证监会拟出台衍生品交易监管新规

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft for public consultation regarding the "Supervision and Administration Measures for Derivative Trading (Trial) (Draft for Comments)", which outlines regulations for derivative trading and related activities in China. Group 1: Regulatory Scope and Functions - The draft specifies that it applies to derivative trading venues and institutions regulated by the CSRC, excluding the interbank derivative market and OTC markets organized by banking and insurance institutions [1] - It emphasizes the role of the derivative market in managing risks, allocating resources, and serving the real economy, encouraging risk management activities like hedging while limiting excessive speculation [1] Group 2: Principles and Rules - The draft outlines basic principles that all parties involved in derivative trading must adhere to [1] - It details the conditions and procedures for developing derivative contracts [1] - Basic trading rules for derivative contracts are also specified [1] Group 3: Compliance and Monitoring - The draft establishes a performance guarantee system and sets standards for the appropriateness of traders [1] - It calls for enhanced monitoring and cross-market regulation of derivative trading [2] - Prohibitive and restrictive requirements for derivative trading are clearly defined [3] Group 4: Institutional Oversight - The draft emphasizes the need for strengthened regulation of derivative operating institutions [4] - It also highlights the importance of regulating the infrastructure of the derivative market [5] - Clear supervisory management and legal responsibilities are outlined [6]