The hottest Shanghai pushes oil futures to compete

2022-07-31
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On June 2, shangfulin, chairman of China Securities Regulatory Commission, and tuguangshao, vice mayor of Shanghai, made a public speech at the Shanghai derivatives market forum, which triggered the reverie of the insiders about "domestic listing of oil futures"

shangfulin said that the CSRC will continue to support the listing of futures products that meet the needs of the national economy and meet the market conditions, and refine and refine the listed futures products

Tu Guangshao further said that according to the spirit of the opinions of the State Council on accelerating the development of modern service industry and advanced manufacturing industry in Shanghai to build an international financial center and an international shipping center, as an important part of the construction of Shanghai international financial center, in terms of the development of futures market and financial derivatives, crude oil, gasoline and diesel oil should be orderly launched in Shanghai Futures Exchange in accordance with the specific arrangements of the national financial management department Asphalt and other energy and chemical futures are listed

many industry participants believed that the establishment of oil futures is of positive significance to China

"personally, I support domestic oil futures, which means competing for the pricing power of international oil prices." Wang Zhen, Dean of the school of Business Administration of China University of petroleum, said that although owning oil futures does not mean that China can fully price, it can at least participate in the international pricing and troubleshooting competition

in the eyes of Chu juehai, assistant general manager of the Institute, the significance of oil price is significant. "Oil is not just a pure commodity, it contains too many financial and political factors. Therefore, the sensor oil problem is by no means a pure commodity problem, and the oil market is by no means a pure commodity market."

in fact, as early as 2004, the futures exchange had established a working group on the listing of oil futures, and Chu juehai's other identity was the leader of the listing group

according to a source from the energy and Chemical Industry Department of the previous period exchange, the previous period exchange has been working hard to apply for the listing of petroleum futures, including the system construction and other preparations to bring about major changes in the design, planning, scheduling, control and other aspects of renewable energy systems. The preparation work has long been completed, and it is only waiting for the approval of relevant departments, "For example, if (the relevant departments) approve the listing of oil futures tomorrow, we can open them immediately." The person from the exchange also said that the regulatory authorities and local governments also hope that the exchange can list oil futures. However, due to the high concentration of the oil industry in China, relevant enterprises are not willing to release their price monopoly, "At the beginning, steel futures was also delayed for sevenoreight years because of the opposition of steel enterprises. After all, there are more than ten large steel enterprises in China. The oil industry is controlled by the three giants and has a higher degree of monopoly. Therefore, it is more difficult for oil futures to be listed than steel futures."

in addition, "the key is that our country has a policy of non convertible RMB and foreign exchange control." Wang Zhen believes that if China's oil futures market wants to have an international voice, it must be an international market, which means that global funds can be traded in the domestic futures market, but it is obviously impossible at present

in this regard, the above-mentioned persons of the stock exchange also agreed that "our rubber (information and market) varieties, both in terms of trading volume and trading volume, rank first in the world. However, the international market still recognizes the rubber futures prices in Tokyo and Singapore because others cannot participate in our futures market, so they will not recognize them."

obviously, foreign exchange control and domestic oil companies' will to monopolize oil prices are the two major factors restricting the listing of oil futures on the exchange

according to the aforementioned persons from the previous period exchange, the reason why the previous period exchange established the oil futures listing working group in 2004 was that at that time, the domestic oil price was far lower than the international market price, and the domestic oil giants were miserable. At that time, the state considered to solve the loss problem of oil enterprises by means of oil price marketization

"however, at present, the international crude oil price of $60 - $70 per barrel can be accepted by domestic oil producers, and the state can figure out the unit; mm will not be strong in reforming the oil price pricing method through oil futures, and it seems that oil futures have to wait." The person from the previous period said helplessly

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