更具适应性和包容性 衍生品交易监管办法再次征求意见

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft regulation for the supervision of derivative trading, aiming to enhance risk management and support the real economy through the development of the futures and derivatives market [1][2]. Group 1: Regulatory Framework - The draft regulation outlines the scope of application, stating that all derivative trading and related activities under CSRC's jurisdiction will be governed by this regulation [2]. - It emphasizes the functions of the derivatives market in managing risks, allocating resources, and serving the real economy, along with the basic principles for participating in derivative trading activities [2]. - The regulation specifies the conditions and procedures for developing derivative contracts, as well as the basic trading rules for various types of derivative contracts [2]. Group 2: Risk Management and Oversight - The draft includes provisions for performance assurance systems and standards for the appropriateness of traders [2]. - It aims to strengthen monitoring and cross-market regulation of derivatives, enhancing oversight of derivative operating institutions and trading venues [2]. - The regulation also addresses the supervision of derivative clearing institutions and trading report databases, along with clarifying supervisory management and legal responsibilities [2]. Group 3: Stakeholder Feedback - In 2023, the CSRC previously sought public opinion on the draft, receiving general support for its aim to standardize the development of the derivatives market, along with suggestions for further improvement [2]. - The CSRC has taken into account reasonable suggestions from stakeholders, making further modifications to enhance the adaptability and inclusiveness of the regulation [2].