With the improvement of the operation quality of the futures market and the participation of institutional investors, the domestic futures market has played an active role in serving the country's food and energy security, helping to ensure stable supply and prices, and rural revitalization. The guests introduced that under the background of the spread of the new crown pneumonia epidemic and the intensification of commodity price fluctuations, the futures market has maintained a stable operation as a whole, and the risk aversion function has been effectively exerted, which has strongly supported the resumption of work and production of real enterprises. By optimizing and promoting the "insurance + futures" model, the futures industry helps farmers manage price risks and stabilize income, opening up the "last mile" of financial support for the real economy.
As far as soda ash futures are concerned, since their listing, the operation has been generally stable, the delivery process has been smooth as a whole, and the maturity of varieties and market influence has been increasing. It is understood that from 2021 to the present, the correlation coefficient of the spot price of soda ash futures is 0.96, and the futures and spot prices are closely linked. The stable operation of soda ash futures has created favorable conditions for upstream and downstream industrial entities to participate in the futures market and enrich trading models.
The guests said that at present, with the gradual promotion of basis trading and other modes in the upstream and downstream of the industry, soda ash futures have provided an effective tool for industrial enterprises to relieve financial pressure, expand sales network, and stabilize the supply of raw materials.
In fact, in recent years, the main body of the futures industry, especially risk management companies, has brought derivatives applications to the More industries, provide customized risk management service solutions to further meet the differentiated risk management needs of customers in the industry chain. Domestic commodity exchanges have also launched over-the-counter business platforms, covering basis trade, over-the-counter options, swaps and other services, further improving the compliance and convenience of related businesses.
"The future of the futures market to serve the real economy is very promising." Hao Gang, deputy general manager of Galaxy Futures, introduced at the meeting. Statistics show that about 94% of the world's top 500 companies are actively using the futures derivatives market to avoid risks. In 2021, nearly 600 listed companies in my country have issued announcements to participate in hedging in the futures market, and more and more real companies have begun to use the futures market to deal with the risk of commodity price fluctuations.
"Futures companies take the risk management service business as the starting point, take advantage of their own professional and characteristic industries, and increase their efforts to serve small and medium-sized entities." Feng Hao, deputy general manager of COFCO Qidefeng, said that it is necessary to better help upstream and downstream industries in the industry chain. Small and medium-sized enterprises analyze the market uncertainty and risks they face, and futures service providers should also closely follow the market situation, strengthen market research and judgment, increase the research and development of risk management service products, and develop risk management products that are more in line with relevant enterprises. Product library, track case effects, and accumulate experience. At the same time, pay attention to risk control management, and ensure that there are no problems in self-management while enhancing the business carrying capacity of risk management.
(Editor in charge: Zhang Haijiao)
