Coal Futures Contract Design And Selection Of Species In Our Country

With the gradual process of global economic integration , domestic enterprises are increasingly dependent on futures markets. The price domestic enterprises take advantage of is on the current spot price. The spot price is sluggish, so according to the spot price to draw up production plans, business plans is bound to bring considerable risks. From the overall economic point of view, risk aversion and price discovery functions in the futures market help stabilize price fluctuations. In the last ten years, our country's futures market has experienced two reforms. During the period, futures market grows steadily and variety innovation is steadily progressing. Our Futures Exchanges have listed Cotton, Fuel Oil, Corn, Sugar, Soybean Oil, PTA and other important varieties. But most of the listed futures contracts are agricultural products and energy, Fuel Oil is the only Energy Futures. In the background of significant fluctuations in energy prices and domestic enterprises lacking of corresponding hedging tools, it's very important to develop Coal Futures Contract, and this is the purpose of this paper.The investigation object of this paper is the Coal Futures Contract. At the basis of price statistics of NYMEX Coal Futures Contract, this paper does the demonstration investigation to Calculate limit up, limit down and margin rates of the contract through EWMA-GARCH model by Eviews. According to the design of other futures contract, this paper determines the kinds of Coal Futures Contract and designs other Coal Futures Contract elements. The first chapter describes the Background of topics,the meaning of Topics,Futures-related reviews on the model and the the innovations and shortcomings of the paper. The second chapter describes the general principles to determine specific Coal Futures varieties.Through analysis and resource consumption analysis for steam coal viable futures varieties, we described the steam coal as the subject of the Coal Futures'advantages and disadvantages.The third chapter details on the general principles of design of futures design.Through empirical and theoretical analysis,we expounded the specific details of Coal Futures. We analysis the shortcomings of the Hong Kong Futures Exchange EWMA model ,make GARCH model the complement EWMA model.With coal futures price volatility data on New York Futures Exchange,we use the EWMA-GARCH model to determine the coal futures contract margin percentage rate and Price Limit. And we determine the other elements of the Coal Futures contracts.The purpose of the paper is to determine the possibility of the Coal Futures contract in our country's futures market and calculate the other elements of the contract, so that it can offer consults and experience for launching Coal Futures Contract in our country.