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期货市场具有两大基本功能,规避风险及价格发现。期货市场的两大功能均与现货市场相联系。交割作为联系期货市场和现货市场的纽带,对于期货市场两大基本功能的发挥具有重要影响。期现货价格在临近及进入交割月后的逐渐回归是促进期货市场两大基本功能发挥的基础,而期现货价格能够实现回归的条件在于有效便捷的交割制度以及套保力量的大量介入。目前,我国期货市场所执行的交易交割制度有特定历史背景,在一定程度上限制了交割及套保力量的介入,亟待改进。
Futures market has two basic functions, to avoid risks and price discovery. Futures market, the two major functions are linked with the spot market. As a link between the futures market and the spot market, delivery has an important influence on the two basic functions of the futures market. The gradual return of futures prices near and into the delivery month is the basis for promoting the two basic functions of the futures market. The conditions for the return of spot prices to come back are the effective and convenient delivery system and the massive involvement of hedging power. At present, the transaction delivery system implemented by the futures market in our country has a specific historical background, which to a certain extent limits the intervention of delivery and hedging power, which needs urgent improvement.