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1990年～1992年(初创阶段):以1990年10月12日成立的中国郑州粮食批发市场为标志,中国期货市场的建设迈出了第一步。随后成立的深圳有色金属交易所、上海金属交易所等以及专业性期货经纪公司的出现,标志着中国期货市场的初创阶段已基本完成。1993年～1994年(无序发展阶段):表现在期货交易所和期货经纪机构发展失控,数量过多,分布失衡;交易品种过滥,重复交易严重;政出多门、行政色彩过浓;交易行为不规范,不仅给客户造成重大损失,纠纷不断,而且极大地损害了期货市场的形象。
From 1990 to 1992 (initial stage): Taking the food wholesale market in Zhengzhou, China, which was established on October 12, 1990 as a symbol, China’s futures market has taken the first step. The subsequent establishment of the Shenzhen Nonferrous Metals Exchange, the Shanghai Metals Exchange, and the emergence of specialized futures brokerage firms marked the initial completion of the initial stage of the Chinese futures market. 1993 to 1994 (disorderly development phase): performance in the futures exchange and futures brokerage institutions out of control, the number is too large, the distribution of unbalanced; over-variety transactions, repeated serious transactions; politics out of many administrative color too thick; The non-standard trading practices not only caused heavy losses to customers, but also caused continuous disputes, which greatly damaged the image of the futures market.