关于“质日”简的名称与性质

巨灾期货是一种以巨灾损失相关指数为标的物的期货合约。从1992年ISO指数巨灾期货的兴起，再到1995年被PCS巨灾指数期权的所取代，以及后来2007年CME飓风期货的最新推出可以看出一种巨灾期货的市场发展是一个不断尝试，逐步完善的过程。其市场演进呈现出四个趋势：标的指数的被人为操纵可能性降低、更新速度加快、道德风险与信息不对称问题减少、基差风险降低。

On Catastrophe Insurance Futures and the Market Evolution

Catastrophe insurance futures are future contracts based the index linked with catastrophe loss. From 1992 when Chicago Mercantile Exchange (CBOT) launched the ISO catastrophe futures to 1995 when it was replaced by the PCS catastrophe options, then to 2007 when Chicago Futures Exchange (CME) launched the Carvill hurricane index futures, this paper finds that the market evolution is a process of continuous trials and gradual improvements. The overall development treads are the four followings: the possibility of manipulation for the loss index reduced; updating speed increased; moral hazard and information asymmetry decreased; and basis risk lowered.