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一、国俩期货交易概述 近年我国发行的国债凭证迅速增加,国债期货交易发展很快,交易量不断扩大,市场规模已相当于甚至超过了现货市场。 第一个开办国债期货交易的是美国芝加哥交易所,它于1977年8月成功地引入了100000美元面值的美国长期国库券期货合同。1982年9月,伦敦国际金融期货交易所成立后,推出了英镑金边债券期货合同。随后,其他国家纷纷效仿,开办了国债期货交易。上海证券交易所也于1992年12月28日试办了中国的国债期货交易,并且从1993年10月25日起正式向社会公众开放国债期货市场。 国债期货交易并不是某一种具体债券的交易,而是一种标准物的交易。各国国债的标准物均有所不同。这些标准物的利率与年限始终保持不变,规定这些实际上井不存在的标地物,其目的是为了保持国债交易的连续性和简易性。 在期货合约实际交割时,现货市场上实际交易的长期国债有各种不同的到期日和票面利率。因此,国债期货交易的标准物和这些现货国债之间存在一个换算问题,井且国债期货合同项下交割的合格债券也是有一定要求的,井非所有市场交易的现货都可作为交割对象。日本规定可作为期货交割的国债仅限于剩余时间在7年以上11年以下的长期国债,或剩余时间在15年以上20年以下的超长期国债。美国国库券期货合同项?
I. Overview of the Two Countries’ Futures Transactions In recent years, the issuance of treasury bonds in China has rapidly increased. The development of treasury bonds and futures has been developing rapidly and the trading volume has been constantly expanding. The market size has equal or even surpassed the spot market. The first to open Treasury futures was the Chicago Board of Trade in the United States, which successfully introduced a $ 100,000 U.S. Treasury bond futures contract in August 1977. In September 1982, after the establishment of the London International Financial Futures Exchange, the pound sterling bond futures contract was launched. Subsequently, other countries have to follow suit, opened the Treasury futures trading. The Shanghai Stock Exchange also piloted the treasury bond futures trading in China on December 28, 1992, and officially opened the treasury bond futures market to the general public from October 25, 1993. Treasury bond futures trading is not a specific bond transactions, but a standard transaction. The national debt standards are different. The interest rates and the age of these standards remain unchanged. These standards are provided for the purpose of maintaining the continuity and simplicity of government bond transactions. In the actual delivery of futures contracts, there are various maturities and coupon rates for long-term government securities actually traded in the spot market. Therefore, there is a conversion problem between the standard of treasury bond futures and these spot treasury bonds. There is also a certain demand for qualified bonds delivered under treasury bond futures contracts, and spot commodities not traded in all markets can be delivered as delivery targets. Japan’s government bonds that can be traded as futures are limited to long-term government bonds with remaining periods of more than 7 to 11 years or ultra-long-term treasury bonds with remaining periods of 15 to 20 years. US Treasury futures contract items?