证监会公开征求意见，事关衍生品市场

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the draft of the "Supervision and Administration Measures for Derivative Transactions (Trial) (Draft for Comments)", marking the first public consultation on regulations for the derivative market, aimed at enhancing risk management and supporting the real economy while strengthening monitoring and regulation to effectively prevent risks [1][3]. Group 1: Regulatory Framework - The draft measures regulate various aspects of derivative transactions, including trading and settlement, participants, operating institutions, market infrastructure, supervision, and legal responsibilities [4]. - A unified regulatory requirement for all types of derivative operating institutions under CSRC supervision is established to promote a standardized and healthy market development [4]. - Derivative trading venues must report to CSRC when organizing new derivative contract trading or adjusting contract types and structures [4]. Group 2: Market Development and Risk Management - The direction for the development of the derivative market is clarified, emphasizing its role in risk management, resource allocation, and serving the real economy [4]. - The measures encourage the use of the derivative market for hedging and risk management activities, supporting the development of derivatives that meet medium- to long-term funding risk management needs, while legally restricting excessive speculation [4][5]. Group 3: Business Rules and Management - The measures enhance the rules governing derivative contracts, including the recording, custody, and use of margins, ensuring that margins are prioritized for settlement in case of risks at operating institutions [4][6]. - A comprehensive regulatory framework is established to better prevent and mitigate financial risks, including counter-cyclical management of derivative transactions and coordination with other financial regulatory bodies [5]. Group 4: Compliance and Legal Responsibilities - Clear "red lines" are set for all parties involved in derivative transactions, prohibiting market manipulation, insider trading, and other illegal activities [5]. - Specific prohibitions for derivative operating institutions and their personnel are detailed, along with legal responsibilities for violations [5]. Group 5: Adaptability and Inclusiveness - The measures provide for flexible and adaptive institutional arrangements, including various forms of margin requirements and the possibility of combining positions in related derivative contracts with futures trading [6]. - The standards for investor suitability are defined, allowing for differentiated standards based on the type of underlying assets, while ensuring they meet the minimum professional trader standards set by CSRC [6][7].