国际原油价格体系及原油衍生品市场对我国原油期货发展的启示

The Inspiration of International Crude Oil Pricing Mechanism and Derivatives Market to China’s Crude Oil Futures

国际原油价格体系经历了三大重要历史阶段,最终形成了当下以原油期货为基准价格的计价机制。此间,世界上形成了WTI、BRENT和DUBAI三大主要原油金融衍生品市场,在国际原油定价中发挥了重要作用,对我国上海原油期货的未来发展极具启示。尽管我国上海原油期货在市场规模上已经位居世界第三,但为了更好地实现上海原油期货价格发现、服务实体经济的功能,应该进一步完善交割机制、拓展交易时间、丰富交易产品、建立配套场外衍生品市场。

After three stages of historical evolution, International crude oil developed the pricing mechanism which was based on crude oil futures. WTI, BRENT and DUBAI are the most important crude oil de-rivative markets and the key factors to international crude oil pricing system. Although China’s crude oil futures are ranked third in the world in terms of market scale, we should improve physical delivery mechanism, extend trading hours, enrich trading products and establish relative OTC de-rivative markets to make Shanghai crude oil futures do price discovery and serve real economy better.