Introduction to CFFEX
China Financial Futures Exchange (CFFEX) serves as the nation's pioneering platform for financial derivatives trading. Established on September 8, 2006, in Shanghai's Futures Building, CFFEX represents China's fourth futures exchange and the first dedicated to financial derivatives.
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Core Functions and Market Offerings
Product Portfolio
- Equity Index Futures: Launched the CSI 300 Index futures contract on April 16, 2010
- Fixed Income Derivatives: Introduced 10-year Treasury Bond futures in 2015
- Planned Innovations: Actively developing options contracts and foreign exchange derivatives
Organizational Structure
CFFEX operates as a joint-stock company with:
- Board of Directors: Oversees strategic decisions
- Executive Committee: Handles daily operations
- Specialized Committees: Cover trading, settlement, risk control, and more
| Milestone Date | Key Event |
|---|---|
| 2006-09-08 | CFFEX officially established |
| 2010-04-16 | CSI 300 Index futures launched |
| 2015-04-16 | SSE 50 and CSI 500 index futures introduced |
Risk Management Framework
CFFEX implements robust controls including:
Price Limit Mechanisms:
- 6% intraday circuit breaker threshold
- 10% daily price fluctuation limit
Position Management:
- Individual investor position limit: 100 contracts per side
- Institutional position monitoring
Forced Liquidation:
- Triggered for non-compliant margin requirements
- Executed in stages to maintain market stability
Technological Infrastructure
CFFEX employs advanced electronic trading systems featuring:
- Fully automated order matching
- Real-time risk monitoring
- Multilayered settlement processes
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International Positioning
China's derivatives market faces global competition from:
- Singapore Exchange (SGX)
- Chicago Mercantile Exchange (CME)
- London Metal Exchange (LME)
CFFEX's establishment marks China's strategic move to secure pricing power in global financial markets.
Leadership and Governance
Key Executives
- Current Leadership: Professional management team appointed by China Securities Regulatory Commission
- Governance Model: Combines corporate structure with regulatory oversight
Future Development Priorities
Expanding product offerings in:
- Interest rate derivatives
- Foreign exchange contracts
- Equity index options
- Enhancing global market integration
- Strengthening risk management capabilities
FAQ Section
What products does CFFEX currently offer?
CFFEX trades CSI 300, SSE 50, and CSI 500 index futures, along with 5-year and 10-year Treasury bond futures.
How does CFFEX differ from other Chinese exchanges?
As China's first financial derivatives exchange, CFFEX specializes in sophisticated instruments beyond traditional commodity futures.
What risk controls protect investors?
The exchange implements circuit breakers, position limits, and mandatory reporting for large positions.
When did CFFEX launch its first product?
The CSI 300 Index futures debuted on April 16, 2010, marking China's first financial futures product.
How does CFFEX contribute to China's financial market development?
By providing risk management tools and facilitating price discovery in China's capital markets.
What are CFFEX's international ambitions?
The exchange aims to establish China as a global pricing center for Asia-Pacific financial derivatives.