On July 6, polypropylene, polyvinyl chloride and linear low-density polyethylene options were simultaneously listed on the Dalian Commodity Exchange (hereinafter referred to as "DCE").
This is the first time that DCE has listed options on plastic chemicals.
For the first time, China simultaneously listed three options products on a futures exchange.
Guests from relevant national departments, local governments, industry associations, industry, finance, and media, as well as online audiences witnessed it on the "cloud" side.
Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said in his speech that speeding up the listing of options products is a concrete measure taken by the China Securities Regulatory Commission to thoroughly implement the requirements of the Party Central Committee and the State Council on accelerating the development of the capital market and serve the "six stability" and "six guarantees" work.
The listing of these three chemical product options will certainly play a positive role in establishing and improving my country's petrochemical derivatives product system, enhancing the risk management capabilities of petrochemical enterprises, and supporting the healthy and stable development of the petrochemical industry.
He pointed out that the experience this year has once again proved that the futures derivatives market is an indispensable and important part of my country's socialist market economic system.
At present, my country's economic and social recovery is accelerating, and it is still facing greater pressure from the economic downturn.
The China Securities Regulatory Commission will resolutely implement the requirements of the Party Central Committee and the State Council, follow the policy of "building systems, non-intervention, and zero tolerance", adhere to the regulatory concept of "four awes and one force", accelerate the pace of reform and innovation, and continue to improve the quality of market operation.
Unswervingly promote opening up.
I hope that the derivatives industry will have the courage to take on more social responsibilities, work together with all parties, to better serve the real economy, serve the national strategy, and make more contributions to my country's decisive victory in building a moderately prosperous society in all respects and the smooth realization of the first centennial goal .
In his speech, Vice Mayor Jin Guowei of Dalian pointed out that for some time, DCE has accelerated the innovation of petrochemical derivatives.
It has already listed 6 petrochemical futures varieties and 4 options varieties, and introduced commodity swaps, basis trading, and standardization.
Warehouse receipt trading and other futures are combined with business to achieve full coverage of petroleum refining, chemical raw materials, and synthetic resins.
The high-quality development of the industry has formed a good interaction with the construction of Dalian's national petrochemical industry base.
He said that since the beginning of this year, affected by many unfavorable factors, the price volatility of chemical raw materials and downstream products has intensified, and the stable operation of enterprises is facing severe challenges.
The need to use the derivatives market to strengthen risk management has become more urgent.
Today, DCE simultaneously listed three chemical product options, which will not only help petrochemical companies to improve their risk management level, but will also further enhance Dalian's important position in the relevant bulk commodity market system.
Fu Xiangsheng, vice chairman of China Petroleum and Chemical Industry Federation, and Zhang Peichao, deputy secretary general of China Chlor-Alkali Industry Association, sent video speeches.
Fu Xiangsheng said that the current domestic and international development situation and environment are complicated.
The sudden spread of the new crown pneumonia epidemic and the large fluctuations in oil prices have brought huge impacts and many uncertainties to the development of the petrochemical industry.
The market gap caused by the new crown pneumonia epidemic is being repaired from May.
Judging from the operating data of the petrochemical industry, the main indicators are improving.
The futures market, as a "forecaster" of economic development, provides a reliable reference for the petrochemical industry and enterprises to better grasp market trends, and plays an increasingly important role in the high-quality development of my country's petrochemical industry.
It is hoped that relevant companies can deepen their understanding of the futures market, actively and prudently participate in futures, and make full, scientific and effective use of futures tools to guide production and operation and conduct risk management.
Zhang Peichao said that the listing of polyvinyl chloride options will form a synergy with polyvinyl chloride futures to build a more complete risk management tool system, provide more hedging tools and strategies for polyvinyl chloride industry chain enterprises, and meet the individualization of industrial enterprises.
, Accurate risk management requirements, so as to better serve the high-quality development of the industry.
In his speech at the listing event, Ran Hua, Secretary of the Party Committee and Chairman of the DCE, pointed out that the simultaneous listing of these three option products by DCE is at the right time and will definitely play a positive role in the steady operation of the plastics chemical industry.
At the same time, it also demonstrates the determination and courage of my country's capital market to adhere to market demand-oriented, strengthen market expectations management, and help the development of the real economy.
He said that DCE will keep in mind General Secretary Xi Jinping’s ardent entrustment, under the care and guidance of the China Securities Regulatory Commission, and with the help of China Petrochemical Federation, China Chlor-Alkali Industry Association and other industry associations, in Liaoning Province and Dalian City.
With the support of care, with the active participation of all parties in the market such as member units, industrial enterprises, financial institutions, etc.
, adhere to the real economy and the international market, pay more attention to the quality of market operation, pay more attention to product and tool innovation, and pay more attention to industrial enterprise services.
Pay attention to the cultivation of technological competitiveness.
In this way, DCE will accelerate the establishment of a diversified, multi-level and open international first-class derivatives exchange that connects futures and spot, domestic and overseas, and promotes the futures market to better serve the high-quality development of the Chinese economy.
It is understood that options, like futures, are important basic derivatives in mature international markets and play an irreplaceable role in helping industrial companies discover prices and mitigate risks.
In the critical period when the economic and social order is accelerating to restore normalcy, domestic and foreign markets fluctuate sharply.
The simultaneous listing of the three chemical options has been highly recognized by relevant industry associations and encourages industry companies to understand and master the application of derivatives, and industry and finance are facing each other.
The listing was carried out in the cloud listing method of "onsite + network", which attracted great attention from industrial enterprises and all parties in the market.
As of noon of the same day, a total of 522,000 people watched the listing event through the "cloud".
Luo Hongsheng, director of the Futures Supervision Department of the China Securities Regulatory Commission, read out the approval document.
Xi Zhiyong, deputy secretary of the party committee and general manager of DCE, presided over the listing ceremony on that day.
Dalian City Party Committee and Mayor Chen Shaowang and Ran Hua worked together for polypropylene and polyvinyl chloride.
And linear low-density polyethylene options sounded gongs to open the market.