证监会：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 laws [1][3]. Group 1: Regulatory Framework - The draft specifies that it applies to derivative trading venues and institutions regulated by the CSRC, excluding the interbank derivatives market and over-the-counter derivatives organized by banking and insurance institutions [2][4]. - It emphasizes the role of the derivatives market in managing risks, allocating resources, and serving the real economy, encouraging hedging activities while limiting excessive speculation [2][4]. Group 2: Key Provisions - The draft outlines basic principles that all parties involved in derivative trading must adhere to [2][4]. - It details the conditions and procedures for developing derivative contracts [2][4]. - Basic trading rules for derivative contracts are clearly defined [2][4]. - A performance guarantee system is established to ensure contract fulfillment [2][4]. - Standards for the suitability of traders are specified [2][4]. - Enhanced monitoring and cross-market regulation of derivatives are mandated [2][4]. - Prohibitive and restrictive requirements for derivative trading are clarified [2][4]. - Increased regulatory oversight of derivative operating institutions is emphasized [2][4]. - Strengthened regulation of derivatives market infrastructure is outlined [2][4]. - The draft specifies supervisory management and legal responsibilities [2][4].