[ferro-alloys.com]

  Recently, Guangzhou Futures Exchange (hereinafter referred to as "GSE") held an unveiling ceremony, which means that China's first mixed futures exchange and China's fifth futures exchange were officially launched.

  A number of people in the industry told that the establishment of GSE is of great significance. It not only indicates that the development of China's futures market is marching towards the era of derivatives, but also is expected to serve the national strategic development well. At the same time, from the perspective of the composition of shareholders, it is a diversified and open international futures exchange. Based on the international perspective, the future business development will serve more diversified customer groups.

  New varieties on the market is expected to speed up

  The SFC said it was an important measure to build a multi-layer capital market system, to serve the Guangdong Bay area and the state's " Belt and Road " construction. In the next step, the CSRC will guide the Guangzhou futures exchange, based on serving the real economy and green development, adhere to the direction of marketization, legalization and internationalization, and actively and steadily promote the construction of futures market under the guidance of product, system and technological innovation.

  From the perspective of the composition of the shareholders, it is in line with the expected international strategic positioning of the market. According to the industrial and commercial registration information, the registered capital of Guangqi is 3 billion yuan, and its shareholders include Shanghai Futures Exchange (15%), Zhengzhou Commodity Exchange (15%), Dalian Commodity Exchange (15%), China Financial Futures Exchange Co., Ltd. (15%), China Ping An insurance (group) Co., Ltd. (15%) and Guangdong Zhujiang investment Holding Group Co., Ltd. (9%), Guangzhou Financial Holding Group Co., Ltd. (9%), Hong Kong Exchanges and Clearing Limited (7%).

  Xu Danliang, President of Founder medium term futures, told that the significance of the establishment of Guangqi lies in two aspects: first, under the background of the goal of "reaching the peak of carbon and carbon emissions" established by the two sessions of this year, the future business development will move in this direction; second, it marks the transformation of China's futures market from the initial function of hedging and price discovery to serving the real economy As well as the change of national strategic direction. From the perspective of the market, the high expectations placed by all parties in the market on Guangqi are extraordinary.

  "For the futures market itself, GSE is not a simple commodity futures and financial futures market in the past, but a sign of the transformation of China's futures market into a derivatives market." Xu Danliang believes that from the perspective of shareholders' background, China's futures market has begun to move towards a pluralistic and open era; it can be expected that the futures exchange in the future will be an international market.

  The first product to be launched by GSE may be carbon emission right futures. As early as February 2019, the development planning outline of Guangdong, Hong Kong and Macao Great Bay area proposed to study the establishment of an innovative futures exchange with carbon emission as the first variety. Especially under the background of the goal of "carbon peak and carbon emission" established by the two sessions of this year, carbon emission right futures has become the expectation of the market.

• [Editor:Catherine Ren]