为什么要推出TAS？

TAS作为一种交易机制，其本质是为市场提供一种便捷高效的风险管理工具，可有效降低交易者风险管理成本，从而对促进市场功能发挥、改善市场投资者结构、提升价格影响力等起到积极作用。

对于实体企业，在进行现货贸易点价时，多采用期货合约结算价作为定价基准。在利用期货市场进行风险对冲时，一般要通过盘中多次下单来模拟当日结算价，因此在交易执行方面存在较高的难度，且套保效率较低。TAS可以在规定的交易时段内以结算价或结算价附近的价格进行交易，大大降低了企业围绕结算价交易的不确定性，帮助企业更便利、更精准地做好风险管理。

从国际市场情况看，除了实体企业，ETF和长期策略基金等机构投资者也运用TAS来进行换月移仓等操作，以降低套保和移仓成本，并减少对短期价格的冲击。

总体而言，TAS的推出有助于提升市场主体套保交易的执行效率，促进市场风险管理功能发挥；吸引更为多元化的市场主体参与，改善市场投资者结构；促进交易者更为便利和广泛地参考中国期货价格，提升价格影响力。

02｜Why does INE launch TAS orders?

TAS order aims to provide an efficient and effective risk management tool in the market which can lower traders’ risk management costs, so as to enhance the proportion of brick-and-mortar enterprise investors and the crude oil price influence.

For brick-and-mortar enterprises, the futures settlement price is often used as the benchmark price in spot trading. These enterprises used to place orders frequently to simulate the settlement price, which is difficult to execute as well as inefficient for hedging. TAS orders enable investors to trade at or near the settlement price during specified trading hours, which will greatly reduce the uncertainty they used to face when hedging. As a result, they can exercise better risk management easily with TAS.

In western financial markets, in addition to brick-and-mortar enterprises, institutional investors including ETFs and long-term capital management funds also use TAS for position transfers which require lower fees for hedging purposes. Moreover, it will also reduce the short-term adverse effect of position transfers to the market.

To sum up, TAS trading will enhance the hedging efficiency for entities as an efficient risk management tool, attract more diversified market participants and enhance the proportion of brick-and-mortar investors. As it is more convenient for global investors to refer to China’s futures prices, the price influence will surely be improved.