The futures market opens up to the outside world. On the evening of September 2, Zhengzhou Commodity Exchange , Dalian Commodity Exchange , Shanghai Futures Exchange and its subsidiaries, Shanghai Futures Energy and China Financial Exchange, issued an announcement simultaneously, clarifying the derivative products that qualified overseas institutional investors (QFII) and RMB qualified overseas institutional investors (RQFII) can participate, including futures and option varieties.
Nanhua Futures Chairman Luo Xufeng told First Financial reporter that 41 futures and options are open to QFII and RQFII, providing legal and compliant channels and ways for overseas funds to participate in my country's derivatives market. This means that the process of opening up the derivatives market in China is accelerating, which is conducive to expanding international influence and commodity pricing power, and also helping to accelerate the internationalization of the RMB.
For domestic futures business institutions, Luo Xufeng believes that the entry of QFII and RQFII is expected to bring new increments to the futures market, allowing futures business institutions to usher in new business growth points, and also helps promote the international development of futures business institutions. However, it also puts forward higher requirements for the various service capabilities of futures business institutions, which will aggravate the differentiation of the industry to a certain extent.
At present, the main ways for foreign capital to participate in stock index futures trading are QFII and RQFII. Statistics show that as of August 26, the customer equity of overseas investors in the stock index futures market was 31.755 billion yuan, and the customer equity of overseas investors in the crude oil futures, iron ore futures , PTA futures, No. 20 rubber, palm oil , international copper, and low-sulfur fuel oil futures markets was 21.297 billion yuan. Overall, the customer equity of overseas investors in the domestic futures market reached 53.052 billion yuan.
Yide Futures Stock Index Futures analyst Chen Chang told reporters that since 2017, the process of internationalization of A-share market has been accelerating. Internationally renowned index companies such as MSCI, FTSE Russell , S&P Dow Jones have included A-share into their index system and have continuously expanded. Data shows that as of June 2022, the proportion of foreign-funded shares in A-shares circulating market value reached 5.05%. The continuous expansion of the scale of overseas funds allocation A-shares and the significant enhancement of the linkage between and in the internal and external markets have led to a surge in risk management demand.
In addition, on September 2, the China Securities Regulatory Commission also announced that it had launched the listing of three ETF options products, and will approve , Shanghai Stock Exchange , , CSI 500 ETF options according to the procedures, Shenzhen Stock Exchange , GEM ETF options, and CSI 500 ETF options.
China Securities Regulatory Commission Vice Chairman Fang Xinghai also recently stated at the 2022 China International Finance Annual Forum that he will continue to steadily expand the international varieties of commodities and financial futures , support the implementation of futures product settlement price authorization cooperation, and realize diversification of the opening path of the futures market. At the same time, it supports Hong Kong's launch of Treasury bond futures. Research supports Hong Kong in launching treasury bond futures, accelerate the opening of the domestic treasury bond futures market to the outside world, and achieve coordinated development between the two places.
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