海外期货市场交割结算方法的转变及启示

The Changes of Delivery Methods in Foreign Futures Market and Corresponding Inspirations

期货合约的条款对于合约的成功与否至关重要,交易所有必要不时地进行合约条款的修订以适应外部商业环境的改变。自股指期货于1982年产生以来,商品期货的交割问题就一直受到人们的普遍关注。芝加哥商业交易所活牛合约以及澳大利亚悉尼期货交易所单只股票期货合约交割方式转变的事实说明,无论是采用实物交割,还是采用现金结算,要根据交易品种本身的特性要求而定。不同的交割方式不仅对市场波动性产生影响,而且还会对套期保值者的套保绩效产生不同的影响。

Contract specification is a major factor determining the success of a futures contract. Exchanges need to modify the contract specifications from time to time to meet changing business conditions. Since the advent of the stock index futures contracts in 1982, delivery specifications for commodity futures have been scrutinized. From the examples of FC contract of CME and ISF contract of SFE, we can see that it depends on the specific qualities of the trading object about whether to take cash settlement as an alternative to physical delivery. And different delivery methods will not only influence the fluctuation of the market but also impact the performance of the futures traders.