金融投资格局发生演变，机构纷纷试水期货。一个月前，信托公司开闸股指期货，10月23日保监会在其网站上发布了关于印发《保险资金参与股指期货交易规定》的通知，此前，基金公司的专户理财已经放开了期货投资。可以说，金融机构全面步入期货市场时代已经来临，过去的“大市场、小行业、小公司”不匹配的期货格局正在被打破。

Financial investment pattern evolution happened,Institutions are test the waters futures.A month ago,Trust company breaking stock index futures,On October 23, the China insurance regulatory commission on its website released about print and distribute[Insurance funds to participate in stock index futures trading rules]notice,after,Company of fund only door financing have let go of the futures investment.Can say,Financial institutions into comprehensive futures market time has come,The past"Big market/Small industries/Small company"Don't match futures pattern is being broken.

　　理财产品率先步入了混业经营时代，究竟是投资股票、债券、基金、信托还是银行理财产品，已经难以划分。

The financial products into the mixed operation time,What is the investment stock/bonds/fund/Trust or bank financing products,Division has been difficult to.

　　金融衍生品时代全面开启。近期期货业创新大会提出，凡无发令禁止，期货业创新业务均受到支持。期货资产管理业务（CTA）推出之后，国债期货、股指期权、商品期货期权以及股票期权，将权益类、债券类现货期货两个市场打通，期货业势必引来第二波的大发展。与此同时，期货做市商与自营业务松绑的呼声日益高涨。

Financial derivatives times fully open.Recent futures innovation this congress,And whatsoever hath not the ban,Futures innovation services are supported.Futures asset management business(CTA)After launch,T-bond futures/Stock index options/Commodity futures option and stock options,Will rights and interests kind/Bonds spot futures two market get through,Futures will inevitably lead the second wave of development.meanwhile,Futures marketmaker and self-operated businesses has been an increasingly louder call relax.

　　投资者现货单边做多时代即将终结，而A股现货仅仅依赖融资融券业务，无法满足投资机构规避风险以及进行多远化的投资巨大需求。过去那种泾渭分明的股票市场、债券市场、期货市场分裂格局也因为股指期货、国债期货以及期权被彻底打通了。期货市场成为国内机构投资者赢取稳定收益、规避投资风险不可或缺的重要组成部分。市场博弈加剧，单边投资终结。无疑，传统的单边救市的观点被监管层弱化了。

Investors spot unilateral do much time is coming to the end,And A share stock only rely on margin business,Can't satisfy investment institutions avoid risk and how far the investment huge demand change.In the past the entirely different stock market/Bond market/Futures market division pattern but also because of stock index futures/Treasury futures and option was completely through.Futures market to become a domestic institutional investors win stable income/Avoid investment risk indispensable important component.Market game aggravate,Unilateral investment end.undoubtedly,The traditional unilateral save city view is supervision layer weakening.

　　期货成为投资风险管理的主角。从2011年的市场数据来看，股指期货成交量占4.78，成交金额却占到了31.83%。类似海通期货公司的股指期货的收入已占70%，利润占到公司一半，它是整个期货市场格局演变的缩影。随着国债期货、股指期权的推出，尤其是在监管加强、管制放松背景下，多元化的投资时代必然助推金融混业的脚步，期货投资将受到越来越多的投资机构关注。

Futures become the leading role of investment risk management.From 2011 years of market data to see,Stock index futures trading volume accounts for 4.78,Clinch a deal amount is up to 31.83%.Similar haitong futures companies the income of stock index futures have accounted for 70%,Profits accounted for half the company,It is the epitome of the futures market pattern evolution.Along with the Treasury futures/The launch of stock index options,Especially in the strengthen supervision/Under the background of deregulated,Diversified investment age will boost financial mixed steps,Futures investment will be more and more attention of the investment institutions.