布伦特原油复合交割模式初探

Composition Delivery Pattern in Brent Crude Oil Transactions

本文在布伦特原油现货即期交割、现货远期交割和期货复合交割三大交割模式的基础上,分析了由现金结算和期货转现货构成的复合交割模式。针对期货转现货运作机制分析的结果表明,复合交割无需定点仓库,且能避免二次运输、定价机制与现货交易分离,便于期转现交易,不仅应用灵活,而且贴近现货等。论文最后提出关于研究简化期转现操作程序、进一步拓宽期转现业务范围以及加强复合交割模式研究和尝试等建议。

On the basis of summarizing the cash spot delivery, cash forward delivery as well as cash settlement with exchange for physicals （EFP） with the empirical study on Brent crude oil, this report focuses on cash settlement with EFP, so called composition delivery pattern. The results of the analysis on the mechanism of exchange for physicals indicate that composition delivery does no need to fix the regular warehouses, and can avoid re-transport, making the pricing mechanism separated from spot trading, being easy for EFP transaction, not only with flexible applications but also close to the spot, etc. The paper proposes that the current operation procedures for EFP should be simplified, the existing scope of EFP transaction should be widened further, and research on composition delivery pattern should be strengthened.