Impact Of Bond Futures On Bond Spot Market

China’s bond futures was formally launched on September6,2013, which represented that our country officially became a member of the international bond futures market. That is really a milestone in development of our futures market and in the reform of our capital market. Bond futures will have a tremendous impact for our spot bond market, including price influence and volatility influence. This article will analyze whether bond futures in our country has function of price discovery and how it impacts bond spot market volatility and volatility leverage.On the basis of research and literature, we do empirical analysis between bond future and bond by EViews7.1. We analyze their price relation by VAR model and VECM, and volatility change in bond market by GARCH model and EGARCH model. According to our findings, recently bond futures in our country could not realize price discovery and bond reduced bond volatility and promote bond volatility leverage.Depending on the results of our empirical study, we then analyze the finding and make some policy recommendations, combined with the bond futures market situation.