Foreign exchange futures refers to the foreign exchange delivery method in which buyers and sellers trade at the agreed exchange rate within the expiration date stipulated in the contract according to regulations. After the futures exchange closes the transaction by open outcry, the buyer and the seller promise to deliver a certain standard amount of foreign currency at the current agreed price on a specific date in the future, that is, the contract signed by the buyer and the seller according to the agreed quantity, price and delivery date.
China's foreign exchange futures products will be divided into RMB exchange rate futures and cross exchange rate futures. The so-called cross exchange rate refers to the exchange rate between two foreign currencies, and cross exchange rate futures refer to futures with the exchange rate between foreign currencies as the target. CICC chose Euro/USD and AUD/USD as its target, because they are the main cross exchange rate trading currencies in the domestic market.
The difference between foreign exchange margin and foreign exchange futures. Foreign exchange margin trading can also be called spot foreign exchange margin trading, which belongs to spot trading. It has both similarities and differences with forex futures trading.
similar
1. are all leveraged, which amplifies the benefits and risks.
2. Long trading time, 24-hour trading.
discrepancy
1. The nature of the transaction is different.
Foreign exchange margin is an inter-bank market, which is quoted by banks or market makers. There is no fixed exchange, and there is a little difference between the buying price and the selling price. Foreign exchange futures is a kind of futures contract in a futures exchange, which is arranged centrally by buyers and sellers and has a fixed trading place. The main futures exchanges in the world are: Chicago Board of Trade, the New York Mercantile Exchange Board of Trade, Sydney Board of Trade, Singapore Board of Trade and London Board of Trade. The futures market must include at least two parts: one is the trading market and the other is the clearing center. After the buyer or seller of futures trades on the exchange, the clearing center becomes the counterparty until the futures contract is actually delivered.
In terms of price determination, different banks or brokerage companies may give different quotations to customers in foreign exchange transactions. Generally speaking, most banks or brokerage firms use the quotation of Reuters or Associated Press as the transaction price. When the market changes drastically, the price will be slightly different. All foreign exchange futures prices come from exchanges, and only one price is displayed globally. It should be noted that the futures market does not provide fixed prices or uninterrupted trading execution. Even with the advent of electronic trading era and the limited guarantee of trading execution speed, the price to be filled in the futures market order is far from certain.
2. The nature of the contract is different.
Foreign exchange deposits have no delivery restrictions and can be held for a long time, but they need to pay interest overnight. Every foreign exchange futures product has a delivery time. If the position is not closed before the delivery date, the delivery formalities must be completed before delivery. Future positions doesn't need any interest on foreign exchange.
3. The security and reliability of transactions are different.
Foreign exchange futures are organized and traded by special exchanges, and are strictly supervised by regulatory agencies in various countries. Even if the futures brokerage company goes bankrupt, investors' futures contracts will not be affected. However, the laws and regulations governing foreign exchange margin trading in many countries are not perfect enough. In case of problems with foreign exchange brokerage companies, there may be a situation of "people going to the building".
In terms of reliability, foreign exchange futures are more reliable because there are special exchanges to organize transactions; Foreign exchange spot is a tacit understanding and spontaneous behavior between banks in various countries. Once there are political factors or other factors, the quotation will inevitably be affected.
At present, China has not liberalized the foreign exchange market, and the foreign exchange margin and foreign exchange futures in the market are not protected by our laws. Therefore, to join the foreign exchange market, we must identify the security of the platform and avoid the occurrence of black platforms, gambling and inability to withdraw cash.
Almost every month, CICC will launch a new simulated trading contract for foreign exchange futures. From 20 14 to 10, CICC has launched many foreign exchange futures (simulation) contracts, but the contract names are different. For example, the contracts of AF/KOOC-0/8/KOOC-0//KOOC-0/and EF/KOOC-0/8/KOOC-0/were announced on August/KOOC-0/8, while AF/KOOC-0/8/KOOC-0. The name of a contract has its own rules. Take "AF 18 1 1" as an example. "AF" is the code of AUD/USD futures contract, and "18 1 1" means that the contract is at 20 18 65438+.
Simulated trading is simply simulated trading, and the funds involved are virtual funds. In risk control, the margin system, price limit board system, position limit system, large position declaration system, compulsory liquidation system, compulsory lightening system and risk early warning system are implemented. According to the procedure of listing new products, simulated trading can be said to be a key step in the design of inspection rules and systems before listing new products, paving the way for the formal listing of foreign exchange futures.
Why do you want to launch foreign exchange futures 1? Although RMB exchange rate futures have become a popular trading variety in overseas markets, they have not yet been launched in China. With the advancement of the "Belt and Road" construction, the internationalization of RMB has accelerated, and the market demand for offshore RMB has gradually increased. According to the statistics of the Hong Kong Monetary Authority, RMB deposits in Hong Kong reached 584.5438 billion yuan in June this year, and the need to hedge RMB exchange rate risks is becoming more and more urgent.
2. At present, RMB foreign exchange futures have been listed in eight countries or regions around the world, including exchanges in the United States, Europe and Singapore; However, the construction of China's forward foreign exchange market is seriously lagging behind, and the relevant contract varieties have not been launched so far. China is the second largest economy in the world, and RMB has become the fifth largest currency in the world. In this context, if we can't launch our own RMB foreign exchange futures as soon as possible, there may be an embarrassing situation in which the pricing power of RMB is abandoned halfway.
After the introduction of RMB foreign exchange futures, we can not only grasp the initiative and dominance of exchange rate pricing, but also urge countries around the world to accept RMB and establish a solid foundation for RMB internationalization. There are more signs that the RMB is being warmly welcomed by countries all over the world. At present, more than 60 countries have included RMB in their foreign exchange reserves.
3. At present, there is no unified, open and transparent foreign exchange derivatives trading market to provide diversified foreign exchange hedging tools for enterprises, so it is necessary to develop domestic foreign exchange risk hedging tools.
According to a survey initiated by CICC, among the cross-exchange rate risks faced by China's real economy, the risk scale of euro against the US dollar is 3 153 billion US dollars, and the risk scale of Australian dollar against the US dollar is109.7 billion US dollars. The annual fluctuation range of cross exchange rate is about 10%, which is much larger than USD/RMB (2%), which brings difficulties to enterprises. Enterprises with13 in China face cross-exchange rate risk. Therefore, in order to meet the increasingly urgent needs of market participants for risk management under the new situation, the research and development of foreign exchange futures products is imperative.
If RMB foreign exchange futures are listed in China, foreign trade enterprises can not only use these tools to manage exchange rate risks more conveniently, but also avoid heavy losses caused by large fluctuations of RMB exchange rate, and enterprises do not have to go to great lengths to find suitable hedging tools in overseas exchanges, thus further reducing operating costs, which is of great significance to the stable operation of enterprises.
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