| With the continuous development of China’s futures market and carbon emission market,and the inclination of national policies towards carbon peak and carbon neutral targets,the lack of corresponding carbon financial products has become an urgent problem to be solved.Currently,due to the increasing demand of investors,the types of futures products in China’s futures market can no longer meet their needs.Therefore,futures companies should accelerate the research and development process.The scale of the carbon emission market has been continuously expanding,and has become an important part of the trading market in China.At the same time,price fluctuations are relatively fierce,posing significant risks to both sellers and buyers of carbon emission quotas.Through carbon futures products,investors can achieve multiple purposes of hedging,arbitrage,and speculation,thereby effectively controlling the fluctuations in spot prices.This article conducts a preliminary analysis of the design ideas of carbon futures by consulting domestic and foreign literature;Secondly,it studies the theories involved in the design process of carbon futures,including futures pricing theory,external theory,and green finance theory.Then,the design goals of carbon futures products are discussed,which are divided into short-term goals and long-term goals.The design of carbon futures is a core content of this article,mainly including the basic provisions of carbon futures treaties,risk control provisions,delivery provisions,and so on.The pricing method of carbon futures products is another core content of this article.It mainly uses related software to analyze the time series of the closing price of the carbon emissions trading market,and uses ARIMA model theory to process the data.After testing the stability of the time series,the model is ranked,and the most appropriate model is obtained by comparing several models.Then,the degree of fitting of the model is tested,Finally,the most practical carbon futures product pricing ARIMA model is obtained.After the design of carbon futures products is completed,the development prospects of carbon futures products are analyzed,and appropriate plans for promoting carbon futures products are proposed. |
