China's first-ever Containerized Freight Index (Europe Service) Futures have been operating steadily since the listing one month ago, according to the latest data from the Shanghai Futures Exchange.
The country listed its first-ever Containerized Freight Index (Europe Service) Futures on the Shanghai International Energy Exchange (INE), a subsidiary of the Shanghai Futures Exchange, on August 18.
As of the market closed on Friday, the Containerized Freight Index (Europe Service) Futures have been traded for a cumulative 21 trading days. The total trading volume reached 5.397 million contracts, with a cumulative turnover of 245.344 billion yuan (about 33.61 billion U.S. dollars), an increase of 189.28 percent from the first day of listing, the data showed.
This is the first shipping futures product in China, and also the first index type and cash-settled futures contract in a service sector in China. Reflecting freight rates for containers shipped from Shanghai to European ports, the innovative futures contract is expected to boost high-quality development of the international shipping industry and advance the opening-up of China's futures market.
The futures contract was dubbed a long-awaited product as global container shipping industry suffered from price fluctuations and for a very long time, industry practitioners lacked a tool for risk management.
The Shanghai Futures Exchange will continue to ensure the smooth operation of the Containerized Freight Index (Europe Service) Futures and contribute to the gradual realization of the functions of the market.
Source: CCTV
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