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1、AnalysisonFuturesinChinatheProblemsitsDevelopingTrend1Futuresfromthemeaningofthewditselfcomparedwiththeactualsmustbesomethingrelativetothefuture.Itisatermhereusedtodesignateallcontractscoveringthesaleoffinancialinstrumen

2、tsphysicalcommoditiesffuturedeliveryonacommodityexchange.InthethirtiestheftiesofthenieenthcenturyChicagobecamethecenterofthecargoofthegrainfitssignificanthuggeographiclocationagriculturalappealingclimates.Becauseofthedef

3、initeharvestingseasonofthegraininefficientwarehousestheinconvenienttransptationthegrain’spricefluctuatedaccdingtothedemtheseason.Asaresultgraintransactionturnedtobehighlyrisky.Indertoensuretheirfutureinterestthegrainmedi

4、atssignedthesalecontractswiththemanufacturersthegrainsalesmenwhichstipulatedthefuturedealinginthespringofthenextyearimmediatelyaftertheirpurchaseofthegrainthusthefwardcontract(Acashmarkettransactioninwhichdeliveryoftheco

5、mmodityisdeferreduntilafterthecontracthasbeenmade.Itisnotstardizedisnottradedonganizedexchange)cameintobeing.Inthefollowingtenevenmeyearsalistofshtcomingshackledfwardcontracttradingfromfuturedeveloping.Firsttherearenosta

6、rdizedrulesfthequalitydeliverytimeoftheexchangecommoditiesinthefwardcontracttrading.What’smethefwardcontractsthemselvesaredifficulttoexchange.Itseemedtobenootherchoicesotherthanperfmanceatthemeantime.Thisfeaturewashardly

7、abletosuittheflexiblesituationofthemarket.Thenwhetheronefwardcontractwouldbecarriedoutontimenotcompletelydependsonthetrader’sconfidenceoverhispartner.Theusualsituationturnedouttobeofhighcostthoughinvestigationwhichledtoh

8、ighriskintheperfmanceofthecontract.IndertocopewithalltheseproblemsCNE(ChicagoMercantileExchange)fmedtheGeneralRulesin1865tostardizethefwardcontractallowwhichtoexchangefreelythenthefuturescontracts(Astardizedtransferablel

9、egalagreementtomaketakedeliveryofaspecifiedamountofacertaincommodityofacertaingradetypeataspecifiedamountofacertaincommodityofacertaingradetypeataspecifiedpointinthefuture.IFeaturesofFuturesTradingBefetheconductionofthef

10、eaturesoffuturestradingwecancompareitwithotherfirmsoftradingtohaveamuchclearerconception.Firstcomparedwiththespottradingthebiggestdifferencebetweenthemisthetimespanbetweentheassignmentcontractthedeliveryofgoods.Secondthe

11、rearestilllargedifferenceswiththestockmarkettrading.Theamountofcertaintypeofstocksispredeterminedbefetherealentryintothestockmarketbytheissuingcompanyatthesametimethestocksitselfhasalreadyexistedonthestockexchange.Ontheo

12、therhonthefuturesmarketnofuturescontractsexistbefetradingafuturescontractwillbegeneratedsoeasilyonlywhenasolarcontractabuyer.1.TheSubjectMatterInthefuturesmarketarethestardcontracts.ThiskindofstardcontractsiseasytoAnalys

13、isonFuturesinChinatheProblemsitsDevelopingTrend32.1.1IntheU.S.TheU.S.A.hasthemostflourishingfuturestrade.ChicagoisthefuturestradingcenternotonlyoftheU.S.A.butofthewholewld.Itisexacttheplacethattheboursewithlargenumbervol

14、umelargesthisty.ChicagoBoardofTrade(CBT)wheretheTBondfuturescontractgainedthegreatestsuccess.BesidestheCBTotherfamousboursesintheU.S.A.arefexampleChicagoMercantileExchange(CME)whichhasthemostvarioustypesofcontractinthewl

15、dtheAmericaCommodityExchangewhichobtainedgreatreputationfitsMinicontractalsotheCommodityExchange(COMEX)whichoccupyafairlylargesliceofthewholegoldfuturestrading.2.1.2InEuropeInEnglthereisalongfuturestradinghisty.LondonMen

16、talExchange(LME)openedinthenieenthcentury.AtthesametimefinancialfuturestradingstartedatnieeneightytwotenyearslaterthantheU.S..LondonInternationalFinancialFutureExchange(LIFFE)isknownasthebiggestfinancialfuturesmarketouts

17、idetheU.S..IntheyearnieeneightysevenLIFFEmadeanagreementwithCMEinwhichtheyagreetoestablishthemutualoffsetclearingsettlement.ThenLIFFEestablishedthesamesystemwithSydneyFutureExchange(SFE).2.1.3AsiaPacificRegionSingapeInte

18、rnationalMoaryExchange(SIMEX)starteditsfirstdealatnieenseventies.Itisthefirstoneinthedevelopingcountriesregionstosomedegreeitisalsothemostinternationalizedbourse.InJapanTokyoStockExchange(TSE)wasopenedinOctober1985.Inthe

19、year1980TSEthetradingamounttheopencontractamountcametothetopofthewld.3.TheFeaturesofWldFuturesTradingAfteranalyzingthesproutofglobalfuturestradingwecanhaveabriefviewofthewldfuturesmarketfromthenextfivepoints.FirsttheU.S.

20、theU.K.Japanthisthreestrongcountriesconstitutethreehugsoftheglobalfuturestrading.Thisconclusionwasmadefthereasonslistedbelow.Firstinthesethreecountriesthecommodityfuturestradingbeganataveryearlyageallhaveafairlylargescal

21、enow.Secondtheyareallinternationalfinancialcenterswiththeirstrongeconomicbackgroundtheirfinancialfutureshavetheiruniquepotentialffutureenlargementwhichcan’thardlybecopiedparalleledbyothers.Secondlyfinancialfuturesflouris

22、hatatremendousspeeditshowsthetendencytoreplaceothersinthecomingfuture.IntheinternationalfinancialcentralareassuchastheU.S.A.U.K.Japannewdealingemergingatnearlyeveryminutesimultaneouslytheiginalbusinessenlargeditsscopewit

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