www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

UBS SDIC fund to conduct arbitrage of commodity futures

Updated: 2012-02-15 13:15

By Gao Changxin (China Daily)

  Comments() Print Mail Large Medium  Small 分享按鈕 0

SHANGHAI - China has approved the country's first fund to conduct commodity futures arbitrage trading, which analysts said could bring maturity and stability to the country's volatile commodity futures market.

UBS SDIC, a fund management joint venture between UBS AG and the parent of the State Development & Investment Corp (SDIC), will be able to arbitrage commodity futures through a managed account product.

The product is likely to be sold to high net worth, or wealthy, individuals. SDIC is a State-owned investment company.

Unlike the nation's stock market, most participants in China's commodity futures market are speculators and industry hedgers, with few professional institutional investors such as investment funds.

Domination by speculators has led to intense volatility and prompted regulators to worry about threats to financial stability. Regulators pursued a nationwide clampdown on speculation in the futures market last year.

The approval of the new venture, said Nicholas Zhu, a commodity analyst with Australia and New Zealand Banking Group Ltd, was regulators' latest attempt to improve market stability by bringing in more institutional investors.

"It's a trend that the commodity market will be more and more institutionalized, just like what happened in the stock market," he said.

To keep out individual investors who are prone to speculation, commodity exchanges have been increasing the lot sizes for futures contracts, which raises a barrier to entry.

The Zhengzhou Commodity Exchange, for example, last month raised the size of a lot for two wheat contracts to 50 tons from 10 tons previously.

The regulators' latest move might also draw larger investment inflows into China's commodity markets, which offer trading in futures contracts including copper, gold and soybeans on three exchanges in Shanghai, Dalian and Zhengzhou.

Data from the China Futures Association show that the trading volume of all commodity futures tumbled 34 percent to 1 trillion lots last year as the government clamped down on speculation.

The nation's commodity futures market has "huge" room for arbitrage, said Zhu, created by changing government policies and ever-increasing types of contracts.

He Xiang, deputy director of UBS SDIC's business development department, said in an e-mailed news release that arbitrage opportunities were becoming more common in the commodity futures market, which has a low correlation with other capital markets.

This year, about a dozen new contracts are likely to be launched. The Shanghai Futures Exchange is expected to launch the nation's first silver futures contract.

The Dalian Commodity Exchange plans to launch iron ore futures, while the Zhengzhou Commodity Exchange will offer silk contracts.

"UBS SDIC's managed account product will be a hit. It has the potential to achieve much higher returns than financial futures arbitrage funds," said Zhu.

主站蜘蛛池模板: 久久精品中文字幕首页 | 综合久久一区二区三区 | 久久精品国产99国产精品免费看 | 欧美丝袜xxxxx在线播放 | 免费亚洲成人 | 久久极品视频 | 精品国产三级 | 久久99精品九九九久久婷婷 | 亚洲永久中文字幕在线 | 特黄女一级毛片 | 久久精品一区二区三区不卡牛牛 | 精品亚洲视频在线 | 日韩久久影院 | 亚洲欧美在线观看视频 | 女人张开腿给人桶免费视频 | 国产成人v视频在线观看 | 美女黄色一级片 | 国产在线爱做人成小视频 | 天天鲁天天爱天天鲁天天 | 久久一区二区三区99 | 黄色美女一级片 | 日韩在线视频网址 | www.日本在线视频 | 久久国产夜色精品噜噜亚洲a | 久久精品久久精品国产大片 | 高清在线亚洲精品国产二区 | 日本三级精品 | 欧美日韩一区二区三区在线观看 | 91精品国产高清久久久久 | 刺激一区仑乱 | 国产99视频在线观看 | 91久久精品视频 | 国产日韩在线看 | 亚洲日韩中文字幕在线播放 | 欧美精品a毛片免费观看 | 国产精品国产三级国产专 | 三级中文字幕永久在线视频 | 欧洲色老头 | 精品欧美小视频在线观看 | 日本丶国产丶欧美色综合 | 在线精品国产成人综合第一页 |