剑指期货业“内卷式”竞争 管理新规征求意见

Core Viewpoint - The China Futures Association has developed a draft rule aimed at managing improper competition in the futures brokerage business, with feedback due by August 15, 2025. The rule seeks to maintain a fair competitive environment, prevent "involution" style competition, and protect the legitimate rights of traders [1]. Group 1: Definition of Improper Competition - The rule clearly defines the boundaries of improper competition in the brokerage business, addressing the long-standing issue of fierce competition and price wars among futures companies [2][3]. - It highlights that some companies have resorted to "zero commission" offers and other improper tactics to attract clients, disrupting market order and harming the trading experience [2]. Group 2: Fee Management Regulations - The rule introduces five core measures to address the issue of "fee involution": 1. Establishing a system to standardize fee management processes, ensuring transparency in fee disclosure and collection [4]. 2. Setting reasonable fee standards based on service costs, ensuring consistency across similar client types [4]. 3. Publicly disclosing the maximum fee standards on various platforms to ensure information transparency [4]. 4. Clearly defining fee agreements with clients to ensure compliance with agreed rates [4]. 5. Implementing strict follow-up procedures, particularly for high-frequency and high-fee clients, to mitigate risks [5]. Group 3: Prohibited Behaviors - The rule outlines seven types of prohibited behaviors in brokerage business, including: - Engaging in malicious competition by charging fees below service costs [5][6]. - Misleading clients about potential profits while concealing risks [6]. - Using false advertising to deceive clients [6]. - Distorting or disparaging other companies to gain clients [6]. Group 4: Strengthening Complaints and Self-Regulation - The rule enhances the mechanisms for complaints and self-regulation, allowing individuals to report violations to the association, which will conduct inspections and impose disciplinary actions as necessary [7]. - Disciplinary actions will be recorded in the industry information management platform and can be publicly disclosed [7]. Group 5: Transition Period - To facilitate the smooth implementation of the rules, a transition period of one month is set for companies to prepare for compliance, followed by a two-month period for existing clients to rectify any non-compliance [8].