The Innovation Study Of The Wheat Futures Delivery Manner Of Zhengzhou Commodity Exchange

As the links between wheat futures and actual markets, the sector of delivery is very important in the whole trading process. Which manner to choose is the most important content of wheat futures delivery management. How reasonable the manner device of delivery is directly affects the wheat futures markets' function and efficiency. The different character of futures trading varieties, the feature of actual markets circulation, the development of transportation and communication, the process of urbanization, and the like, are decisive factors to the choice of wheat futures delivery manner. Wheat futures markets are still on the initial stage of development. Some problems among the function process directly connect with the delivery manner, so the innovation of delivery manner is necessary for the wheat futures market, which is just the background of this dissertation.Because the delivery study is a big issue, this dissertation only discusses about the delivery manner of wheat futures. It consists of five parts. Part one points out the problems and shortcomings of the present delivery system, implying the necessity of the innovation of delivery manner; Part two introduces the management and operation of wheat futures delivery, nailing down the choice of innovation; Part three is the academic analysis, ensuring the principles of the delivery system projection; Part four is the feasibility of the innovation; Part five concludes with the expectation of the three innovative manners.Firstly, because Exchange for Physicals manner has many superior points, it will be more and more popular with the development of the wheat futures markets. Secondly, implement vehicle-boarding delivery. Its function is to knock down the cost of delivery through smaller delivery sectors. The implementation of vehicle-boarding delivery is available nowadays. The 'bottle neck' problem of our carrying trade has been resolved technically. Large quantities of grain are transported by vehicle increasing with years, implying a comprehensive actual base for vehicle boarding delivery. The advantage on policy makes the innovation of vehicle boarding delivery more attractive. Thirdly, carry out shipping delivery to mostly play down the cost. The foreground of shipping delivery is very flourishing. The river basin with shipping worthiness in our country is 619 million square kilometers, accounting for 64 percent of land area. The development ofour river shipping has huge latent capacity. Till the middle of 21irst century, the modern system of river shipping, with main routeways of water carriage as framework, artery and tributary intersecting, through traffic between water and land, establishments integrated, function consummate, service all wool and a yard wide, is set up. The author forecasts our countrywide and co-joint transportation network will be constituted in the future on the foundation that our freshwater system has natural feature extending in all direction and that the Changjiang River and Zhujiang River go through not only arteries and tributaries but also river and sea, joining the east with the Midwest. The shipping delivery will be introduced more widely.