Research On The Influence Of Futures Listing On The Spot Price And Volatility

China's futures market developed well in 2019.The relatively stable futures market attracted a large influx of funds because of the high leverage ratio.Wave market.In the meantime,a large number of new varieties of futures,including pulp and red dates,have been listed.In addition,there are still many futures contracts to be listed in China's futures reserve.Therefore,we will study the impact of new listed futures varieties on spot prices at this stage.Significant,and can make a rough estimate of the performance of the listed varieties in the future.This paper will select pulp futures as the research object.China's pulp futures were officially listed on the Shanghai Futures Exchange on November 27,2018.The pulp futures on the first day of trading was active.By observing the size of the positions on the first day of the new varieties in recent years,it is possible to conclude that pulp futures will become the new star which also makes it meaningful to study the impact of pulp futures prices on their spot prices.In this paper,the empirical research module mainly use the ADF test,Johansen cointegration test,Granger causality test,variance decomposition,OLS model,ARIMA model and GARCH model combination.The article focuses on the price guidance of pulp futures market and its volatility.Through empirical research,it is found that the price discovery function of the pulp futures market has certain effectiveness,which plays a good guiding role in the change of pulp spot price,while the pulp spot market has limited impact on its futures market.It has aggravated the volatility of its spot price,which increases the risk of the market.At this time,the hedging function of pulp futures can be better played.The use of pulp futures to carry out the hedging operation of the current market can be appropriately reduced.And by comparing the performance of multiple varieties after listing,analyze the possible reasons for the increase of volatility,and give relevant suggestions for improving and developing the futures market,which has certain innovation.