On February 17, Dalian Commodity Exchange (hereinafter referred to as "Dachang exchange") announced the addition of 52 OTC members. So far, the number of OTC members of Dachang exchange will increase to 244. The reporter learned that the addition of 52 high-quality enterprises as off-site members will further promote the construction of "one circle and two centers" in the off-site market of large commercial exchanges, and expand the depth and breadth of the futures market serving the real economy.
strong market demand
build a commodity ecosystem
It is reported that in order to build an institutional mechanism for finance to effectively support the real economy and improve the ability of on-site and off-site coordination and efficient service to the real economy, the big business office launched the construction of "one circle and two centers" at the end of 2020. For more than a year, Dachang has successfully established three sectors of ecosphere, namely Shenzhen Agricultural Products Group Co.Ltd(000061) , energy and chemical industry, and steel raw fuel. Through measures such as expanding the main body, upgrading the business, optimizing the system, and widely enabling, the number of participants has increased steadily, the market structure has been continuously optimized, the business types and models have become richer, the system has been continuously optimized, and the ecosphere effect has gradually emerged.
With the growth rate and quality improvement of the OTC market construction of large commercial exchanges, more and more enterprises actively require to become OTC members. In response to the strong demand of the market, Dachang Exchange issued the "announcement on continuous recruitment of OTC members" to the market in November 2021. It continued to receive applications from OTC members to the market, reviewed and released them regularly, and received positive response and registration from various industrial enterprises and futures risk management subsidiaries. According to the announcement, the big business Exchange announced 52 off-site members, including 26 in the Shenzhen Agricultural Products Group Co.Ltd(000061) sector, 22 in the energy and chemical sector and 4 in the steel raw fuel sector. With the previous 192 members, the number of off-site members of the big business exchange will increase to 244.
China supply and marketing grain and Oil Co., Ltd. is one of the newly announced off-site members. Han zongjin, senior manager of the company's trade department, said that large businesses have strong credibility. The off-site market has gathered a large number of high credit enterprises by strictly controlling the access of participants. The company is a large corn trader in China. It has been actively applying to become an off-site member of the big business institute, studying and using various new risk management tools. We hope to carry out over-the-counter trading on the over-the-counter platform of the big commercial exchange and broaden the channels of corn purchase and sales business.
credit enhancement effect
promote the construction of spot market credit system
Over the past year, more and more OTC trading platforms have played a good role in reducing the total transaction cost of over-the-counter trading, and more and more OTC trading platforms have played a leading role in reducing the total transaction cost of over-the-counter trading. Among them, there are many enterprises participating in the transaction, such as industry-leading state-owned enterprises and listed companies.
Xue Qiang, deputy general manager of Heilongjiang Xiangyu Agricultural Products Co., Ltd., believes that the quality indicators of bulk commodities, especially Shenzhen Agricultural Products Group Co.Ltd(000061) varieties such as soybeans, are relatively complex and prone to disputes, while the off-site market of Dachang Institute provides the company with high credit procurement and marketing channels. As a leader in the grain and food industry, We will make full use of the good credit mechanism and ecological environment of the OTC market of Dachang exchange, actively participate in the construction of the OTC market of Dachang exchange, and jointly create a good spot market atmosphere.
The relevant person in charge of the big business office said that at present, 244 OTC members cover most of the leading enterprises in the industrial chain in the three sectors. They are industrial enterprises and futures risk management subsidiaries with good market credit and certain trading scale and qualification. By absorbing high credit subjects to participate in the construction of our OTC market, we have solved the credit risk of counterparties to a certain extent, promoted the construction of credit system in the spot market, and played an important role in the construction of ecosystem.
play a leading role
innovation serves the development of small and medium-sized enterprises
While continuously increasing the number of OTC members, the big business exchange has also increased the level of transactions between members and customers on the basis of transactions between members, forming a two-tier structure of OTC "transactions between members" and "transactions between members and customers", extending the tentacle of serving the development of small and medium-sized enterprises. By giving full play to the core credit of OTC members, it has driven the upstream and downstream small and medium-sized customers to participate in OTC transactions. While serving the innovative development of small and medium-sized enterprises, it has provided assistance for small and medium-sized enterprises to manage the price risk of raw materials by using the futures market. At present, a number of off-site members have applied with customers to participate in off-site business and carried out transactions in succession.
It is reported that in the next step, Dachang will continue to deepen the construction of ecosystem, strengthen the innovation of off-site products, expand the system of off-site market participants, promote the interconnection between on-site and off-site, explore the construction of bulk commodity warehouse receipt registration center and on-site diplomatic receipt and warehouse system, provide more diversified and perfect services for real enterprises and make more contributions to the high-quality development of service economy.
