Research On Business Process Improvement For Futures' Delivery Of D Exchange

With rapid development of global financial market every day,futures industries in China begin entering the ranks of internationalization.March 2018,Crude oil futures launched in Shanghai International Energy Trading Center,which represented Chinese futures industries,aimed to internationalization.In May of the same year,D Exchange also announced that iron ore futures officially allowed overseas investors involve in.However,the business process improvement for iron ore's trade,surveillance,settlement and delivery becomes very important.Iron ore futures of D Exchange have been kept sweeping since it is listed in 2013.Up to end of 2018,the turnover of iron ore futures in D Exchange 22 times more than Singapore Futures Exchange,and it became the world largest trading market of iron ore.Starting with allowing overseas investors to involve in trading iron ore futures,D Exchange opened the door of its own internationalization process.As the pioneer of futures industries in China,D Exchange realized that their steps of internationalization just began and facing so many changes in global financial market and society,the difficult were every day and everywhere.Taking iron ore futures as an example in this paper,we choice the section of delivery as entry point.The paper divided into 5 parts.First part is introduction,which contains background,significance and summarize of literature review.Second part is the overview of relevant theory,which introduces concepts of futures delivery and business process improvement.Third part mainly analyze the state of D Exchange and explain the problems of delivery process after allowing overseas investors to involve in – 1.Lack of bonded delivery warehouses and ports;2.Lack of platform for publishing FTS information.3.Foreign investor buyers may be acquired taxed warehouse bills.Fourth part makes the analysis of these problems,and proposes the solutions of improvement.In addition,in fifth part,it is mainly described the implementation and safeguards of the solutions.