Characteristics And Significance Of Treasury Bond Futures

P > < strong > < a href= > http://sjfzxm.com/news/index_cj.as > > treasury bond futures < /a > < /strong > < strong > > /strong > /p >

< p > futures trading is a complex paction mode. It has the following characteristics different from spot trading: < /p >

< p > treasury bond futures pactions do not involve the pfer of bond ownership, but only shift the risk of price changes related to such ownership.

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< p > treasury bond futures trading must be carried out in designated trading places.

The futures market is open and liberalized and prohibits OTC and private hedging.

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< p > all treasury bond futures contracts are standardized contracts.

The bond futures trading system is a lever trade.

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< p > treasury bond futures pactions are implemented without debt.

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< p > treasury bond futures generally do not have physical delivery.

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< p > < strong > meaning < /strong > < /p >

< p > treasury bond futures itself is an interest rate derivative. It will definitely affect interest rate. Its impact on < a href= "http://sjfzxm.com/news/index_s.asp > interest rate market < /a > is not simply affecting a certain interest rate, but the whole interest rate marketization. It is a very important link in the whole interest rate system.

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< p > as a mature market economy, the marketization of interest rate is a key part.

At present, we can see in various markets in China, for example, the credit market, such as deposit interest rate and loan interest rate, are generally formulated by the central bank, which is a controlled interest rate and a non marketable interest rate.

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< p > < < a href= "http://sjfzxm.com/news/index_q.asp > > money market > /a >, it can be said that there is Shibor in the short-term capital market, and the interest rate in the interbank market in Shanghai is also a benchmark interest rate.

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< p > there are bonds and central banks in the Treasury bond market, forming some benchmark interest rates.

As a matter of fact, there are several different interest rate systems and different combinations. However, in the process of marketization of interest rates, the benchmark interest rate has not yet formed, or a market-based benchmark interest rate system has not yet formed, which is not active with the entire Treasury bond market, and the spot trading of State bonds is too small, and the institutions are too single.

And the introduction of treasury bonds futures will change this situation.

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< p > because treasury bonds futures, first, it has different institutions to participate, not only commercial banks and large insurance companies, it has many individual investors and brokerage funds, it will reflect different market investors' different judgments of interest rates, which is the cornerstone of a market-oriented interest rate formation.

But treasury bonds are traded between exchanges and exchange rates, and different institutions offer at the same time, and finally form a market recognized interest rate. Such an interest rate system is a good cornerstone for forming the yield curve of China as a whole.

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< p > if we say that the introduction of treasury bond futures will affect the interest rate market of China as a whole, we should say that Treasury bond futures are the cornerstone of the whole interest rate marketization.

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