证监会对衍生品交易征求意见：遵循审慎监管原则 可以对衍生品交易实施逆周期调节管理

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has drafted the "Supervision and Management Measures for Derivative Transactions (Trial) (Draft for Comments)" to promote the healthy development of the derivatives market in accordance with national policies and legal requirements [1][2]. Group 1: Regulatory Framework - The draft specifies the applicable scope, stating that it governs derivative transactions and related activities under the supervision of the CSRC [2]. - It outlines the functions of the derivatives market, including risk management, resource allocation, and service to the real economy, along with basic principles for participation in derivative trading [2]. - The draft establishes conditions and procedures for the development of derivative contracts [2]. Group 2: Trading Rules and Oversight - Basic trading rules for various types of derivative contracts are clearly defined in the draft [2]. - The draft includes provisions for performance guarantee systems and standards for the appropriateness of traders [2]. - Enhanced monitoring and cross-market regulation of derivatives are emphasized, along with prohibitive and restrictive requirements for derivative trading [2]. Group 3: Institutional and Infrastructure Regulation - The draft strengthens the regulation of derivative operating institutions and trading venues, as well as clearing institutions and reporting databases [2]. - It specifies the supervisory management and legal responsibilities associated with derivative transactions [2]. - Feedback from the public has been generally supportive of the draft, with suggestions for further refinement being considered by the CSRC [2].