期货业“反内卷”来了

Core Viewpoint - The China Futures Association (CFA) has initiated a public consultation on the draft rules aimed at regulating improper competition behaviors in the futures brokerage industry, 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 companies [2]. - Some brokerage firms have resorted to illegal and improper competition methods, such as zero commission fees and misleading promotions, disrupting market order [2]. - The excessive reduction of commission fees has resulted in insufficient investment in trading system stability, research support, and customer service, negatively impacting the trading experience [2]. Group 2: Principles of the New Rules - The new rules are based on four principles: problem-oriented, market-oriented legal compliance, transparency and fairness, and standardized management [3]. - The rules focus on addressing the issue of low-price competition in the industry and clearly define prohibited competitive behaviors [3]. Group 3: Key Provisions of the Rules - The rules consist of 19 articles that outline the definition of improper competition behaviors, regulate commission management, and strengthen complaint handling and self-regulation [4]. - Brokerage firms are required to adhere to principles of voluntariness, equality, fairness, and integrity, while maintaining the industry's image and creating a fair market environment [4]. Group 4: Commission Management Guidelines - Brokerage firms must establish and implement transparent processes for commission management, including publicizing commission rates and ensuring consistency in fees for similar clients [5]. - Firms are required to set commission rates based on service costs and maintain a reasonable and stable calculation method [5]. - The rules mandate that firms must clearly communicate commission agreements with clients and conduct regular follow-ups, especially for high-frequency and high-fee clients [5]. Group 5: Prohibited Competitive Behaviors - The rules explicitly prohibit eight types of improper competition behaviors, including engaging in competition below service costs, misleading advertising, and harming clients' legitimate rights [6]. - Other prohibited actions include distorting or disparaging competitors, using illegal means to gain competitive advantages, and disrupting market order [6].