| Treasury bond futures is trading method for treasury bond derivatives throughorganized exchange market that given a certain price in a certain time between cash flowand treasury bond positions. Treasury bond futures is a kind of financial future, which is akind of advanced financial derivative tool. It was to meet needs for hedging the risk ofinterest rate for investors in70s20century, when the back ground of financial market inAmerica very unstable.The exchange of Treasury bond futures in China starts from28thDec.1992. But twoand half year later, it got shut down. With the development of China treasure bond market,the situation of Chinese economic and financial dramatically changed. It has been made ahuge progress in marketization of Chinese interest rate. Both volume and variety of tradesin Chinese Treasury bond market arisen, trading agency increased basis market facilitiesstrengthened, inspection and law improved, especially the successful of Chinese stockindex. These are the several aspects that show the big change in Chinese economic andfinancial. Therefore, the sound of restarting Chinese Treasury bond future become strongerand strongerThis theory try to investigate the key event “3·27”, which led to the shutdown oftreasury bond futures, to analyze every aspect that the treasury bond futures should have.By comparing successful conditions abroad with China, to judge whether it is time torestart treasury bond future in China as well as to illustrate the reason for the existence oftreasury bond futures. It is illustrated that the restarting of Chinese Treasury bond futurebenefits in management and controlling of rate risk, the systematic of financial market inChina, propelling the marketization of Chinese interest rate and the development ofderivatives trading market in China. This theory also give out several essential elements which great help the restarting of Chinese Treasury bond future. Finally it gives out somesuggestions for the risk control of Treasury bond futures. |
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