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国债期货市场作为国债二级市场的派生交易方式,近年来在我国得到了快速的发展。它是活跃我国国债交易,完善证券市场,促进经济发展所必需的。目前,我国开展国债期货交易较大的有上海证券交易所和北京商品交易所,上市的品种主要是1991年、1992年、1993年发行的中期国债期货合约,交收的月份为每年的3、6、9、12月份。目前上海证券交易所上市的品种有13种,北京商品交易所上市的品种有12种。这两个交易所自国债期货交易向社会推出以来,交投十分活跃、容量日大。据统计,上交所在1992年12月28日至1994年5月19日内,已累计成交金额283.43亿元,总成交合约数达到1311425口(每口为面值2万元的国库券)。可见,我国国债期货交易的发展速度和规模是很快的。但是,综观目前的整个国债期货市场,还存在诸多问题,主要表现在:一、缺乏长期国债品种国债期货是一种以对未来交易价格变化趋势预测为依据,在未来某一交易日交割的交易形式,按国际惯例,一般分为3、6、9、12月交割。这种交易性质要求合约标的物存在足够长的时间,即作为国债期货合约标的国债,其期限较长为好,而且国债期限越长,利
As a derivative transaction of the national debt secondary market, the bond futures market has been rapidly developed in our country in recent years. It is necessary to activate China’s national debt transactions, improve the securities market and promote economic development. At present, there are the Shanghai Stock Exchange and the Beijing Commodity Exchange, the major types of bonds listed in China in 1991, 1992 and 1993. The month of settlement is 3, June, September and December. Currently, there are 13 kinds of products listed on the Shanghai Stock Exchange and 12 kinds of products listed on the Beijing Commodity Exchange. Since the two exchanges launched their bonds and futures trading in the community, the exchanges have been very active with large capacity. According to statistics, in the period from December 28, 1992 to May 19, 1994, the SSE has accumulated a total turnover of 28.343 billion yuan and the total number of contract transactions reached 13,11425 (each with a treasury note of RMB 20,000). Obviously, the development speed and scale of China’s treasury bond futures trade are fast. However, there are still many problems in the current treasury bond futures market. The main problems are as follows: First, the lack of long-term treasury bonds Treasury futures are futures contracts traded on a certain future trading day based on the forecast of the future trading price changes. Form, according to international practice, generally divided into 3, 6, 9, December delivery. The nature of this transaction requires that the subject matter of the contract be long enough for the government bond to be the subject of a treasury bond contract for a longer period of time as well as the longer the term of the national debt