证监会：衍生品经营机构应当将衍生品交易业务纳入整体的风险管理

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has drafted the "Supervision and Management Measures for Derivative Trading (Trial) (Draft for Comments)" to enhance risk management and market transparency in derivative trading [1][3]. Group 1: General Principles - The measures aim to standardize derivative trading activities, improve market transparency, protect legal rights, and support the real economy while preventing financial risks [3][4]. - Derivative trading includes swap contracts, forward contracts, and non-standardized options contracts [5]. Group 2: Risk Management - Derivative operating institutions must incorporate derivative trading into overall risk management, accurately identify, assess, and respond to various risks, including credit, market, liquidity, and operational risks [25][26]. - Institutions are required to manage position concentration and ensure that the scale of derivative business aligns with their capital strength, management capabilities, and risk control levels [25][26]. Group 3: Trading Standards - Derivative contracts must have fair market pricing, good liquidity, and should not be easily manipulated [7]. - The design of derivative contracts should be transparent, fair, and reasonable, with clear and understandable terms [7]. Group 4: Participant Requirements - Participants in derivative trading must meet professional trader standards set by the CSRC, and institutions must conduct thorough assessments of traders' financial status and risk tolerance [18][19]. - Trading accounts must be registered in the real name of the trader, and sharing accounts is prohibited [20]. Group 5: Institutional Responsibilities - Derivative operating institutions must maintain a sound governance structure, risk management, and compliance systems, and separate derivative trading from other business operations to prevent conflicts of interest [22][24]. - Institutions are required to manage margin on a daily basis and establish pricing and valuation management systems for derivatives [24][26]. Group 6: Market Infrastructure - The CSRC will establish a derivative trading report database to collect, analyze, and manage trading information, enhancing market transparency [29][30]. - Derivative trading venues must strengthen risk control and monitoring of trading activities [28][29].