| Bonds belong to the financial futures,futures rate is one of the senior derivatives in financial markets,traders in has organized and disciplined trading places in advance to determine the price of buying and selling and future in trading contract regulations within the specific time delivery form of debt.The first bond futures contracts in the world produced in America in the 1970 s Chicago futures exchange Treasury bonds(CMF)-91 days,mainly in order to effectively avoid the financial market interest rate risk.After that,the developed countries in the world followed the US to develop the Treasury futures as a tool to avoid risk,so that the futures market of government bonds was well developed in the world.For Treasury bonds futures market in China is the first pilot in 1992-1995,but there are irregularities,and imperfect management system,leading to "314 event"."327 incident" and a series of shock of Treasury bonds futures events both at home and abroad,makes the trial ended in failure.With the rapid development of financial market and the rapid development of financial market,China’s government bond futures market has been rebooted.The landmark event of the resumption of China’s bond futures market was the introduction of the five-year futures contract to the China financial futures exchange(CFFEX)in September 2013.Since then,China’s national debt futures market has developed further,and the 10-year bond futures contract was launched in March 2015,and the two-year simulation contract is listed in February 2017.Based on the above background,this paper mainly focuses on China’s government bond futures market and discusses the development of China’s national debt futures market.The paper is divided into five parts:The first part is the introduction.Mainly introduced the paper selected topic background and research significance,and the research development status at home and abroad,this paper expounds the paper overall research train of thought,establish the logical framework of the paper,summarize the research methods of the paper,finally put forward the thesis of innovation and deficiency.The second part is the general analysis of the Treasury futures market.Firstly,the paper points out the basic situation of the Treasury futures market,which mainly includes the meaning,positioning and components of the Treasury futures market.Secondly,the paper expounds the related theories of the development of four Treasury futures markets,including the theory of no arbitrage pricing,internal control theory,financial market supervision theory and market microstructure theory.Then the paper discusses the system of the Treasury futures market,mainly the contract design system,settlement system,delivery system and risk prevention and control system.Finally,the two basic functions of the Treasury futures market,namely hedging and price discovery function,are summarized.The third part is the system change and the reality investigation of China’s national debt futures market.Firstly,the development course of China’s national debt futures market is introduced,including the pilot,delisting and restarting of government bond futures.Secondly,the paper analyzes the development status of China’s national debt futures market,which mainly describes the market price discovery and hedging function of the Treasury futures market.Finally,the paper demonstrates the development status of the price discovery function and hedging function of China’s government bond futures market by empirical analysis.The fourth part is the international experience and reference for the development of the Treasury futures market.First introduced the sample state Treasury futures market practice,including the mature level 3 management mode,the self regulation of management mode,Germany advanced electronic trading service mode and the Japanese private sector participation management mode;And then expounds the enlightenment to our country,including the developed Treasury on the spot market,rich Treasury bonds futures products system,a complete bond futures market risk management system and reasonable division of labor market regulation system.The fifth part is the countermeasure proposal for the development of China’s national debt futures market.Mainly from promoting national debt futures legislation,further perfect the Treasury on the spot market,optimize the environment of national debt futures market,strengthening national debt futures market risk control and improve the national debt futures market supervision system and actively cultivate talent it discusses several aspects of the national debt futures market.In the process of research,the paper used the combination of theoretical analysis and realistic analysis,normative analysis and empirical analysis,combining qualitative analysis with quantitative analysis,the combination of vertical and horizontal contrast contrast analysis method.The innovation of the thesis there are two things:one is measured by using VAR and VEC model test,obtained the national debt futures market price discovery and hedging function is in good condition,laid the foundation to determine the base rate;Two is in the national debt futures market legislation put forward two ideas:immediate and long-term can recently issued the debt law,can forward the futures law,given the Treasury futures market belongs to belong to the futures market and bond market,Treasury futures market can be the provisions of the relevant provisions in the two law to determine,so to fill the legal aspects of national debt futures market vacancy. |
