划红线、明方向，更具包容性、适应性！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 for the "Regulations on the Supervision and Management of Derivative Transactions (Trial) (Draft for Comments)" aimed at standardizing derivative trading, enhancing market transparency, protecting legal rights, and mitigating financial risks [1][7]. Group 1: Regulatory Framework - The draft consists of 57 articles that clarify regulations on derivative trading, settlement, traders, operating institutions, market infrastructure, supervision, and legal responsibilities [2]. - The scope of the draft includes derivative trading venues and institutions regulated by the CSRC, excluding the interbank derivative market and OTC markets organized by banks and insurance institutions [2]. - The draft affirms the role of the derivative market in risk management, resource allocation, and serving the real economy, while encouraging hedging activities and limiting excessive speculation [2][7]. Group 2: Trading Principles and Restrictions - Derivative operating institutions are prohibited from promoting derivative contracts through advertising or public solicitation [3]. - Derivative transactions must be confirmed through a master agreement, detailing contract elements such as underlying assets, nominal principal, transaction direction, and fees [3]. - The draft mandates that operating institutions maintain reasonable leverage levels and market sizes, and enhance the standardization of derivative trading [2][3]. Group 3: Corporate Governance and Compliance - Listed companies are restricted from engaging in derivative transactions based on their own stock, with exceptions as per laws and regulations [4]. - Companies must establish internal controls and risk management systems when participating in derivative trading and comply with disclosure obligations [4]. - Derivative operating institutions must separate derivative trading from proprietary trading and implement effective measures to prevent conflicts of interest [6]. Group 4: Enhanced Supervision and Risk Management - The draft imposes higher requirements on derivative operating institutions, including risk control indicators, governance structure, and qualified personnel [6]. - Institutions are required to manage margin on a daily basis and establish pricing and valuation management systems for derivatives [6]. - The draft aims to create a comprehensive risk management framework covering all market participants, enhancing compliance and professional capabilities [8][9]. Group 5: Market Development and Future Outlook - The draft is seen as a significant step in building a regulatory framework for the derivative market, filling existing regulatory gaps and complementing current laws [7]. - It encourages the development of derivatives that meet medium- to long-term funding needs while restricting speculative activities [7][9]. - The overall aim is to transition the domestic derivative market from extensive to high-quality development, supporting economic growth [9].