证监会首部衍生品市场规章征求意见

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft for public consultation regarding the "Regulations on the Supervision and Management of Derivative Transactions (Trial) (Draft for Comments)" aimed at systematically regulating the derivatives market and limiting excessive speculation [1][2]. Group 1: Regulatory Framework - The draft outlines the risk management, resource allocation, and service functions of the derivatives market, encouraging the use of derivatives for hedging and risk management while supporting the development of derivatives that meet medium- to long-term funding risk management needs [1]. - It specifies that the regulations apply to derivative trading venues and institutions regulated by the CSRC, excluding the interbank derivatives market and over-the-counter markets organized by banking and insurance institutions [1]. - The draft establishes basic principles for participants in derivative trading, conditions for contract development, trading rules, performance guarantee systems, suitability standards for traders, and legal responsibilities [1][2]. Group 2: Enhanced Supervision - The draft proposes enhanced monitoring and cross-market regulation of derivatives, as well as stricter oversight of derivative operating institutions and market infrastructure [1][2]. - It introduces a clear "red line" for participants, prohibiting market manipulation, insider trading, and other illegal activities, while detailing the legal responsibilities for violations [3]. - The draft also emphasizes the need for performance guarantees through margin requirements and allows for various forms of margin, with further details to be specified in normative documents and self-regulatory rules [3].