中美期货市场主力合约差异性分析

The Differences between Dominant Contracts on China and the U.S. Futures Market

本文针对中美期货市场主力合约在时间特征上存在明显差异这一现象,通过中美期货交易规则的比较,揭示了造成中国期货市场主力合约远期性特征的原因是中国期货市场交易规则中的保证金制度和持仓限制制度,而美国期货市场主力合约的近期性是由实体经济中套期保值者对近期合约的要求形成的。中国期货市场主力合约在时间维度上的这种远期性特征与套期保值和定价功能发挥所要求的近期性特征无法一致,这样就严重影响了期货市场这两种功能的发挥和作用。

This paper points out the phenomenon that there is an obvious difference in time between dominant contracts on China and the U.S.futures markets.By comparing China and the U.S.rules for futures deals,it reveals that the reason for China＇s time contracts lies in China＇s margin requirement and position limit system.The U.S sight contracts come into being by hedger＇s need for sight contracts in real economy.The time feature of dominant contracts on China＇s futures market cannot match with the sight feature required by hedging and price-fixing function,which adversely influences the two functions of futures market.