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早期的期货市场起源于粮食交易。晚清时期,东北作为新开发地区,豆货产销和出口贸易构成了其经济发展的主要推动力。由于农产品生产、流通与货币交易具有极强的季节性,在现货交易达到一定规模之后,逐渐发展出以远期合约或期货交易为特征的期货市场。东北的豆品期货广泛存在于口岸市场、大集散地市场、产地集散市场和产地市场四级市场网络之中。期货交易主要有批买卖和期粮两种形态,其中尤以集散中心的期粮交易更为重要。期货市场的信用凭证有类似本票的飞子、类似交易合同的批帖与条子等形式。期货市场的基本机能主要体现在价格创造和金融信用分配方面。当时的豆品期货市场不仅发展到相当的水平,而且支撑着整个集散市场乃至外贸体系的有效运行。进入20世纪,随着外国势力的入侵和政府的干预,豆品期货市场乃至整个市场体系的运转和秩序都遭到了很大破坏。
The early futures market originated in food trading. In the late Qing period, as a newly developed area in Northeast China, the production and sales of bean products and export trade constituted the main driving force for its economic development. As agricultural products production, circulation and currency transactions are highly seasonal, after the spot transaction reaches a certain scale, a futures market featuring forward contracts or futures trading is gradually developed. Northeast soybean futures widely exist in the port market, a large distribution center market, origin market and place of production market four market network. Futures trading mainly wholesale and retail trading and two forms of grain, especially food distribution center trading more important. Futures market credit vouchers have a similar promissory note similar to the transaction contract and notes and other forms. The basic function of the futures market is mainly reflected in the price creation and financial credit distribution. At that time, the soybean futures market not only developed to a considerable level, but also supported the effective operation of the entire distribution market and even the foreign trade system. In the 20th century, with the invasion of foreign powers and government intervention, the operation and order of the soybean futures market and the entire market system have been greatly damaged.