证监会公布《证券结算风险基金管理办法》

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the implementation of the "Securities Settlement Risk Fund Management Measures," effective from December 8, 2025, which aims to enhance the inclusivity of rules regarding the risk fund collection scope [1] Group 1: Adjustments to Risk Fund Collection - The management measures shift the description of the risk fund collection scope from a listing format to a conceptual format, clarifying that it applies to securities trading varieties (businesses) using multilateral net guarantee settlement methods [1] - A differentiated adjustment of the risk fund contribution ratio will be implemented based on the risk level of the varieties (businesses) [1] Group 2: Specific Changes in Contribution Ratios - For equity products, the contribution ratio is reduced from 0.0003% (three ten-thousandths) of the transaction amount to 0.00009% (nine millionths) [1] - For fixed income products, the contribution ratio for cash transactions is decreased from 0.001% (one thousandth) to 0.0003% (three millionths) [1] - The contribution ratio for pledged repurchase transactions remains unchanged [1]