商品期货市场对外开放的国际比较与经验借鉴  

The International Comparison and Experience of Opening up Commodity Futures Markets to the Outside World

作　　者：邵运文 周宇[1] Shao Yunwen;Zhou Yu

机构地区：[1]上海社会科学院世界经济研究所,上海200020

出　　处：《西南金融》2024年第3期19-31,共13页Southwest Finance

基　　金：国家社科基金重大项目“新时代我国金融开放战略研究——形成全面开放新格局的目标与路径”(18ZDA090);上海市人民政府决策咨询研究项目“新兴产业领域大宗商品发展的思路和对策研究”(2021-ZD02-A)阶段性研究成果;中国民主同盟上海市委员会项目“高水平开放背景下上海期货市场的国际化实践与经验研究”(03005)阶段性研究成果;中国民主同盟上海市委员会项目“碳金融及期货市场赋能上海新能源汽车产业发展研究”(03007)阶段性研究成果。

摘　　要：我国大宗商品现货贸易与期货交易规模位居世界前列,但我国商品期货市场对外开放进程滞后于其他国家。本文梳理了美国、日本、印度、俄罗斯商品期货市场对外开放的经验教训。在期货合约方面,四国均实现了期货交易双向开放,美国、印度及俄罗斯推出了跨境交叉挂牌业务。在期货公司方面,美国期货公司通过金融资本与产业资本结合的方式对外扩张,日本后期境内外期货制度对接抑制了本土期货公司的活力。在期货交易所方面,美国与印度的期货交易所均有国际化持股实践。本研究建议我国试点商品期货跨境交叉上市,加快商品期货合约国际化进程;加强跨境监管合作,谨防境内外制度对接风险;推进“期现联动”业务发展,培育全能型期货公司与贸易商;推进期货交易所跨境持股,提升话语权;布局海外交割库,试点商品期货交叉挂牌等业务。The scale of China's commodity spot trade and futures trading ranks among the world's largest,but the process of opening up China's commodity futures market to the outside world is lagging behind that of other countries.This article summarizes the experiences and lessons learned from the opening up of commodity futures markets in the United States,Japan,India,and Russia.In terms of futures contracts,all four countries have real⁃ized two-way opening of futures trading,and the United States,India and Russia have launched cross-border cross-listing business.In terms of futures companies,American futures companies expanded outward through the combination of financial capital and industrial capital,while Japan's later integration of domestic and foreign fu⁃tures rules and regulations suppressed the vitality of local futures companies.In terms of futures exchanges,both the United States and Indian futures exchanges have internationalized shareholding practices.This study suggests that China should pilot cross-border cross-listing of commodity futures to accelerate the internationalization of commodity futures contracts,strengthen cross-border regulatory cooperation to guard against the risk of domestic and foreign rules interface,promote the development of"futures and cash linkage"business to cultivate all-round⁃ed futures companies and spot traders,promote the cross-border shareholding of futures exchanges to enhance the power of discourse,layout overseas delivery warehouses,and pilot the cross-listing of commodity futures and other businesses.

关 键 词：期货市场 商品期货 金融开放 期货交易 套期保值 金融衍生品 风险管理 金融强国 

分 类 号：F830.9[经济管理—金融学]