石油期货市场:透视、反思与展望——访朱斌、马瑾、唐守安、陈钢、赵源远

Oil futures market:perspective reflection and prospect——Interview with Zhu Bin,Ma Jin,Tang Shou'an,Chen Gang,Zhao Yuanyuan

2008年，伴随着全球金融危机的爆发和国际油价的大跌，中国部分央企在金融衍生品市场上的投资也出现巨亏，如何加强金融衍生品市场的监管、规范市场发展，成为关注度极高的问题。2009年6月，美国公布了70年来最大规模的金融监管改革方案，欧盟宣布将设立专门机构强化金融监管；我国相关部委也先后出台通知，要求加强对央企参与金融衍生品业务的监管。为了更加深入地认识衍生品的功能，总结我国央企在2008年套期保值交易中失利的原因，

Along with the global financial crisis and the slump in world oil prices,a number of state-owned enterprises of China suffered from losses in the investment in financial derivatives market in 2008.How to strengthen the regulation against the financial derivatives market and normalize the market development has attracted heavy attentions.Our IPE staff interviewed with 5 experts recently for further recognizing the role of derivatives,exploring the causes for losses suffered by China's state-owned enterprises in hedging trades in 2008,analyzing the development trends of oil futures market after the financial crisis,and probing issues that shall be considered by China for developing energy derivatives market in the future.These 5 experts are Zhu Bin,director of Nanhua Futures Research Institute;Dr.Ma Jin,Dalian Commodity Exchange;Tang Shou'an,chief director of global market risk,Noble Group(Hong Kong);Chen Gang,chief dealer of a major oil company in China;and Zhang Yuanyuan,senior futures dealer of Sinochem International Oil Co.,Ltd.The in-depth explanations and analysis made by 5 experts in an easy-to-understanding fashion are helpful to sharpen the understanding of the roles of derivatives and oil futures markets;to grasp key elements and improve pre-stage preparation,in-stage management and post-stage evaluation by relevant enterprises for risk control;and to create market conditions and a law-governed environment for the development of China's energy derivatives market in the future by governmental authorities of China.