A期货公司CTA基金发展模式研究

发布时间：2018-06-16 12:13

本文选题：期货CTA基金 + 合作套保　；参考：《首都经济贸易大学》2017年硕士论文

【摘要】：中国的期货市场从上个世纪90年代初开始建立,大致经历了盲目发展阶段、清理整顿阶段和规范发展阶段。当前的期货市场与十多年前相比,无论是发展理念,运营模式、市场结构、投资者需求还是监管措施都发生了天翻地覆的变化;这就要求期货公司的运营发展模式也要紧跟时代节奏,并结合自身的特点探索出适应当前市场变化的发展之路A期货公司(特指国内某一中型期货公司)在市场中的发展定位不一定要“做大、做全”,可以在某些领域“做细、做精”。充分发挥自身行业背景的特点,把期货经纪业务、期货CTA基金业务与期货风险管理子公司真正地结合起来。经纪业务部门能够为期货风险管理子公司提供充足的产业客户资源,而风险管理子公司是合作套保、期现结合的优质平台,期货风险管理子公司除了做好自营业务之外,也应该在政策、增值产品方面为经纪业务提供真正的支持,期货CTA基金就是一个绝佳的突破口。本论文的思路就是将A期货公司打造成冶金产业领域的专业化期货公司,为广大冶金产业链客户提供“期货+现货+交割仓库”的专业化保值、增值服务。作者就是基于十数年服务于黑色产业链的经验和公司专业的交易团队,开发了专业、系统的服务方式。包括组织架构的搭建、企业经营模式的研究及敞口风险的评估、方案的设计和实施的风控及最终效果的评估等。以合作套保和期现结合的模式开展期货CTA基金业务,为企业稳定经营、快速发展创造有利条件,对于实现资源优化配置、可持续发展有重大的意义。
[Abstract]:The futures market of China has been established since the beginning of 1990s, which has gone through the stage of blind development, the stage of cleaning up and rectifying and the stage of standard development. Compared with more than ten years ago, the current futures market has changed dramatically in terms of development concept, operation mode, market structure, investor demand and supervision measures. This requires that the operating and development model of futures companies should also keep pace with the times. Combined with its own characteristics, it has explored the development road to adapt to the current market changes. The development orientation of A futures company in the market does not necessarily have to be "bigger and better", but it can be "refined" in certain fields. Make the essence. " Give full play to the characteristics of its own industry background, the futures brokerage business, futures CTA fund business and futures risk management subsidiary really combined. The brokerage business department can provide sufficient industrial customer resources for the futures risk management subsidiary, and the risk management subsidiary is a high-quality platform for cooperation and hedging. In addition to doing its own business well, the futures risk management subsidiary, It should also provide real support for brokerage in terms of policy, value-added products, and futures CTA funds are an excellent breakthrough. The idea of this paper is to build A futures company into a specialized futures company in metallurgical industry, and to provide the specialized value preservation and value-added service for the customers of metallurgical industry chain "futures spot delivery warehouse". Based on more than ten years of experience in the black industry chain and the company's professional trading team, the author has developed a professional, systematic service. It includes the construction of organizational structure, the study of enterprise business model and the assessment of exposure risk, the design and implementation of the scheme, and the evaluation of the final effect. It is of great significance to develop the future CTA fund business in the mode of cooperation hedging and current integration to create favorable conditions for the stable operation and rapid development of enterprises. It is of great significance to realize the optimal allocation of resources and sustainable development.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.39

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