To judge the validity of a futures market mainly depend on if the risk of the actuals market can transfer to the futures market. 衡量一个期货市场的有效性主要就是通过观察现货市场的风险能否有效地转移到期货市场来界定的。
The specific ways of improvement and innovation of the actuals market and derivatives market are also discussed on the basis of the present situation of the bond market. 并指出了如何在债券市场现有的基础上,对现货市场和衍生市场进行具体的改进和创新。