On the morning of November 9th, the Second International Conference on Futures and Derivatives Markets was held in the North hall of the Shiji Gymnasium of RUC. The conference was co-sponsored by RUC, Beihang University and the Shanghai Futures and Derivatives Institute. The conference was undertaken by RUC Financial Policy Research Center and RUC School of Finance. It was co-organized by the editorial office of Journal of the Futures Markets and Management World.  Taking futures and derivatives market as subject, the conference was aimed to convene economists and academics to discuss the theory and practical applications of the global derivatives market and deepen their understanding of China’s emerging futures derivatives market. Conference attendees include Professor Chen Yulu, president of RUC; Nobel laureate economic Professor Myron Scholes from Stanford Business School; Qi Bin, director of Research Center of China Securities Regulatory Commission; Dean Huorui Rong, deputy general manager of the Shanghai Futures Exchange as well as the executive dean of Shanghai Futures and Derivatives Commodities Research  and chief editor of Journal of Futures Markets Professor Robert I. Webb from the University of Virginia. In addition, excellent scholars from China, USA, UK, Norway, Italy, Australia, Chile, South Korea, India and other places paid close attention to the conference.  The opening ceremony of the conference was chaired by Professor Wang Changyun, director of the Financial Policy Research Center.  President Chen Yulu, on behalf of RUC, wished the conference every success and expressed his sincere welcome to the guests who came from afar. He briefly reviewed the development of futures and derivatives during the two decades, leading to the topic of the conference.  Vice President Huorui Rong, addressed the conference on behalf of Shanghai Futures Exchange and the Shanghai Futures and Derivatives Institute. He talked about the significance of the conference in prospects of the futures and derivatives trading markets. He also hoped that scholars home and abroadcouldmake joint efforts to have a more in-depth study about the existing problems in Chinese futures market, so as to be more decisive in the near future.  After the opening ceremony, the keynote speech session was chaired by Professor Tang Ke fromthe Hanqing Advanced Institute of Economics and  Finance of RUC. Professor Myron Scholes spoke on the topic of  “Dynamic Investment Strategies and Futures Contracts”. Targeting at China’s current derivatives market, Professor Myron Scholes proposed “the introduction of market-maker system in the top level design, so as to improve option mobility.”  To stabilize China’s derivatives market, technology and infrastructure is the key. For options on the financial markets, Myron Schole believed that the option promotes the “dynamic risk management model”,improves the stock market and increases the mobility of individual investors. For the futures market regulator, innovation is the basis for infrastructure construction, but the latter may stifle the former. Thus, when the option value rises, the risk may go up too. He also said that, unlike the previous decade, the U.S. dollar would tend to be strong in the next decade. While, the U.S. trade deficit might continue to shrink, and its economy would likely to be “bottoming out”.  Qi Bin’s keynote speech was “China’s Economic Transition and Capital Markets Development”. He pointed out thatChina’s economy is at the crossroads of development and transformation, which exhibited by growth slowdown, worsening economic indicators and a defective financial structure compared with other G20 countries. Facing the grim prospects, that the government’s macro-control, Qi Bin believed, should have a firm grasp of both the consolidation of the leading traditional industries as well as the promotion of high-tech industries. Government should achieve the completion of the retirement protection system and the simultaneous development of the capital markets, establish the multi-level and wide-raging capital markets by supporting SMEs. In particular, the futures market should play a decisive role in this process.  Then, Professor Robert I. gave a speech entitled “Yesterday’s Tomorrow: Past Vision of Future Financial Markets”. In his speech, he recalled the history of the development of futures and derivatives markets and prospects for its future development trend. The over 160 years’ development experienced the creation of the famous Black-Scholes theory and the continuous expansion of trading range and scale of derivatives. Today, futures and derivatives market has penetrated into all aspects of the financial sector. In the future, the market will continue to face many challenges, such as the lack of substitutability of futures contracts and risk of changes in stock market prices, etc.  Finally, Professor Tang Ke made concluding remarks. He expressed sincere gratitude to the wonderful presentation and keynotes made by three guests and hoped that in the following seminar, guests could focus on financial derivatives and explore the future development trends of emerging futures market in developing countries like China, so as to achieve the more extended exchanges with foreign countries. In the next day, more than 70 scholars and industry elites from home and abroad had a seminar discussion in terms of the 42 papers selected. The guests said the conference was well-organized, and thatthe discussion was very rewarding. They were looking forward to the next meeting at the Third International Conference on the Futures and Derivatives Markets next year.