促进衍生品市场规范健康发展

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has drafted the "Supervision and Management Measures for Derivative Transactions (Trial)" to promote the healthy development of the derivatives market, aligning with national policies and legal frameworks [1][2]. Group 1: Regulatory Framework - The draft specifies the scope of application, stating that all derivative transactions and related activities under CSRC's jurisdiction are subject to these measures [2]. - It outlines the functions of the derivatives market, emphasizing risk management, resource allocation, and support for the real economy [2]. - The draft includes provisions for the development conditions and procedures for derivative contracts, basic trading rules, and performance guarantee systems [2]. Group 2: Market Management and Oversight - The draft enhances monitoring and cross-market regulation of derivatives, establishing prohibitive and restrictive requirements for trading activities [2][3]. - It emphasizes the need for comprehensive regulation, covering both on-exchange and over-the-counter derivatives markets to avoid regulatory overlaps [3]. - The draft sets stricter compliance and professional capability requirements for derivative operating institutions, which may increase compliance costs in the short term but is expected to lead to industry consolidation in the long run [4]. Group 3: Industry Impact - The measures are designed to guide the domestic derivatives market from a rough development phase to a high-quality development stage, promoting fairness and transparency [4]. - The focus on risk management and asset allocation is expected to shift the business priorities of institutions towards serving the real economy [4].