A Study On Contract Design Framework Of China’s Treasury Bond Futures

Since the nineteen seventies, major changes have taken place in the international financial market, financial market globalization, financial liberalization, financial asset securitization has become the main characteristics of this period. Correspondingly, a large number of complex financial instruments are being created, treasury bond futures is one of the most representative, and has obtained the unprecedented success, become a financial contract was the largest trading volume in the world.China has been carried out in the nineteen ninties initial bond futures trading pilot, but because of many factors, the transaction is only two and a half years suspended. Great changes have taken place in China’s economic and financial environment in17years, China already has the necessity and feasibility of resume T-bond futures, the related issues has important theoretical and practical significance. While the contract design is one of the important contents of the recovery and development of the Treasury bonds futures transaction, is of great significance to the study of.This paper first analyzed the reasons of our country’s national debt futures trading pilot had failed, the contract design are important reasons for the unreasonable, treasury bond futures trading pilot our failure specifically, mainly is the underlying asset is single and circulation is too small, the margin level settings are not reasonable and not strictly implemented, price system is not perfect and several positions control system exists in name only, then analysis of economic reason set bond futures contract in the underlying asset, the margin system, price system and position control system, and then learn from the successful experience of developed market contract design, summarizes the domestic treasury bond futures pilot the lessons of failure, put forward China’s treasury bond futures contract design. Finally, we find that, bond futures contract design of China Financial Futures Institute ongoing and our scheme has consistency. In addition, we discuss the switching current factor system (CFS) is reasonable, the real nominal bond system (TNBS) may be more conducive to prevent market manipulation, and promote the development of the market.