持续减费降负 推进信用衍生品清算业务创新发展

Core Viewpoint - Shanghai Clearing House announced a phase-wise exemption of clearing fees for credit derivatives contracts in 2026 to reduce costs for market institutions and enhance financial services for the real economy [1] Group 1: Development of Credit Derivatives Market - The exemption period for clearing fees will be from January 1, 2026, to December 31, 2026, with further adjustments to be notified later [1] - The Shanghai Clearing House aims to innovate and develop credit derivatives clearing services, focusing on policy direction and market demand [1] Group 2: Functions of Credit Derivatives - Credit derivatives serve as important pricing and hedging tools, enhancing the efficiency of bond issuance and broadening financing channels for real enterprises [1] - They enable market institutions to manage credit risk exposure effectively, smooth credit spread fluctuations, and improve investment efficiency in sectors like technology and green bonds [1] - Credit derivatives can hedge against credit spread volatility, expanding trading demand and diversifying application scenarios [1] Group 3: Centralized Clearing Function - The Shanghai Clearing House aims to enhance its clearing services to support the real economy and mitigate financial risks [2] - It has expanded the central counterparty clearing to include 32 new quality production enterprises, providing services for 145 standardized CDS contracts linked to technology and green sectors [2] - The introduction of the first Sci-Tech CDS index will help market institutions manage credit risk and provide a pricing benchmark for credit risk in Sci-Tech enterprises [2] - The clearing house continues to diversify its clearing targets, covering various types of bonds to meet market demands [2] - A one-stop online service for the lifecycle of credit derivatives has been established, significantly improving clearing efficiency and market transparency [2] Group 4: Future Plans - The Shanghai Clearing House will continue to leverage its financial infrastructure advantages under the guidance of the People's Bank of China, enriching the product spectrum of credit derivatives [3] - It aims to enhance the risk management, credit enhancement, and price discovery functions of credit derivatives, effectively guiding financial resource allocation [3]