Research On The Countermeasures Of Hedging Risks In China's Crude Oil Futures Market

In 2006,the NDRC for refined oil market to make major reforms,especially further intensify reform in the implementation of the price mechanism,the price linkage with the international crude oil market,the market structure gradually with international standards.But because of the price reform is too mechanical,failed to fully consider the domestic and foreign market structure,consumer demand,seasonal changes and other factors,so the response to changes in the domestic oil market demand is not sensitive enough,it is difficult to reflect the regulation function of the market of crude oil price linkage.The futures have a centralized resource optimization,open operation with a unified operating procedures,and therefore more competitive with the market environment,is conducive to a direct reflection of the impact of market supply and demand changes in oil prices.Therefore,the introduction of crude oil futures operation mode can be more timely and agile understanding of domestic and international crude oil supply and demand changes,for the development of oil prices to provide more scientific basis for decision-making.From the formation and development of the futures market,it has become an important financial model to promote economic development.Futures investors to be able to evade the risk effectively,and has some guidance on price forecasting,so many economic entities have been involved in futures trading,and formulate a more perfect management measures,to explore a new path for the development of organization.With the continuous development of the futures market on the basis of its increasingly obvious advantages of pricing guidance,pricing discourse has been fully reflected.Crude oil futures hedging in the future will become one of the popular mode,many enterprises interests will be achieved through the futures market hedging,crude oil futures market futures successfully also bring different risks for the market.Based on this,the first chapter is the introduction,mainly elaborates the selected topic background,the goal and the significance,carries on the related literature research summary;The relevant theoretical basis of the second chapter,mainly including the futures hedgingtheory,market theory,risk management theory,the crude oil futures from three aspects of cross market hedging feasibility,including spot and future China crude oil futures hedging,the domestic spot and WTI and Brent crude oil futures and hedging,domestic WTI and Brent crude oil hedging;The third chapter put forward the development of Chinese crude oil futures market,making a review of the formation and development of domestic crude oil futures from the development,put forward the feasibility of constructing the new field of crude oil futures market,and the introduction of crude oil futures imperative,finally draw the Oman crude oil futures,the proposed empirical fitting Chinese crude oil futures market is divided;The fourth chapter analyses of Chinese crude oil futures market futures hedging risk,mainly from the management risk,hedging risk,futures price extreme risk,basis risk,liquidity risk,settlement risk,risk analysis,Chinese crude oil futures market futures hedging risk.Then,the related model is proposed and constructed;The fifth chapter Chinese crude oil futures market futures hedging risk prevention measures,including the macro and micro aspects,including the optimization of crude oil futures market environment,strengthen management,to encourage the government of the futures industry association self-discipline management,continue to expand the exchange risk supervision and control,the margin risk liquidity risk control,risk control,control delivery market risk and related security measures.