According to the 2015 Volume Survey recently released by the Futures Industry Association (FIA) for futures and options in 78 derivatives exchanges worldwide, in 2015，all three commodity futures exchanges in China’s mainland ranked amongst the top 10 in terms of number of contracts traded, with Dalian Commodity Exchange (DCE)’s position up from the 10th in 2014 to the 8th. DCE’s trading volume was 1.116 billion contracts in 2015.
Furthermore, a number of DCE futures products were amongst the most traded agricultural, metals, and energy contracts globally. In terms of agricultural products, 7 out of DCE’s 10 agricultural futures contracts are amongst the top 20 most traded globally. DCE’s soybean meal futures gained the top position, and its RBD Palm Olein, Soybean Oil, Corn, Corn Starch, No. 1 Soybean and Egg futures ranked 4th, 5th, 9th, 13th, 17th and 19th. DCE’s iron ore futures obtained the 2nd place in the top metals contracts table. DCE’s metallurgical coke and coking coal futures turned out to be the 16th and the 17th most traded energy contracts globally.
At the end of 2015, DCE’s open interest stood at 5.325 million contracts, registering an increase of 38.7% from 2014, and accounted for 45.2% of China’s mainland’s total. Moreover, corporate clients’ participation in DCE’s market have significantly increased, with DCE further strengthening market cultivation work through multiple channels.
As its market size expanded and market structure improved, the futures market’s functions of price discovery and risk management have been further enhanced. The correlation between the futures and spot prices is higher than 0.9 for several futures contracts, such as Corn, Corn Starch, Soybean Oil, RBD Palm Olein, Metallurgical Coke, and Iron Ore. The futures prices have increasingly be used as important references in the spot market. Many enterprises have been active in hedging through DCE’s futures and achieved satisfactory results. At present, 90% of those oils and oilseeds enterprises with daily crushing capacity at 1,000 tons and above, more than 85% of palm oil import enterprises, and over 500 enterprises on the iron and steel industry chain in China are participating in futures trading in DCE.
Global Derivatives Exchanges Trading Volume in 2015 (Unit: 100 million contracts, unilateral)
|
Exchange |
Trading Volume |
Change (year-on-year) |
|
1 Chicago Mercantile Exchange |
35.32 |
2.6% |
|
2 National Stock Exchange of India |
30.32 |
61.2% |
|
3 Eurex |
22.72 |
8.3% |
|
4 Intercontinental Exchange |
19.99 |
-9.8% |
|
5 Moscow Exchange |
16.59 |
17.4% |
|
6 BM&FBOVESPA |
13.59 |
-4.4% |
|
7 CBOE Holdings |
11.74 |
-11.4% |
|
8 Dalian Commodity Exchange |
11.16 |
45.0% |
|
9 Zhengzhou Commodity Exchange |
10.70 |
58.3% |
|
10 Shanghai Futures Exchange |
10.50 |
24.7% |
|
11 NASDAQ |
10.46 |
-8.9% |
|
12 Korea Exchange |
7.95 |
17.3% |
|
13 BSE |
6.15 |
-18.6% |
|
14 JSE Securities Exchange |
4.89 |
63.0% |
|
15 BATS Exchange |
3.98 |
97.0% |
|
16 Japan Exchange |
3.61 |
16.7% |
|
17 Hong Kong Exchanges&Clearing |
3.59 |
12.4% |
|
18 China Financial Futures Exchange |
3.22 |
47.8% |
|
19 Taiwan Futures Exchange |
2.64 |
30.7% |
|
20 Miami International Securities Exchange |
2.53 |
87.8% |
Data source: FIA
