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China's fuel oil futures world's No. 3 |
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16:06, August 27, 2009 |
Carbon emission trading to become China's new financial product
In terms of total transaction value in the first half of 2009, China's fuel oil futures are now the world's third largest energy futures, after NYMEX WTI Crude oil futures and London Brent oil futures traded on the Intercontinental Exchange, said Yang Maijun, president of Shanghai Futures Exchange (SHFE), on August 26.
Statistics showed that by August 25, trading of the fuel oil futures this year has reached 21 tons, or 6.8 trillion yuan.
In August 2004, fuel oil started to be traded on the Shanghai Futures Exchange. The regulation system of Shanghai fuel oil futures proved itself in the future's five year history. Even challenged by the global financial crisis and the catastrophic fluctuation in the crude oil futures markets worldwide, no risk event has ever occurred, demonstrating the effectiveness of the fuel oil futures' transaction rules, risk control mechanism and technical support system. This lays a solid basis for crude and finished oil futures to be released in the future.
Relying on China's huge cash market, Shanghai fuel oil futures successfully formed fuel oil's "Chinese prices" and "Chinese standards", which reflect the supply-demand condition in the China market and have considerable global influence. A positive interaction between futures market and cash market has been established.
In the plans to build Shanghai into an international financial and shipping center, the State Council urged the city to attach great importance to the futures market's development and orderly unveil new energy and medal futures.
"The SHFE will speed up preparation work for the release of crude oil, gasoline, diesel and asphalt futures," Yang said.
By People's Daily Online
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