Secondly , the mainlands commodity futures market is open only to domestic participants because of capital controls , and there is therefore no interaction between domestic and foreign market participants 第二，因为内地实行外汇管制，所以内地商品期货市场只对内地参与者开放，内地和外地的市场参与者没有碰头互动的机会。
An efficient commodity futures market provides producers and consumers not only with correct price signals but also with tools for managing price risk , contributing to the efficient allocation of resources 一个高效的商品期货市场有利于为生产者与消费者传递正确的价格信号，并提供管理价格波动风险的工具，从而达至资源有效的配置。
Without adequate interaction , it is invariably the overseas markets that influence the local ones and therefore local market prices because the more mature commodity futures markets play a dominant role in the international price discovery of commodity products 而且在没有互动的情况之下，往往只有从外到内的单向传导，外地价格影响内地价格。也就是说，在国际大宗商品价格发现功能上，国际上较成熟的商品期货市场起主导的作用。
Second , based on current status and future growth of china ' s commodity futures market , this paper applies comparison research methods to search the difference of risk control in futures market between foreign countries and china , also to find out the weakness of china ' s futures market 其次，结合我国商品期货市场的现状和发展，运用对比研究方法，分析中外期货市场风险控制的异同，找出我国商品期货市场运行缺陷。最后，提出改进思路。
Arbitrage is a kind of hedging strategy in portfolio investing , as a mean approach to evade future trading risk , it ’ s been world wildly used by all kinds of invest funding and other financial institution . in the matured commodity future markets , the percentage of arbitrage trading in total trading volume is more than 40 % 套利是对冲式资产组合投资策略,作为期货市场规避风险功能的实现方式之一,在国际上被投资基金和机构广泛利用,在国外成熟的商品期货市场中,套利交易占总交易量的40 %以上。
I have already mentioned that , in order to improve the price - discovery function of the mainlands commodity futures market and make the mainlands economic activities more influential in international commodity pricing , and therefore help the commodity producers and consumers on the mainland to control and manage international commodity price risk effectively , our country should develop its own commodity futures market in our own " home court " in our own time zone 上次提到中国若能发展自己的商品期货市场，有了自己的地头，在自己的时区内进行商品期货交易，将有助于加强商品期货市场的价格发现功能并提升全国经济活动对国际商品定价的影响力，从而也有助内地的商品生产者与消费者有效控制与管理国际市场商品价格波动的风险。
The first part is introduction , describing the topic background . the second part summarizes the existing theories and introduces characteristics and risks of the futures market . the third part talks about the main cause for the risks of china ' s futures market and explains the four sources of risk under the new environment , fourth the fifth part suggests some new measures on abnormal price risk control 本论文共分五部分，第一部分是引言，介绍选题背景及意义；第二部分是理论概述，介绍期货市场风险的特点及本论文所研究的风险；第三部分是商品期货市场非正常价格风险产生的成因分析，剖析了新形势下的四种风险来源；第四部分是商品期货市场非正常价格风险控制的对策，提出了控制风险的若干对策。
