4.1.3加速布局场外市场，提升服务实体经济的广度和深度

场外业务在2017年迎来了爆发式增长，2018年快速发展趋势或将延续。证监会副主席方星海2017年9月在上期所第六次会员大会上表示要“探索交易所开展期现结合业务的新途径，延伸场内业务，开展与场内业务相关的现货业务、仓单业务和场外衍生品业务”。2018年1月，为扩展及完善场外交易系统和柜台交易系统的功能，证监会发布了《证券期货业场外市场交易系统接口》金融行业系列标准。目前，包括交易所、期货公司等在内的机构正加速布局场外市场，上期所拟计划2018年优化上期标准仓单交易平台，为期货相关的现货与场外衍生品提供服务；大商所已于2017年3月推出了铁矿石仓单服务制度；郑商所已于2017年11月针对其综合业务平台、场外业务规则草案等举办了场外业务首期培训班；期货公司风险管理公司开展的场外衍生品业务也已成为了期货行业发展新蓝海。场外市场的蓬勃发展将有助于我国发展多层次的期货市场，继而提高期货市场服务实体经济的广度和深度。

4.1.4引入境外投资者，加快期货市场双向开放

党的十九大报告明确指出“要推动形成全面开放新格局”。2018年，期货市场将秉承“自主开放、合作共赢”的方针，加快推进期货市场双向开放，提高期货价格的全球代表性，朝着尽早取得国际主要大宗商品定价权的方向努力。一是要引入境外投资者，以原油期货上市为起点，积极推动铁矿石期货等成熟品种引入境外交易者工作；二是扩大境内外交割区域，期货交易所将继续探索在境外设立交割仓库和办事处，“保税交割”的相关制度也将持续完善；三是大宗商品服务“一带一路”倡议，逐步引入“一带一路”相关的境外投资者参与国内商品期货交易，提高在“一带一路”区域内的定价影响力，建设大宗商品的区域定价中心；四是期货经营机构将加速推动国际化发展，通过引入境外股东为我国期货公司带来新的理念和经营方式，提升竞争力，为走向全球市场做好准备。

4.2 上海期货交易所前景展望

2018年，上期所将继续深入学习贯彻党的十九大精神，按照全国金融工作会议的要求和证监会的部署，以服务实体经济、防控金融风险与深化金融改革为己任，坚持市场化、法治化、国际化的发展方向，在上期所第三个五年规划的开局之年，积极推进产品多元化、市场国际化、信息集成化、技术强所、人才兴所等五大战略，重点做好增加产品供给、提升市场运行质量和扩大内外开放等各项工作。

4.2.1强化一线监管职能，坚决打好防范化解重大风险攻坚战

2018年上期所将持续完善监测指标体系，加强对市场交易行为的监管，坚持“零容忍”，保障期货市场的正常交易秩序，筑牢期货市场监管风险防范第一道防线。一是不断完善监测指标体系，提高市场风险监测的及时性和有效性，加强对重点领域、重点品种的监测监控；二是推进“以监管会员为中心”的交易行为监管模式，强化异常交易和违法违规线索的发现和处置能力；三是严厉打击各类违法违规行为，坚持日常监管与重大案件相结合的稽查办案模式，强化和提升异常交易和违法违规线索的发现和处置能力；四是深化落实监管协作机制，夯实监管基础。通过监管合作培训交流、与证监会派出机构联合现场检查等多种形式，开展与证监会派出机构、监控中心、期货业协会等单位的深度合作。

4.2.2增加产品供给，提升服务国家战略和实体经济的能力

2018年，上期所将稳步实施“品种创新战略”，助力国家战略，服务实体经济。一是稳妥推进一批条件已经成熟的品种上市准备工作。抓紧完成原油期货挂牌并确保上市后运行平稳；做好纸浆期货、铜期货期权的上市准备工作；二是扎实做好不锈钢、氧化铝、天然气等储备品种的立项准备工作；三是研发废钢、冷轧卷板等一批具备上市条件的品种；四是创新产品服务模式，满足实体企业多元化和个性化的风险管理需求，在现有规则体系内建设标准仓单交易平台；五是积极支持国家脱贫攻坚战略，继续扩大天然橡胶“保险+期货”精准扶贫工作的深度和广度。

4.2.3完善业务运行机制，提升市场发展质量

2018年，上期所将继续优化市场机制，提升服务产业效能，提高市场运行效率；加大多形式市场培育和舆论引导力度，促使期货理念普及，引导产业客户积极入市。一是持续推进改善近月合约的流动性和活跃合约的连续性，深化在镍品种上的试点，并适时推广到其他品种。二是持续加强客户套保交易行为的研究，细化和量化不同类型套保审批的原则和标准，进一步增强套保审批的公平性和透明度；三是继续做精做深做实有色金属产业培训基地系列培训项目；四是整合市场各方资源，着力通过“期货大讲堂”等重点品牌活动建设，深化丰富监管协作内涵，形成实体企业、期货公司、行业协会、派出机构、交易所相互需求、相互供给、良性循环的市场培育模式。

4.2.4践行“一带一路”倡议，推进上期所国际化战略

上期所2017年积极响应国家“一带一路”倡议，从设立“一带一路”沿线境外交割库、积极推进“一带一路”沿线相关品种上市进程、与“一带一路”沿线交易所开展务实合作、设立境外办事处、举办相关论坛和深入研究等方面进行全方位对接。2018年，上期所将继续服务国家开放战略，践行“一带一路”倡议，形成适合自身特点的国际化新格局。一是以原油期货为突破口，吸引境外投资者参与现有期货品种的交易；二是加快已上市品种的国际化；三是探索境外新设驻派机构和交割仓库的可行性；四是加快能源中心境外注册工作；五是深化与“一带一路”沿线交易所的战略合作。

4.1 Overall Prospects of Futures Market

In 2018, under the general keynote of stability and progress, the Chinese futures market will insist on the fundamental direction of contribution to real economy, continuously expand and improve futures and options contracts framework, accelerate the construction of OTC market, seize the golden opportunity of the “Belt and Road” Initiative, quicken the pace for formation of a new pattern of comprehensive opening-up, increase the global representativeness of the Chinese futures prices, and make unremitting efforts to build an efficient futures market.

4.1.1 Preventing and controlling financial risks, and continuously implementing comprehensive and strict supervision

The Nineteenth National Congress of the CPC calls on to resolutely address three major challenges (such as prevention and elimination of major risks), improve the financial supervision system and safeguard the bottom line of no systemic financial risk. It can be seen that risk prevention and elimination are the eternal theme of the financial industry. In January 2018, the 2018 Work Conference of China Securities Regulatory Commission stressed that: “It is necessary to firmly address the challenge from prevention and elimination of major risks in capital market, strengthen risk monitoring and response capacity building for stock market, bond market and futures market, and firmly safeguard the bottom line of no systemic financial risk”. In 2018, under the guidance of the keynote of Nineteenth National Congress of the CPC, all regulatory authorities will continue to strengthen the comprehensive and strict supervision according to the law, give full play to “Five-In-One” regulatory collaboration, adhere to zero-tolerance, full-coverage and bottom-line thinking, go all out to avoid “black swans” incidents and “grey rhinos” risks, resolutely crack down on all kinds of illegal and irregular behaviors and arbitrary financial behaviors, effectively protect the legitimate rights and interests of investors, refine the ecosystem of the futures market, and promote the steady and sound development of the futures industry.

4.1.2 Orienting to market demand and pushing forward the listing of new contracts with greater efforts

By the end of March 2018, China had a total of 57 listed futures and options contracts, including two commodity options (i.e., Soybean Meal and Sugar), which basically covered major sectors of national economy, such as agricultural products, metals, energy, chemical engineering and finance. However, there are still gaps in the development of some strategic resource products and commodity indices. In 2018, the Chinese futures market will orient to market demand, continue to add new contracts of futures and options, build an increasingly perfect contract system, and contribute to the real economy. Specifically, the Chinese futures market will steadily advance the listing of Crude Oil Futures; actively develop and list more futures contracts (including Pulp, Red Date, TSR 20, 2-Year Treasury Bond, Live Pig, Urea, Stainless Steel, etc.); promote the listing of Copper Options under the premise of stable operation of Soybean Meal Options and Sugar Options, continue to outreach the contracts of commodity options, continue to foster domestic commodity indices with market recognition and authoritativeness, and strengthen the research and development of commodity index futures.

4.1.3 Accelerating the layout of OTC business landscape, and upgrading breadth and depth of contribution to real economy

OTC business ushered in explosive growth in 2017, which is likely to continue the rapid development trend in 2018. In September 2017, Fang Xinghai (Vice Chairman of China Securities Regulatory Commission) commented at the Sixth Member’s Assembly of SHFE: “It is necessary to explore new ways for the exchanges to combine futures and spots businesses, extend the floor trading, and conduct spot business, warehouse receipt business and OTC derivatives business related to floor trading”. In January 2018, in order to expand and improve the functions of OTC trading system, China Securities Regulatory Commission issued series of financial industry standards for OTC Market System Interface of Financial and Futures Industries. At present, exchanges, futures companies and many other institutions accelerate the layout of OTC markets. SHFE plans to optimize the previous standard warehouse receipt trading platform in 2018, with a view to providing the services for futures-related spot and OTC derivatives. DCE launched iron ore warehouse receipt service system in March 2017. ZCE organized the first OTC business training course for comprehensive business platform and draft of OTC business rules in November 2017. OTC derivatives business, launched by futures risk management companies, has also become a new blue ocean for the futures industry. The booming OTC market will help China develop a multi-layered futures market, and further upgrade the breadth and depth of the futures market to contribute to the real economy.

4.1.4 Introducing overseas investors, and expediting two-way opening-up of futures market

Report of the Nineteenth National Congress of the CPC distinctly states that: “It is necessary to promote the formation of a new pattern of all-round opening-up”. In 2018, the Chinese futures market will uphold the principle of “independent opening-up, cooperation and all-win”, accelerate the two-way opening-up of the futures market, increase the global representativeness of futures prices, and strive to obtain the pricing power of major international commodities as early as possible. Firstly, it is necessary to introduce foreign investors, make a good start with the listing of Crude Oil Futures, and actively promote the introduction of mature futures contracts (such as Iron Ore Futures) to attract overseas traders. Secondly, it is necessary to expand the territory of delivery at home and abroad. The futures exchanges will continue to explore the establishment of overseas delivery warehouses and offices. Relevant system of “bonded delivery” will continue to be improved. Thirdly, it is necessary to launch bulk commodity services in echo with the “Belt and Road” Initiative, gradually introduce overseas investors involved with “Belt and Road” to participate in domestic commodity futures trading, enhance pricing influence in the areas along the “Belt and Road”, and build regional pricing centers for bulk commodities. Fourthly, futures operators will accelerate the development towards the goal of internationalization, bring about new ideas and operating modes for the Chinese futures companies by introducing overseas shareholders, enhance competitiveness, and get ready to set sail in global market.

4.2 Prospects of Shanghai Futures Exchange

In 2018, SHFE will continue to deeply understand and implement the keynote of Nineteenth National Congress of the CPC, comply with the requirements of the National Financial Work Conference and the arrangement of the China Securities Regulatory Commission, dedicate to contributing to real economy, preventing and controlling financial risk and deepening financial reform, and adhere to the development direction of marketization, legalization and internationalization. In 2018 (the first year of the Third SHFE “Five-year Planning” Period), SHFE will vigorously implement product diversification, market internationalization, information integration, strengthening of SHFE through technology and revitalization of SHFE through talent, and spare no effort to fulfill various tasks, such as increasing product supply, improving the quality of market operations, and expanding internal and external openness.

4.2.1 Strengthening frontline supervision function, and firmly addressing the challenge from prevention and elimination of major risks

In 2018, SHFE will continue to improve the monitoring indicator system, strengthen the supervision of market transaction behaviors, adhere to the “zero tolerance”, safeguard the normal trading order of the futures market, and build the first line of defense for the risk prevention of the futures market supervision. Firstly, SHFE will continuously improve the monitoring indicator system, improve the timeliness and effectiveness of market risk monitoring, and strengthen the monitoring and surveillance of key areas and key products. Secondly, SHFE will promote transaction behavior supervision mode with focus on “supervision for members”, and strengthen the ability to detect and handle the clues to abnormal transactions, illegal behaviors and violations. Thirdly, SHFE will crack down on all types of illegal behaviors and violations, insist on investigation and case handling mode of routine inspection and major case handling, and strengthen the ability to detect and handle the clues to abnormal transactions, illegal behaviors and violations. Fourthly, SHFE will implement supervisory and coordination mechanism in depth, and consolidate the regulatory foundation. Through the supervision cooperation, training, communication and joint field inspection together with local offices of China Securities Regulatory Commission, SHFE will achieve in-depth cooperation with local offices of China Securities Regulatory Commission, China Futures Market Monitoring Center, China Futures Association and other organizations.

4.2.2 Increasing product supply, and enhancing the ability to contribute to national strategy and real economy

In 2018, SHFE will implement “Variety Innovation Strategy” step by step, with a view to echoing with national strategy and contributing to real economy. Firstly, SHFE will steadily make listing preparations for a batch of mature products, lose no time to complete Crude Oil Futures listing and ensure smooth operation after such listing, and get ready for the listing of Pulp Future and Copper Options. Secondly, SHFE will make down-to-earth preparations for initiation of stainless steel, aluminum oxide, natural gas and other reserve products. Thirdly, SHFE will work hard for research and development of scrap steel, cold rolled coil and other products meeting the listing preconditions. Fourthly, SHFE will innovate product-service modes, cater to the diversified and individualized risk management needs of entity enterprises, and establish standard warehouse receipt trading platform according to the existing rules system. Fifthly, SHFE will actively echo with national strategy for poverty alleviation. SHFE will continue to expand the depth and breadth of precision poverty alleviation work through Rubber “Insurance + Futures”.

4.2.3 Improving business operation mechanism, and upgrading quality of market development

In 2018, SHFE will continue to optimize the market mechanism, enhance the efficiency of the service industry, raise the efficiency of market operations, intensify multi-form market cultivation and public opinion guidance, popularize futures concepts to a wider range, and attract industrial customers to actively tap into the market. Firstly, SHFE will continuously improve the liquidity of front month contracts and the continuity of active contracts, advance the pilot for nickel futures, and spread to other products in due course. Secondly, SHFE will constantly strengthen the research of customer hedge transactions, refine and quantify the principles and standards for different types of hedging approvals, and further improve the fairness and transparency of the hedging approvals. Thirdly, SHFE will continue to exert in-depth, down-to-earth and sophisticated efforts for a series of training programs of non-ferrous metals industry training base. Fourthly, SHFE will integrate the resources of all parties in the market, focus on construction of key brand activities such as “Futures Lecture”, enrich the connotations of supervision and collaboration, and form the market cultivation mode for mutual demand, mutual supply and virtuous cycle among entity enterprises, futures companies, industry associations, local offices and SHFE.

4.2.4 Putting the “Belt and Road” Initiative into practice, and implementing internationalization strategy of SHFE

In 2017, SHFE actively responded to the “Belt and Road” Initiative, and took comprehensive action at all aspects through establishment of overseas delivery warehouses along the “Belt and Road”, vigorous propulsion for the listing process of related products along the “Belt and Road”, pragmatic cooperation with many other exchanges along the “Belt and Road”, setup of overseas offices, holding of related forums and in-depth researches. In 2018, SHFE will continue to contribute to China’s opening-up strategy, put the “Belt and Road” Initiative into practice, and establish a new internationalization pattern suited to its own characteristics. Firstly, SHFE will make breakthrough in Crude Oil Futures so as to attract overseas investors to participate in the trading of existing futures contracts. Secondly, SHFE will accelerate the internationalization of listed products. Thirdly, SHFE will gain insights into the feasibility of setting up new overseas branches and delivery warehouses. Fourthly, SHFE will expedite the overseas registration of energy center. Fifthly, SHFE will gain ground in strategic cooperation with many other exchanges along the “Belt and Road”.

本系列完→

总 编：滕家伟

副总编：梅云波

主 编：黄 伟

编 辑：邢欣羿 程南雁 郭建锋 刘东旭

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