2015•Unpublished venueRequires access
The Futures Market
Li Yang, Robert Lawrence Kuhn
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Abstract
There were more than 50 commodity futures market exchanges across China, a number almost equal to those that existed in the rest of the world combined. Those commodity futures market exchanges suffered lack of adequate laws and regulations and a unified regulatory framework. This chapter discusses the regulations that the Chinese government imposed on the futures market, which resulted in the survival of only three futures market exchanges, which are Shanghai Futures Exchange, the Zhengzhou Commodity Exchange, and the Dalian Commodity Exchange as the only survivors. It helped China in curbing all the unwanted practices across exchanges. These three futures exchanges continued to deepen their reform and strengthen their internal management, adjusting the trading rules and designs by contract (DBC) while exploring systems and technological innovations of new products to create better trading conditions.