• History of Treasury Bond Futures in China

    Date: September 2, 2013
    Source: China Securities Journal

    December 1992 The Shanghai Stock Exchange (SSE) pioneered to launch treasury bond futures transaction, with its initial launch of 12 products of treasury bond futures only available to institutional investors.
    October 1993 The SSE made an amendment to the contracts of treasury bond futures and introduced individual investors to trade the contracts.
    1994-1995 Treasury bond futures went through rapid development before the Spring Festival, which drove the increase of the number of treasury bond futures exchanges to 14 including two stock exchanges, two securities trading centers and 10 commodity exchanges where treasury bond futures trading had become increasingly active.
    February 23, 1995 The “3.27” Incident broke out, which forced Wanguo Securities to merger with its rival Shenyin Securities.
    May 10, 1995 The “3.19” Incident broke out, another serious violation concerning treasury bond futures.
    May 17, 1995 The China Securities Regulatory Commission (CSRC) issued the “Urgent Notice of Suspending Pilot Program of Treasury Bond Futures Transaction in China”, declaring the failure of China’s first financial futures product.
    December 2011 The China Financial Futures Exchange (CFFEX) said it was actively preparing for launch of the treasury bond futures.
    January 2012 The China Securities and Futures Regulatory Working Conference proposed to steadily launch futures on treasury bond and silver.
    February 2012 The CFFEX launched online testing of mock trading of treasury bond futures, with 8 financial institutions participating in the testing.
    March 2012 Simulated delivery of TF1203 contract was completed for the first time.
    April 2012 Treasury bond futures mock trading was introduced to the whole market.
    June 2012 The CFFEX conducted treasury bond futures settlement test.
    January 2013 The China Securities and Futures Regulatory Working Conference proposed that treasury bond futures contracts should be prepared for listing by 2013.
    July 5, 2013 The China Securities Regulatory Commission (CSRC) announced that the State Council had agreed to carry out treasury bond futures transaction. Preparatory work for listing of treasury bond futures was expected to take about two months.
    July 27, 2013 The CFFEX organized the first market-wide drill testing on treasury bond futures for all market members and market information providers.
    August 30, 2013 The CSRC approved the CFFEX’s launch of the 5-year treasury bond futures contracts to be traded on September 6, 2013.

      

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