西方国家国债期货交易及其启示

National Debt Futures Transaction in Western Countries and its Inspirations

国债作为一种特殊商品,其交易方式由现货交易发展到期货交易,是市场经济发展和金融工具不断创新的历史必然。国债期货交易始于1976年的美国,随后,英、法、德、日等西方国家相继推出各自的国债期货交易,并获得巨大成功。重新启动我国国债期货交易,应借鉴其成功经验:注重国债现货市场的培育完善,设计科学合理的国债期货合约,加强风险管理,完善信息披露制度,大力发展机构投资者,注重国债期货市场法律法规的建设,等等。

It is of historical necessity of market economy development and financial tool innovation for the national debt futures transaction develop from spot to futures. National debt futures transaction started in America in 1976. Then, countries like Britain, France, Germany, Japan and so on also developed their own transaction and achieved great success. To renew China's national debt futures transaction, we should learn their successful experiences: to emphasize cultivation and perfection of spot market, to design the scientific and correct futures contract, to enhance risk management, to perfect information-revealing system, to develop organization investors etc.