1. International experience.

Compared with general commodity trading, carbon emission trading has greater policy and technical risks. Therefore, the demand for carbon financial instruments such as futures and options in the international market is increasingly apparent, and the carbon financial system continues to develop. Among many carbon financial instruments, carbon futures started the earliest and the market is the most active. The main international carbon futures products are the European Climate Exchange carbon financial contract (ecxcfi), Euafutures and cerfutures, all European climate exchanges, climate futures exchanges, NASDAQ commodity division, green exchange, India pan commodity exchange, etc.

Take the European Union carbon market (eu-ets) as an example, carbon futures products linked to carbon emission quotas (EUA) were launched as early as April 2005. Since then, the trading volume and trading volume of carbon futures have maintained a rapid growth momentum, and have become the mainstream trading products in the EU carbon market. As of the second stage of eu-ets futures construction, the trading volume of carbon futures accounts for more than 85% of all EUA transactions, The trading volume of the exchange reached 91.2% of the total trading volume. In 2015, the trading volume of eu-ets futures reached more than 30 times that of the spot. In 2018, the trading volume of eu-ets futures reached 7.76 billion tons, and the trading volume jumped sharply from about $5billion in the same period in 2017 to about $25billion in the first quarter of 2018. The market prospect is broad. Not only that, carbon futures once played an important role in the history of eu-ets: in 2007, the EU carbon market oversupplied, As a result, the spot price has decreased sharply and the trading volume has also shrunk. However, carbon futures have always maintained a stable state and led to the gradual stabilization of the spot price, which has supported the eu-ets market through the difficulties to a certain extent.

In the RGGI carbon trading system, futures trading even appeared earlier than spot trading. RGGI spot trading was launched on January 1st, 2009, while the Climate Futures Exchange (CCFE), a subordinate futures system of the Climate Exchange (CCX), began RGGI futures trading in August 2008, a year earlier than spot trading. Futures were launched before spot, which not only provided risk control tools for emission control enterprises and financial institutions involved in carbon trading, It reduces the impact at the beginning of the establishment of the carbon market. More importantly, the price discovery function of futures provides an important basis for the initial pricing of carbon spot and reduces the price risk.

Thoughts and suggestions.

1. Fully consolidate the spot market.

In terms of the development of the carbon trading industry and the law of the current futures market, a healthy, active and large-scale spot market is the cornerstone of the operation of the carbon futures market. Due to the high leverage of carbon financial products trading funds and active transactions, any minor defects in the spot market will be amplified, creating arbitrage space and impacting the smooth operation of the market. At present, China's carbon emission spot market has not yet started to operate, At this stage, the conditions for launching carbon futures are not mature. In order to establish and improve the carbon futures trading mechanism suitable for China's economic development, futures software companies should first fully understand the supporting role of spot trading in the construction of futures market, pay attention to the construction of spot trading price system, establish a market-based price discovery mechanism, avoid the ups and downs of spot prices, and make spot trading have high market circulation scale and efficiency, Provide profit space for futures participants, create a good market environment, gradually establish a price transmission mechanism between carbon futures and carbon spot, gradually synchronize the policy adjustments of the two markets, and coordinate the coordinated and orderly development of the two markets.

What is a standard warehouse receipt.

A: the standard warehouse receipt refers to the property certificate that the warehouse or factory warehouse submits the warehouse receipt registration application according to the procedures stipulated by the exchange and can be used to prove that the owner has the physical object or can be picked up after being registered by the exchange.

What is standard warehouse receipt cancellation.

A: the cancellation of standard warehouse receipts refers to the procedures that members handle the withdrawal of standard warehouse receipts from circulation on behalf of customers at the exchange in exchange for the delivery notice. Customers can handle the delivery matters at the designated delivery warehouse only after canceling the standard warehouse receipts and generating the delivery notice.