Zhang Shenfeng, CFFEX Party Chief and Board Chairman
Financial futures is an important risk management tool for the financial market. Since its birth, financial futures, the most significant financial innovation all around the world since the 1970s, has boomed dramatically. All the countries and regions in the world regard the development of the financial derivative market as a crucial financial development strategy.
With the deepening of reform and expansion of opening-up of China’s financial industry, it has been an urgent task to develop the risk management market covering financial futures and its derivatives. Under the leadership and unified deployment of China Securities Regulatory Commission (CSRC), China Financial Futures Exchange (CFFEX) was established in Shanghai on September 8, 2006.
The founding of CFFEX for the development of financial futures is the embodiment of the earnest implementation of the Scientific Outlook on Development and the “Opinions on Promoting Reform, Opening-up and Steady Growth of Capital Market” issued by the State Council. It is of great significance to perfecting market function, rationalizing resources allocation, expanding scale of financial spot market, diversifying trading varieties, improving market structure, enhancing financial market system, and accelerating financial system reform.
Since its establishment, CFFEX has been committed to preparing for the launch of CSI 300 Index Futures, the first of its kind in China, in accordance with the requirements of “high standard and steady start”. It has laid a solid foundation for the introduction of stock index futures by perfecting the rules and systems, enhancing the construction of systems, conducting mock trading, expanding membership, carrying out investor education, and doing a good job in cross-market supervision.
As the financial futures trading is highly professional and complicated with high risks, preparations should be made in a reliable, meticulous and all-around manner. Shouldering the great mission of building and developing China’s financial futures market, CFFEX will work hard and embrace innovations in the principles of “full preparation, steady introduction, risk isolation, supervision improvement and gradual growth” to build a well-structured, well-functioning, safe and highly-efficient financial futures market, thus promoting the healthy development of China’s capital market, and contributing to the construction of a well-off society in an all-round way.