1865, Chicago Grain Exchange launched a standardized agreement called "futures contract", which replaced the forward contract used since 185 1 and became the most developed financial derivative in human history. China In February 2000 and September 2007, China Futures Association and China Interbank Market Dealers Association were established in China. However, among American regulators, government regulators include the Federal Commodity Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC) and the National Futures Association (NFA). However, there is also China Institute of Financial Derivatives (CICC! Financial derivatives created by "securities" and "financial innovation" in recent years are greater than the market value of financial products. In recent years, innovative financial derivatives such as "credit default swap" (CDS) and "mortgage debt pledge" have been derived.

Financial derivatives are contracts based on the value of specific assets and their changes, and their basic feature is margin trading, that is, as long as a certain percentage of margin is paid, there is no need to conduct full principal trading, which is a "lever" to achieve wealth and bankruptcy. Cash spread settlement is usually used to honor contracts, and only contracts performed by physical delivery on the due date require the buyer to pay the full amount of funds. Since 198 1 2009, the international business machines corporation (IBM) and the World Bank launched the world's first swap contract. In 2009, the total book value of various forms of swap contracts in the world reached nearly 430 trillion US dollars, which was about 8 times of the global GDP in that year.