中美期货市场持仓限制制度比较

Comparison of Position Limit System between US and China Futures Markets

期货市场的供求关系表现为多空持仓的关系,中美两国期货市场为防范利用持仓操纵市场而采取了持仓限制制度。本文在比较中美两国持仓限制制度及其特点的基础上,提出了完善套期保值持仓管理和对不同合约月份实行不同持仓限制的建议。

The relation of supply and demand on the futures market is expressed as the relation between long and short positions. To prevent market manipulations by taking advantage of the position accumulation, the futures market regulators in both US and China have enforced position limit system. This article compares the position limit system between the two markets and makes suggestion on the perfection of the exemption and management of hedging positions and on the adoption of different position limit on different contract month.