期货业“反内卷”来了！

Core Viewpoint - The China Futures Association (CFA) has released a draft regulation aimed at addressing unfair competition in the futures brokerage industry, particularly focusing on the chaotic fee competition among brokerage firms, which is expected to improve the overall competitive environment and enhance service quality [1][2]. Group 1: Background and Issues - The futures brokerage industry has been facing severe market saturation and intensified homogeneous competition, leading to rampant price wars among firms [2]. - Some brokerage firms have resorted to illegal and unethical practices, such as offering "zero fees" and misleading clients, which disrupts market order and negatively impacts service quality [2][4]. Group 2: New Regulations - The new regulation consists of 19 articles that define unfair competition behaviors, standardize fee management, and strengthen self-regulation and complaint handling mechanisms [4][6]. - The regulation emphasizes principles such as problem orientation, legal marketization, transparency, and standardized management to ensure fair competition and protect clients' rights [3][4]. Group 3: Fee Management Guidelines - Brokerage firms are required to establish clear fee management systems, ensuring transparency in fee disclosure and adherence to agreed-upon fee structures with clients [5][6]. - The regulation prohibits several unfair competitive practices, including charging fees below service costs, misleading advertising, and harming clients' legitimate rights [6].