China's stock index futures ready for debut

时间：2007-10-29 08:34:52

（单词翻译:单击）

Oct. 28 - Shang Fulin, chairman of the China Securities Regulatory Commission (CSRC), said on Saturday that the country has basically completed system and technical preparations for the launch of its first stock index futures1.

 

"The commission would continue the final preparations before officially introducing the stock index futures," Shang said at the 2007 China Financial Derivatives2 Conference held in Beijing.

 

The development of financial derivatives can improve the country's financial efficiency and help the country better handle financial risks," Cheng Siwei, vice3 chairman of the Standing4 Committee of the National People's Congress, told the conference, stressing the development should go in a "steady way".

 

Cheng said the stock index futures is for the time being the one most ready for launch.

 

He said the introduction of the stock index futures would help boost the smooth development of China's stock market by enabling investors5 to profit from their anticipation6 of a share price fall.

 

However, the threshold for investment in the stock index futures should be set at a relatively7 higher level to avoid irrational8 investors, and the threshold could be lowered when the market becomes mature, Cheng said.

 

The country's new regulations on futures trading came into effect in April, extending its coverage9 from commodities futures trading to financial futures and option contract trading.

 

This laid a legal foundation for the introduction of the stock index futures, foreign exchange futures and option and other financial derivatives, which will provide financial institutions with badly-needed tools to hedge risks.

 

Simulation trading was started in October last year to test the trading system at the Shanghai-based China Financial Futures Exchange (CFFE), which was inaugurated in September 2006 to become the country's first financial derivatives exchange.

 

Shang said the commission will continue providing training and risk-control education for institutional investors and managers that are interested in the stock index futures.

 

The CSRC offered a training course on stock index futures transaction regulations in southwestern China's Guizhou Province between September 27-28, with more than 90 industry participants.

 

Cheng suggested that the country's institutions of higher learning should train more Financial MBA (FMBA) graduates for the emerging domestic financial derivatives market.

 

Cheng said the country might introduce the interest rate futures with the gradual marketization of the country's interest rates, which means market-determined interest rates, rather than freely floating rates.

 

The launch of the foreign exchange futures would need still longer time, Cheng said.

 

The country's futures market, comprising Shanghai Futures Exchange, Dalian Commodity Exchange and Zhengzhou Commodity Exchange and CFFE, turned over a record 21 trillion yuan (2.81 trillion U.S. dollars) last year.

 
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1 futures Isdz1Q     
n.期货，期货交易
参考例句：
  • He continued his operations in cotton futures.他继续进行棉花期货交易。
  • Cotton futures are selling at high prices.棉花期货交易的卖价是很高的。
2 derivatives f75369b9e0ef2282b4d10e367e4ee2a9     
n.衍生性金融商品；派生物，引出物( derivative的名词复数 )；导数
参考例句：
  • Many English words are derivatives of Latin words. 许多英语词来自拉丁语。 来自《简明英汉词典》
  • These compounds are nitrosohydroxylamine derivatives. 这类合成物是亚硝基羟胺衍生物。 来自辞典例句
3 vice NU0zQ     
n.坏事；恶习；[pl.]台钳，老虎钳；adj.副的
参考例句：
  • He guarded himself against vice.他避免染上坏习惯。
  • They are sunk in the depth of vice.他们堕入了罪恶的深渊。
4 standing 2hCzgo     
n.持续，地位；adj.永久的，不动的，直立的，不流动的
参考例句：
  • After the earthquake only a few houses were left standing.地震过后只有几幢房屋还立着。
  • They're standing out against any change in the law.他们坚决反对对法律做任何修改。
5 investors dffc64354445b947454450e472276b99     
n.投资者，出资者( investor的名词复数 )
参考例句：
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会
6 anticipation iMTyh     
n.预期，预料，期望
参考例句：
  • We waited at the station in anticipation of her arrival.我们在车站等着，期待她的到来。
  • The animals grew restless as if in anticipation of an earthquake.各种动物都变得焦躁不安，像是感到了地震即将发生。
7 relatively bkqzS3     
adv.比较...地，相对地
参考例句：
  • The rabbit is a relatively recent introduction in Australia.兔子是相对较新引入澳大利亚的物种。
  • The operation was relatively painless.手术相对来说不痛。
8 irrational UaDzl     
adj.无理性的，失去理性的
参考例句：
  • After taking the drug she became completely irrational.她在吸毒后变得完全失去了理性。
  • There are also signs of irrational exuberance among some investors.在某些投资者中是存在非理性繁荣的征象的。
9 coverage nvwz7v     
n.报导，保险范围，保险额，范围，覆盖
参考例句：
  • There's little coverage of foreign news in the newspaper.报纸上几乎没有国外新闻报道。
  • This is an insurance policy with extensive coverage.这是一项承保范围广泛的保险。

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