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美国场内商品衍生品持仓结构（按持有人）

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所属报告：

非银金融行业资本市场高质量发展系列之二：大机构业务的成长之路-230418（76页）.pdf

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机构客户逐步成为美国衍生品市场主要资金来源。以场内衍生品为例，根据 CFTC 数据显示，美国商品衍生品主要服务于实体经济，其使用客群主要为管理、对冲生产经营活动风险的实体企业机构，其次为做市商及衍生品服务商。以多头、空头及组合持仓合约合计计算，自 2006 年来经济实体企业机构已经成为美国商品衍生品主要使用者，截至 2021 年底美国实体企业机构（包括从事生产、商贸、加工处理等活动的实体）持仓占比达 47%，其次为掉期做市场，持仓规模占比 28%，衍生品服务商（包括商品交易顾问、商品池运营商等）持仓占比则为 11%，非报告交易者（如个人）持仓占比则仅为 5%。归结来看，美国实体企业持仓占比的领先体现美国商品衍生品主要用于服务实体经济，而做市&服务商较高的持仓占比则一定程度体现美国衍生品行业已实现由通道经纪商向一站式解决方案提供商的转型。美国金融衍生品则主要服务于资产管理市场，其使用客群主要为对冲基金及养老金 &共同基金等资管机构，其次为衍生品做市商。以多头、空头及组合持仓合约合计计算，自 2006 年以来，对冲基金、养老金&共同基金为代表的资产管理机构、以及衍生品做市商已成为美国金融衍生品主要使用者，2006 年 6 月末三者持仓占比分别为 30%、18%及 32%，非报告交易者（如个人）金融衍生品持仓占比为 14%，截至 2021 年 12 月底三者持仓占比则分别为 32%、32%及 22%，而非报告交易者（如个人）持仓占比仅为 9%。可见美国场内金融衍生品主要服务于养老金&共同基金&对冲基金等资产管理者的风险敞口管理需求，而衍生品做市商较高的持仓占比同样体现美国衍生品行业由通道经纪向一站式解决方案提供商的转型。

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