The futures market is a place where futures contracts are traded. The futures market in a broad sense includes futures exchanges, clearing houses or settlement companies, brokerage companies and futures traders; The narrow sense of futures market only refers to futures exchanges. The futures exchange is the place to buy and sell futures contracts and the core of the futures market.
There are many kinds of futures contracts, so different futures exchanges operate different futures contracts. There are many futures exchanges in the world, the most famous of which are Chicago Commodity Futures Exchange and New York Futures Exchange.
Second, the composition of the futures market.
1. foreign exchange futures
The futures exchange is the place to buy and sell futures contracts and the core of the futures market. It is a non-profit organization, but its non-profit only means that the exchange itself does not conduct trading activities, and it does not mean that it does not attach importance to interest accounting.
2. Futures clearing house
Futures clearing house, also known as "clearing house" or "futures clearing house", is mainly responsible for the settlement of futures transactions, including the delivery of closed futures contracts and the liquidation of unexpired contracts at the end of the period, and undertakes the liquidation of each transaction and the performance of futures contracts when they expire.
3. Futures Brokerage Company
A futures brokerage company is an intermediary organization established according to law. It accepts the entrustment of customers, conducts futures trading for customers in its own name, and collects transaction fees according to the instructions of customers. The result of the transaction is borne by the customer.
4 Futures traders (including hedgers and speculators)
Three. Major domestic futures markets
1, Dalian Commodity Exchange
2. Zhengzhou Commodity Exchange
3. Shanghai Futures Exchange
4. China Financial Futures Exchange
Fourth, the function of the futures market.
(A) the function of avoiding price risk.
(2) Price discovery function.
(3) Conducive to market supply and demand and price stability.
(4) Save transaction costs.
(5) Rational use of social idle funds.
Five, the futures market supervision institutions
Futures Supervision Department of China Securities Regulatory Commission: It is the functional department that supervises and manages the futures market.
Futures Industry Association: It is a self-regulatory organization of futures industry established according to law. Its members are composed of practitioners and individuals in the futures industry. It is an important tool to protect the interests of futures investors and coordinate the interests of industry institutions. It is an important bridge and link between futures operating institutions and the government. It is an effective assistant for the government to carry out macro-control management of the futures market and an important part of the "government-association-exchange" three-level management system.