Chapter 59 millennium handshake

In the spring of 1996, Shanghai.China's largest commercial city. this day.The headquarters of the Shanghai Commodity Exchange, located on Jimo Road, Pudong New District, walked into a few Zhejiang farmers scatteredly. They looked around when they entered the door, asking people, "where is the general manager?" The Shanghai Commodity Exchange is one of the most important futures pilot institutions in my country. It was established in January 1995 and has nearly 400 member units. The average daily commodity contract transaction volume is about 20 billion yuan.In the pilot scope approved by the China Securities Regulatory Commission, plywood is the most traded variety, and plywood is also one of the five most important trading varieties in the international futures market. The position of the Shanghai Stock Exchange in the Chinese futures market is self-evident.

"There are countless people who come and go in and out of the Shanghai Stock Exchange every day, but they all wear the same suits and leather shoes, with extraordinary demeanor. That day, a few farmers came in suddenly, which made everyone's eyes bright." Dr. Hu Zheng, deputy general manager of the settlement center of the Shanghai Stock Exchange, joked Things of the day. Those who come are all tourists, and the unattractive ones may bring billions of yuan in wealth. The Shanghai Stock Exchange has no shortage of insights in this regard.However, when these Zhejiang farmers opened their mouths, Hu Zheng and his colleagues were taken aback.

"We're here to talk about cooperation." cooperate? Cooperate with Shanghai Commodity Exchange? Just a few Zhejiang farmers? "One of our colleagues almost laughed out loud at the time. Out of politeness, she had no choice but to hold back her teacup and drink tea." Dr. Hu Zheng said. 'But almost in a blink of an eye, Hu Zheng felt that there was nothing funny about it. .We are from Nanluo Town, Zhejiang Province.We have a building materials market there, which is mainly engaged in the plywood business. Last year, we sold more than 100 million sheets of plywood, with a turnover of 3.8 billion yuan. It is one of the top ten professional markets in Zhejiang Province and the largest plywood distribution center in the country.Our more than 1,000 business households have established distribution relationships with more than 90% of your member units. They reported a series of numbers in one breath, which was self-reported. Then, they took a sip of tea from their teacups and stared at Hu Zheng sincerely, "We feel that there is still a basis for cooperation with the Shanghai Stock Exchange. "

Be methodical and prepared. Dr. Hu grabbed a piece of paper and wrote down the numbers. Nanxun, Huzhou, a beautiful and simple water town 100 kilometers away from Shanghai.Hu Zheng is no stranger to this name. It is a famous town in the south of the Yangtze River with a history of 750 years.Shallow lakes, waves, clouds and shadows, small bridges and flowing waters in Jiangcun", known as one of the "Four Famous Towns in Jiangzuo". Xiaolianzhuang, Jiayetang and Yingyuan in the town are all famous gardens in the world. Since ancient times, Nanxun has been a land of abundance. After the 1980s, the township economy developed rapidly and became one of the top 100 townships in the country.

However, it has not been long for Nanxun to develop the building materials market. Around 1987, more than 300 furniture factories appeared in various villages and towns in Nanxun, and more than 10,000 people have been engaged in furniture sales for many years. The distribution of plywood, the most important material for furniture production, has become a hot business. A trading-based building materials market was spontaneously formed in Nanxun. In 1992, the local industrial and commercial department took advantage of the situation and built a large trading place covering an area of ​​20,000 square meters on the west side of the ancient town. The following year, Nanxun Building Materials Market officially opened.

In just three or four years, the market flourished rapidly. After several expansions, the operating area increased to 75,000 square meters, with thousands of business households.In the market, there are more than 100 varieties of imported and domestic plywood, and more than 200 cities and counties in more than 20 provinces and cities in China have customers to purchase and set up distribution points. Soon, this place has become the most popular in China. One of the important plywood distribution centers. In 1995, when the Shanghai Commodity Exchange was established, farmers in Nanxun sensitively took aim at it.A group of courageous business operators joined hands to enter the market, and tried the futures delivery business, which was almost unknown to them.Over time, more than 1,000 operators in the market have established regular support and sales relationships with most of the members of the Shanghai Stock Exchange. By the end of 1995, nearly 90% of the total plywood delivered by the Shanghai Stock Exchange every quarter was purchased by Nanxun Building Materials Market. acquired by farmers operating households.

After such a quiet infiltration, today, the representatives of these business operators sat on the sofa at the headquarters of the exchange. "Excuse me, how does your market cooperate with us?" This time it was the doctor's turn to be cautious. "If we can join hands, we will definitely be able to do great things." A farmer from Nanxun who didn't know anything about futures not long ago, who was about to get off the sofa, spoke quasi-Mandarin mixed with the dialect from the southern shore of Taihu Lake Began to talk freely.Sitting in front of them are the first generation of senior futures talents in China who graduated from prestigious universities and have been immersed in the European and American futures markets for several years.

"We hope that the Nanxun market can become your plastic table sales base. If it works, on the one hand, for our business operators, we can calculate the spot transaction volume in the next quarter based on the quarterly delivery volume in the futures market, which can greatly improve Enhance the trading capabilities of the Nanxun market. On the other hand, one of our two companies is spot and the other is futures, which can influence each other. Our latest sales situation can become a reference for futures price trends, and it is also important for the exchange to increase the amount of information and improve flexibility. Great benefit..."

The pen moves quickly on the paper. The language barrier between PhDs and farmers has long since disappeared. "This is a genius idea." Hu Zheng said afterwards, his speech always has the passion of a literati and the reason of a scholar. What kind of cooperation, but with Nanxun Building Materials Market, we made an exception. "Because we believe that such cooperation is not only beneficial to the development of the business of both parties, but also a major exploration in the development of China's futures market. In recent years, due to the extraordinary influx of excessive social funds, the internal operation of the futures market has become unbalanced, and there have been obvious However, if our connection with Nanxun can be successful, the futures market can have a spot market as a realistic and reasonable 'price landing point', which will undoubtedly greatly help to eliminate this drawback, which will be very helpful to the naive Chinese futures industry. For the sake of it, it may be a very successful attempt.”

Soon, more detailed and careful negotiations began. On October 18, 1996, the ancient town of Nanxun, Zhejiang. A special signing ceremony is underway. Because it is an unprecedented new exploration, the name of the agreement is very long and prudent: "Agreement on Close Coordination, Strengthening the Linkage of the Current and Futures Markets and Regulating the Operation of the Plywood Sales Base". The most important provisions in the agreement are that Nanxun Building Materials Market will become the Shanghai Commodity Exchange’s delivery plywood sales base; the Shanghai Stock Exchange will actively support Nanxun Market’s handling of plywood delivered by its member units; the two parties will establish a plywood information exchange system to achieve information sharing; Formulate an irregular meeting and contact system, discuss new situations and new features in the docking of the two major markets, and so on.

It was a quiet ceremony, not too many leaders and reporters participated, not too many flowers and applause.Both parties began their special collaboration with characteristic caution. Two pairs of big hands came out. One pair represents the most important futures trading institution in China, and the other represents ordinary farmers in Zhejiang. One pair represents the highest form of modern commodity trading that was born less than 50 years ago, and the other pair represents the professional spot trading market that has been passed down for thousands of years. Two pairs of big hands spanned endless time and space, tightly holding each other. In a flash of a thousand years, how can we hold each other.