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Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft for public consultation on the "Supervision and Management Measures for Derivative Transactions (Trial)" aimed at regulating derivative trading, enhancing market transparency, protecting legal rights, and promoting the service of the real economy while mitigating financial risks [1][3]. Summary by Relevant Sections Regulatory Framework - The draft specifies that it applies to derivative trading venues and institutions regulated by the CSRC, excluding the interbank derivative market and OTC markets organized by banks and insurance institutions [3][4]. - It encourages the use of derivatives for risk management and resource allocation, while limiting excessive speculation [3][4]. Principles and Compliance - Participants in derivative trading must adhere to principles of fairness, voluntariness, compensation, and good faith, prohibiting market manipulation, insider trading, and other illegal activities [3][4]. - The CSRC will implement a prudent regulatory approach and enhance monitoring systems for derivative markets [3][4]. Contract Development and Trading Rules - The draft outlines conditions for developing derivative contracts, emphasizing fair market pricing and liquidity [4]. - Derivative trading institutions are prohibited from using advertising or public solicitation to promote derivative contracts, unless otherwise specified by the CSRC [4]. Risk Management and Monitoring - Derivative transactions must include performance guarantees, such as margin requirements, and institutions must manage these guarantees safely and transparently [4][5]. - The draft establishes standards for the suitability of traders, requiring institutions to understand their clients thoroughly [4][5]. Regulatory Oversight - The CSRC will conduct supervision and inspections of derivative market infrastructure and institutions, ensuring compliance with the established rules [5][6]. - The draft emphasizes the importance of unified regulatory standards for securities and futures institutions engaging in derivative trading [6][7]. Market Development and Future Outlook - The draft reflects the government's commitment to the healthy development of the futures and derivatives market, aligning with the "Futures and Derivatives Law" and promoting risk prevention [6][7]. - Experts believe that the implementation of the draft will lead to a more standardized, transparent, and institutionalized domestic derivative market, supporting high-quality development in the capital market [7].