The Study Of Chinese Futures Exchanges Development Trend Based On The Perspective Of Enterprises Merger

In recent years,as a result of the development of electronic trading technology,international exchanges has broken away from the geographical restrictions,exchanges merger happens frequently and makes it possible to trade on a global scale. While Chinese futures did not participate in the international merger initiatively,but foreign trade want to absorb China’s exchanges,China’s exchanges have involved in the international competition Inevitably.Exchanges merger promoting the development of the international financial derivatives market and helped some exchanges of Europe and the United States developing quickly,such as CME group,Eurex group,CBOE group,etc.In generally exchanges merger do more good than harm and can improving the coverage of business in the shortest time, making products cross-listing,expanding their power rapidly, strengthen the competition ability,occupying the dominant position in the global exchange.In this paper we studying the development of Chinese futures exchanges on the background of merger.Chinese futures exchanges adopting Membership management system not for profit,and it neither belong to the enterprise as a legal person nor belong to the state organs,public institution,social organization with the status of a legal person,it belong to a special legal person,Chinese futures exchange’s management is not exactly the same as Europe and the United States.It is in this special case,the development of exchanges in China can take example by foreign successful experience but can’t completely imitate.Firstly,this paper analysis the foreign exchanges development situation, and comparing with the development of China’s exchanges,it is concluded that China’s exchanges need to promoting development by means of merger.Secondly,by using model analysis method demonstrates the exchanges merger can bring about positive economic benefits.Thirdly, it focus on analyses the problems of Chinese exchanges merger,the conditions which need to have and long-term path of China’s exchanges merger and method.Lastly,make suggestions for the development of Chinese futures exchange in the short term and Chinese futures exchange.