In order to cooperate with commercial banks to carry out the overall work of the national debt futures pilot, on the basis of repeated argumentation and extensive consultation, CICC postponed the opening of national debt futures by 15 minutes. Previously, the opening time of treasury bond futures was 9:15. After adjustment, the opening time of treasury bond futures was 9:30, which was consistent with the opening time of the exchange bond market and stock index futures. CICC said that this move is of great significance for promoting the healthy development and stable operation of the national debt futures market.
The revised and released contracts and rules include the “2-year Treasury Bond Futures Contract” (revised version) and the “China Financial Futures Exchange 2-year Treasury Bond Futures Contract” Trading Rules (Revised Edition), “5-year Treasury Bond Futures Contract” (Revised Edition), “China Financial Futures Exchange 5-year Treasury Bond Futures Contract Trading Rules” (Revised Edition), “10-year Treasury Bond Futures Contract” ( (Revised), “China Financial Futures Exchange 10-year Treasury Bond Futures Contract Trading Rules” (Revised Edition), “China Financial Futures Exchange Treasury Bond Futures Contract Futures Trading Rules” (Revised Edition), “China Financial Futures Exchange Rules for Delivery of Treasury Bond Futures Contracts (Revised Edition).
Zhou Wenyuan, chief researcher of Guotai Junan Securities Trading Investment Committee, believes that the central bank issued an announcement on June 11 to advance the announcement of the results of the open market operations to 9:20. After the revision of the rules of the China Securities Exchange, the opening time of Treasury bond futures was postponed from 9:15 to 9:30, and was opened after the results of the central bank’s open market operation were announced to the entire market. Staggered from the open market operation period, it helps to avoid the mutual influence between the treasury bond futures transaction and the central bank’s open market operation, and promote the smooth operation of the market. Earlier, in order to stagger the release time of the Treasury bond winning interest rate and the Treasury bond futures trading time, the Ministry of Finance adjusted the announcement time of the deliverable Treasury bond tender issuance results to be released at 11:35 am after the market closed for the Treasury bond futures market.
Ma Wensheng, chairman of Xinhu Futures, said that China’s interest rate market reform has entered a critical stage, and the risk management function of treasury bond futures has become increasingly prominent. Commercial banks, as the main body of debt, have Carry out a pilot project for treasury bond futures. In this context, it is necessary and reasonable for CICC to adjust the opening time of government bond futures and to stagger the open market operation period and the government bond futures trading period. Commercial banks are the main participants in the central bank’s open market operations, and the Treasury futures market starts trading after the results of the open market operations are released, which has a positive significance for maintaining market fairness and stability.
CICC stated that it will take “four awes and one joint force” as the guide, strictly and conscientiously perform its duties, pay close attention to the market operation after the rules are revised, and earnestly Protect the legitimate rights and interests of investors, effectively prevent market risks, and ensure the stable and orderly operation of the financial futures market.