新推国债期货与327国债期货比较

Government Bond Futures–Progress After a Scandal

经过近四十年的发展,全球主要发达国家和新兴国家均建立了各自的国债期货市场。总结和对比当前我国国债期货重启的新环境和合约规则设计,可以发现当前推出的国债期货比"327"试点时期有了长足的进步。

Over the last 40 years, major developed countries and emerging nations have strengthened their government debt futures markets. In this paper, we look at the newly relaunched market for government debt futures in China and contrast it with markets elsewhere examining the overall environment as well as contract terms and structure. From this we can also see that substantial progress has been made since the scandal that led to an 18-year halt to China's debt futures trade. Trading was banned after massive sell orders overwhelmed the market in February 1995 in what was known as the '327' incident – named after the code number of the contract at the heart of the scandal.