Research On The Development Model Of A Futures CTA Fund

China's futures market established in the early 1990 s,went through blind development phase,rectify phase and normative development phase.Contrast with the past,China's futures market has dramatically changed in operating pattern,market structure,investor's demand and regulatory measures.Consequently,futures companies should explore their new operating models associated with their own characteristics to adapt the development of the times.A Futures Company(A specific domestic medium-scale futures company)is more appropriate to provide pointed and specialized service rather than large and all-round market positioning.Sinosteel Futures Company should produce its advantages in the industry,and make a combination of futures brokerage business,CTA fund business and its risk-management subsidiary.In detail,brokerage business department refer industrial investors to risk-management subsidiary.Meanwhile,risk-management subsidiary produce their own advantages of futures hedging and futures-cash arbitrage,and provide support to brokerage business on policies and value-added products,such as CTA fund business.This dissertation aims at establishing the A Futures Company as a specialized futures company in metallurgical industry.The company would provide hedging and arbitrage services,which consist of spot goods,futures and transaction warehouse.The author set up specialized and systematic service models,which are based on years' experiences of servicing metallurgical industry and professional trading team.The service model consist of the construction of organizational structure,the research of cooperate management mode,the assessment of exposure risk,the design of program and risk management,the final impact evaluation and etc.CTA fund business would be developed by the combination of futures hedging and futures-cash arbitrage,it creates favorable conditions for the enterprise stable operation and fast development,and it is meaningful for optimum distribution of resources and sustainable development.