金融监管总局、央行各自分工 联手重塑金融经纪监管

Core Viewpoint - The introduction of new regulations for currency brokerage firms in China marks a significant shift in the oversight of the financial sector, aiming to enhance transparency and accountability in brokerage activities [3][4][17]. Regulatory Changes - The National Financial Supervision Administration revised the "Management Measures for Currency Brokerage Companies," effective from August 1, 2025, marking the first comprehensive overhaul in 20 years [3][11]. - The People's Bank of China issued the "Management Measures for Interbank Market Brokerage Business," effective January 1, 2026, which delineates the boundaries for brokerage activities in the interbank market [3][11]. Key Provisions of the Regulations - The new regulations clarify the permissible activities for brokerage firms, allowing them to provide brokerage services in various markets while prohibiting them from engaging in bond issuance activities [7][8]. - A set of strict rules, or "red lines," has been established, including prohibitions on holding positions, controlling trading accounts, and manipulating markets [8][20]. - All brokerage activities must be traceable, requiring real-time and accurate disclosure of quotes and transactions, with all communications stored securely for at least five years [8][9]. Institutional Requirements - The revised regulations define "currency brokerage companies" as licensed non-bank financial institutions with a minimum registered capital of 100 million yuan [13][14]. - The scope of services has been expanded to include gold and derivatives, allowing these companies to provide brokerage services for a wider range of financial instruments [14][15]. Market Impact - The first successful gold inquiry spot transaction under the new regulations was facilitated by Shanghai Guoli Currency Brokerage Co., indicating increased market activity and liquidity [18][19]. - The role of gold brokers is now defined as "transparent intermediaries," with strict rules against self-dealing and price manipulation [20]. Industry Dynamics - The regulatory changes are expected to shift the industry landscape from "gray intermediaries" to licensed brokers and in-house brokerage departments within large financial institutions [25]. - The business model is transitioning from profit through price differentials to value creation through transparency and data services [26][27]. Regulatory Focus - The emphasis of regulation has shifted from merely preventing incidents to ensuring accountability and traceability in brokerage activities [29].