中期协新规剑指期货业“内卷式”竞争 明确八大禁止性行为，推动从“价格战”向“价值创造”转型

Core Viewpoint - The China Futures Industry Association has released a draft regulation aimed at addressing the issue of "involution" in the futures brokerage business, promoting a transition from "extensive competition" to "high-quality development" and from "price wars" to "value creation" [1][2] Group 1: Industry Competition Issues - The brokerage business accounts for approximately 50% of the total revenue in the futures industry, but it faces severe saturation and intense homogenized competition [2] - There is a significant issue of malicious competition regarding fees, with some companies offering low or even zero fees to attract clients, which undermines the ability of capable firms to provide quality services [2][4] - The current competition has led to a situation where the industry risks being trapped in a low-price vortex, weakening investments in IT, personalized services, and talent [2][4] Group 2: Regulatory Framework - The draft regulation outlines eight prohibited behaviors in brokerage activities, including charging fees below the exchange's published standards and using deceptive advertising [3][4] - The regulation emphasizes four principles: problem-oriented, market-oriented, public fairness, and standardized management to ensure compliance and protect traders' rights [3][4] Group 3: Expected Industry Impact - The introduction of the regulation is expected to enhance the overall competitiveness of the futures market by reducing internal competition and reallocating resources more effectively [4][5] - The regulation aims to establish a transparent governance framework and create a fair competitive environment for compliant firms, potentially leading to a shift in focus towards core capabilities and comprehensive derivative services [5]