of this chapter introduces the history and development of petroleum futures market success experience, then gave a briefing on China's short history of the development of oil futures, from the establishment, transaction volume, Comparative analysis of the domestic oil delivery and other futures markets.Chapter IV is the study on the feasibility of developing oil futures market. This chapter introduces the factors affecting the price of oil futures. From a historical point of the eight factors to analyze the fluctuations in oil prices, then the analytic hierarchy process to identify the order. Then analyzes the factors affecting China's oil futures industry, favorable conditions for the development of China's oil futures market. oil futures market prospects. China pointed out the necessity and feasibility of establishing an oil futures market. Impact on the development of China's oil futures market concluded that the main factors are: 1. existing government regulations and regulatory lag futures and the futures market development needs. 2, China's current administrative guidance oil prices and oil franchise system, The oil futures market has become China's policy of building a bottleneck. 3 At present, China's oil trading volume is not big enough, not sufficient to support the operation of the futures market. 4, the main oil market shortage, and market competition structure 5, the non-market pricing mechanisms. 6, the differences between the futures market and management systems.Chapter IIV is China's oil futures market operation model. On the basis of the above, this chapter first successful foreign oil futures market operation model, this paper China should establish a comparative analysis of what kind of oil futures market, The main oil futures markets and abroad and about the New York Mercantile Exchange (NYMEX) light crude oil that is low sulfur " West Texas intermediate quality oil "futures contracts sulfur crude oil futures contracts London International Petroleum Exchange (IPE), Brent crude oil futures contracts Singapore Exchange (SGX) Dubai acidic crude oil futures contracts.From the following aspects : policy recommendations.First, the timing of the heavy crude oil futures pushed futures market is based on the spot market, to launch oil futures market. First, we should actively develop oil spot market. Currently, the oil spot market there is a lot not standardized, and a need to increase oil and harmonized indicators; oil prices and the need to further liberalize international practice; States should actively support and encourage more enterprises to participate in the futures market, dealers, investors, Producer structure reasonable.Second, the design of one oil futures varieties, 1,China opened oil futures, the first choice of fuel oil futures 2,Oil futures finished 3,introduced in a planned step-by-step introduction of crude oil futuresThird, the layout of the proposed China oil futures have taken a major reservoir in the form of more oil on the Shanghai Futures Exchange. CCRA delivery in Shenzhen, Tianjin, Dalian model. Facilitate transactions. First, they developed the spot market. The eastern region led by Shanghai, China's most economically developed regions, as well as most market potential. East China's oil processing capacity is very strong, huge oil consumption. Its very active spot market, but also well developed. Second, with its excellent geographical conditions. Shanghai's water, land and air transport were very advanced, the delivery of crude oil futures is extremely favorable. Third, to have a good market environment. Due to its market economy is well developed, hence it is a good market environment. Fourth, as oil futures have practical experience. Shanghai Futures Exchange is one of the predecessors established in 1993 by the Shanghai Petrochemical, accounted for more than 70% of the national market share. As in the operation of more than one year ago, its various oil futures were 24.66 million tons, 51.4 billion yuan turnover. Singapore has exceeded the size of transactions, after New York and London markets.China then proposed reopening of the oil futures market feasibility analysis and program design.First, the necessity of establishing an oil futures market analysis. 1. China's commodity futures market provided the conditions for oil futures. 2. Other species listed futures function of the initial play. 3. There have been successful in China in the field of exploration of oil futures. 4. Shanghai fuel oil futures market set up to the successful operation of the oil futures market. Second, the establishment of China's oil futures market program design. First, the "steady development of the futures market" was included in the "11th Five-Year" Plan development program. State and local departments have taken a positive attitude, a very favorable macro-economic and policy environment. Second, China has sufficient oil in the oil market liquidity, more varieties. Most of the quality of low sulfur crude oil is light and similar to WTI and Brent crude. 1. "The fuel-oil products - crude oil," the development path. 2. Contract design aspects of the successful experience of foreign futures markets and some reasonable futures.