衍生品交易监督管理办法征求意见 支持开发满足中长期资金风险管理需求的衍生品，依法限制过度投机行为

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft of the "Derivatives Trading Supervision and Management Measures (Trial) (Draft for Comments)" aimed at supporting derivatives trading for risk management and service to the real economy while enhancing monitoring and regulation to effectively prevent risks [1][4]. Group 1: Regulatory Framework - The draft establishes a unified regulatory requirement for various derivatives operating institutions under the CSRC to promote a standardized and healthy market development [1]. - Derivatives trading venues are required to report to the CSRC when organizing new derivatives contract trading or adjusting contract varieties and structures [1]. - The draft emphasizes the importance of risk management, compliance management, and internal management for derivatives operating institutions [2][4]. Group 2: Market Development Direction - The derivatives market is encouraged to engage in hedging and risk management activities, with a focus on developing derivatives that meet medium- to long-term funding risk management needs while legally restricting excessive speculation [2]. - The draft aims to enhance the clarity of business rules related to margin recording, custody, and usage, ensuring that margins are prioritized for derivatives trading settlement [2]. Group 3: Management and Supervision - A comprehensive regulatory arrangement is established to better prevent and mitigate financial risks, including counter-cyclical management of derivatives trading by the CSRC [2]. - The CSRC is mandated to coordinate supervision with other financial management departments and strengthen regulatory cooperation with overseas supervisory bodies for derivatives trading conducted by foreign institutions [2]. Group 4: Compliance and Legal Responsibilities - Clear "red lines" are set for participants in derivatives trading, prohibiting market manipulation, insider trading, and other illegal activities [3]. - The draft specifies the prohibitive behaviors of derivatives operating institutions and their personnel, detailing the legal responsibilities for violations [3]. Group 5: Adaptability and Inclusiveness - The draft outlines that derivatives trading should be conducted with margin requirements, with further details to be specified in normative documents and self-regulatory rules [3]. - It allows for differentiated standards for professional traders based on the type of underlying assets, ensuring that they meet or exceed the CSRC's professional trader standards [3].