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在沪深300指数期货上市之前,新加坡交易所已抢占内地市场指数资源,推出新华富时A50指数期货合约。在此背景下,以台湾期货交易所(本土)台股期货与新加坡交易所(异地)摩根台指期货为案例,通过回顾海外异地上市合约与本土合约之间的竞争关系,探索异地市场与本土市场竞争性共存的格局演变,及市场定价权争夺中的微观结构因素,以期为沪深300指数期货提供借鉴。
Before the Shanghai and Shenzhen 300 Index futures market, the Singapore Exchange Securities has seized the mainland market index resources, the introduction of the FTSE Xinhua A50 index futures contracts. Against this background, this paper takes Taiwan Futures Exchange (local) Taiwan Stock Futures and Singapore Exchange (off-site) Dow Jones Futures as a case to explore the relationship between off-site markets and local contracts by reviewing the competitive relationship between Offshore Listing Contracts and local contracts The evolution of the pattern of coexistence of market competition and the microstructure factors in the competition for market pricing power in the hope of providing reference for the futures of the CSI 300 Index.