布伦特原油价格体系对上海原油期货未来发展的借鉴意义

The inspiration of Brent price system to the future development of Shanghai crude oil futures

布伦特原油价格体系以即期布伦特与洲际交易所布伦特为核心,依托相关的衍生品,构成了一个交易产品丰富、参与者众多、交易主体多样的市场,目前已经成为全世界使用最广泛的实货原油计价基准并建立了世界第二大原油期货品种。该价格体系的成功得益于其不断丰富可交割油种、持续引入实体企业参与者以及配套的金融衍生品市场的蓬勃发展。布伦特原油价格体系对上海原油期货未来发展的借鉴意义体现在三个方面:一是发展与上海原油期货配套的金融衍生品市场;二是积极引导实体企业加大上海原油期货交易力度;三是在进一步增加上海原油期货的可交割油种。

The Brent price system takes spot Brent and ICE Brent as the core and forms a market with abundant trading products,numerous participants and diverse trading subjects relying on relevant derivatives.It is now the world’s most widely used benchmark for physical crude oil and builds the second largest crude oil futures.Its success is thanked to the increasing deliverable physical grades,the continuing involvement of numerous enterprises and the vigorous development of the derivatives market.The Brent price system could inspire Shanghai crude oil futures from three aspects:1)to build and develop the derivative market of Shanghai crude oil futures;2)to attract enterprises to increase Shanghai crude oil futures trading 3)to further increase more deliverable grades of Shanghai crude oil futures.