2019 Derivatives Trading Industry Research Report

特邀专栏作者

2020-02-15 07:00 (UTC+8)

This article is about 693 words, reading the full article takes about 1 minutes

2019 is the first year of futures trading. The annual derivatives trading volume is 3 trillion US dollars, with a daily average of 8.5 billion US dollars. The ratio of annual derivatives trading volume to annual spot trading volume is 1/5, and it is expe

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Summary of main points:

1. 2019 is the first year of futures trading, and the monthly trading volume has achieved a leap from several billion to tens of billions of dollars.

2. The annual derivatives trading volume is 3 trillion US dollars

3. The average daily trading volume of derivatives is US$8.5 billion

4. The ratio of annual derivatives trading volume/annual spot trading volume is 1/5

5. The combined trading volume of the top three futures exchanges accounts for 85% of the total market

6. 2019Q4 Bakkt trading volume compared with BitMEX XBT/USDT contract is 0.04%

7. It is expected that the futures trading volume of the whole market will reach more than twice the spot trading volume in 2020.

8. From the perspective of the market, on the one hand, the rise of Bitcoin has added a lot of enthusiasm to investors, and on the other hand, market builders have continuously strengthened their landing capabilities. In the second half of 2019, the trading volume of derivatives in the entire market was nearly double that of the first half of the year.

9. The digital asset derivatives product system tends to be perfected, and perpetual futures contracts are the mainstream; however, the market transaction fee rate cannot meet the large-scale entry needs of institutions, and those who take the lead in reducing fees in the future may be favored by institutions.

10. Option contracts have emerged in 2019; according to the analysis of trading rules, such contracts can bring continuous and stable income to exchanges, and option contracts will have a larger market share in 2020. In addition, American options are more in line with the current investor portrait, but there is no such product in the market; American options may be the next piece of the digital asset trading puzzle.

11. In terms of compliance, the SEC's attitude towards the approval of the STONE RIDGE TRUST VI fund shows that policy makers are inclined to derivatives. However, there is currently only one exchange that meets the standards stated in the fund's declaration; exchange compliance is an important prerequisite for institutional investors to enter the market.

12. In addition, the SEC believes that exchange-traded funds (ETFs) expose assets to markets that are prone to "manipulation." The data shows that the current proportion of compliant trading volume of digital asset derivatives is between 1.2% and 5.4%; if this figure changes, ETF products may be launched in 2020. The market gap for such products is now filled by the five index contracts launched by FTX.