Can The Unified Futures Clearing Model In China Reduce Risks?

Futures clearing is an important part of the entire futures market.The current clearing mode in China is that each exchange has an internal clearing department for daily clearing in sub-exchanges.The rapid development of the domestic futures market has also gradually exposed the shortcomings of the existing clearing model.First of all,starting from the theory of futures clearing and the concept of clearing system,from the perspective of traders and futures companies,this paper analyzes the potential problems of the existing model from three aspects:low risk control ability,high capital occupation cost of traders,and low capital use efficiency of futures companies.Secondly,this paper introduces the unified account opening mode of China’s futures market monitoring center,expounds on the advantages of the unified clearing mode in capital side and risk control,and finally draws the conclusion that it is possible to implement the unified clearing mode in China.Thirdly,to further demonstrate whether the unified clearing model can effectively reduce the risk of investors’ position penetration,this paper takes the combination of soybean oil and steelrebar,coking coal,and thermal coal as an example,and uses the VaR-GARCH model to conduct an empirical study on the cross-exchange cross variety correlation and margin utilization rate of the domestic futures market,From an empirical point of view,this paper demonstrates that the unified clearing model of futures can better control the risk and reduce the risk of investors’ crossing positions.Finally,according to the above research results,this paper conceives the carrier of the implementation of the unified clearing model,puts forward the conclusion of constructing the futures central clearing center,and puts forward the idea of the organizational structure,market positioning,and business functions of the futures central clearing center.In view of the fact that the implementation of the unified futures clearing model in China may be a relatively long-term process,this paper also puts forward opinions and suggestions on the challenges faced by the implementation of the unified futures clearing model.This provides a new research perspective for the steady integration of China’s futures market with the international futures market and the breakthrough development of China’s futures market.