Nearly all successful futures products share certain common 

attributes, including: underlying commodities traded must be 

homogeneous and/or have a well-dened grading system; there is 

a large enough cash market; the cash market must be active with 

frequent transactions; there is no absolute dominant power on 

either the buyer or seller’s side; there is high price volatility that 

gives rise to hedging needs; and user base is fully diversied to 

provide good liquidity to the futures market.

China has become the second largest oil consumer and biggest 

importer in the world and has a remarkable oil trading volume. 

Plus oil price remains quite volatile as usual. Hence domestic oilrelated enterprises have strong hedging needs. In China futures 

market, there is already a very diversied and large number of 

market participants. Therefore, China crude oil has been equipped 

with many natures for a successful futures contract.

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