1, preliminary exploration stage (1988 to 1993)

The initial exploration stage of China futures market can be traced back to 1980s. 1In March, 988, the Government Work Report of the First Session of the Seventh National People's Congress pointed out: "Accelerate the reform of the commercial system, actively develop all kinds of wholesale market trade, and explore futures trading", and determined the research topic of developing the futures market in China. In the same year, the State Council Development Research Center, State Commission for Economic Restructuring, Ministry of Commerce and other departments organized forces to start the research on the futures market according to the instructions of the central leadership, and set up a research group on the futures market, systematically studied the history and present situation of foreign futures markets, organized personnel to conduct inspections, and accumulated a lot of theoretical knowledge on the futures market, which made preliminary theoretical preparations and sufficient feasibility studies for the establishment of the futures market in China.

1990 10, Zhengzhou grain wholesale market was formally established with the approval of the State Council, marking the birth of China commodity futures market. Zhengzhou grain wholesale market is based on spot trading and introduces futures trading mechanism. 1September 1992, Guangdong Wantong Futures Brokerage Company, the first futures brokerage company in China, was established. By 1993, due to the deviation of understanding and the drive of interests, futures exchanges have been established in various departments all over the country without unified management. By the second half of 1993, there were more than 50 futures exchanges and nearly 1,000 futures brokerage institutions in China.

The blind and disorderly development of China's futures market has laid a hidden danger for the subsequent development of the futures market: on the one hand, repeated construction has caused too many futures exchanges and repeated setting of listed varieties, resulting in scattered transactions and it is difficult to find prices in the futures market; On the other hand, excessive speculation, market manipulation, transaction fraud and other behaviors disrupt the market order, and vicious incidents occur frequently, which often leads to systemic risks. In view of this situation, since 1993, the relevant government departments have comprehensively rectified the futures market.

2. Rectification stage (1993 to 1999)

In view of the blind development of the futures market, in June 1993 1 1, the State Council issued the Notice on Resolutely Stopping the Blind Development of the Futures Market, and put forward the principle of "starting with norms, strengthening legislation, testing everything and strictly controlling everything", thus starting the first round of rectification. In this rectification, only 15 of the more than 50 exchanges that existed before the clean-up were retained as pilots, and the membership system was reformed as required. 1In August, 1998, the State Council issued the Notice on Further Rectifying and Regulating the Futures Market, and started the second round of rectification. 1999, China's futures exchanges were streamlined again and merged into three exchanges, namely Zhengshang Exchange, Dashang Exchange and Fangshang Exchange, and the futures varieties were also reduced from 35 to 12. At the same time, futures institutions have also been cleaned up and rectified. 1At the end of 1995, 330 futures brokerage companies were re-examined and obtained futures brokerage business licenses, and the market chaos was obviously improved. 1999 improves the entry threshold of futures brokerage companies, and the minimum registered capital requirement shall not be less than 30 million yuan.

Since then, in order to regulate the futures market, the State Council and relevant government departments have promulgated a series of laws and regulations. 1June, 1999, the State Council promulgated the Interim Regulations on the Administration of Futures Trading, and the corresponding Measures for the Administration of Futures Exchanges, Futures Brokerage Companies, Senior Managers' Qualifications of Futures Brokerage Companies and Futures Practitioners' Qualifications were successively promulgated and implemented, and the supervision of the futures market was continuously strengthened. From June 5, 2000 to February, 2000, the Interim Association was formally established, which marked the birth of the self-regulatory organization of China futures industry and introduced a new self-regulatory mechanism into the supervision system of China futures industry. So far, standardized development has become the theme of China futures market.

3. Standardization development stage (2000-present)

Entering the 2 1 century, China futures market formally entered the stage of stable, rapid and standardized development. At this stage, the standardization of the futures market is gradually improved, the innovation ability is constantly enhanced, new futures varieties are introduced one after another, the futures trading volume reaches a new high after the recovery growth, and the experience of the futures market service industry and the national economy is gradually accumulated.

At the same time, China's futures market is gradually legalized and standardized, the legal and regulatory framework and risk prevention and resolution mechanism of futures market have been established, and the supervision system and legal and regulatory system have been continuously improved. The three-level supervision system, which consists of the administrative supervision and management of China Securities Regulatory Commission, the self-discipline management of futures associations and the self-discipline management of futures exchanges, has played a positive role in the formation and maintenance of a good futures market order. The promulgation of a series of laws and regulations has consolidated the institutional foundation of China's futures market and provided institutional guarantee for the healthy development of the futures market.

In May 2006, China Futures Margin Monitoring Center was established, and it was renamed as China Futures Market Monitoring Center in April 20 15. China Futures Market Monitoring Center, as the safe depository of futures margin, has played an important role in effectively reducing the risk of margin misappropriation, ensuring the safety of futures trading funds and safeguarding the interests of futures investors. In September 2006, CICC was established in Shanghai, and in April 20 10, the Shanghai and Shenzhen 300 index futures were launched. The establishment of CICC and the introduction of stock index futures are of great significance for enriching financial products, improving the capital market system, opening up more investment channels and deepening the reform of the financial system. At the same time, it also marks that China's futures market has entered a new era of common development of commodity futures and financial futures.

After more than 20 years of exploration and development, China's futures market has moved from disorder to maturity, and gradually entered a benign track of healthy and stable development and increasingly obvious economic functions. The market transaction volume is growing rapidly and the transaction scale is expanding day by day. According to the statistics of China market, the turnover of China futures market increased from 5521990,000 yuan in 1993 to 291986.59 million yuan in 20 14, an increase of 527.77 times. Futures trading volume increased from 8906900 lots in 1993 to 25058 lots in14, an increase of 280.33 times. At the same time, the international influence of China futures market has been significantly enhanced, and it has gradually grown into the world's largest commodity futures trading market and the largest agricultural futures trading market, and maintained a high international influence on rebar, silver, copper, gold, thermal coal, stock index futures and many agricultural products.