《衍生品交易监督管理办法（试行）（征求意见稿）》解读：完善多层次资本市场，稳慎有序发展衍生品

1. Report Industry Investment Rating - There is no mention of the specific industry investment rating in the provided content. 2. Core Viewpoints of the Report - The "Draft for Comments" aims to promote the standardized and healthy development of the derivatives market, which is an implementation of measures to drive high - quality capital market development in the derivatives field [3][4]. - It will regulate derivatives trading, improve the multi - level capital market system, enhance market transparency, and boost the professional capabilities of financial institutions to better serve the real economy [3][33][34]. 3. Summary According to Relevant Catalogs Core Content Breakdown - Define the regulatory scope and the functional positioning of derivatives: The "Draft for Comments" defines "derivatives trading" as the trading of swap contracts, forward contracts, non - standardized option contracts, and their combinations. It also clarifies that derivatives should serve the real economy by managing risks, allocating resources [6][9]. - Prevent regulatory arbitrage and excessive speculation, and clarify various prohibited actions and quantify penalty standards: It restricts excessive speculation, prohibits illegal activities such as market manipulation and insider trading, and blocks the path of "stealthy reduction" or "circumventing reduction" [11]. It also quantifies penalty standards compared with the 2023 versions [12]. - Strengthen institutional access and continuous compliance, and strictly manage investor suitability: It sets higher access and operation requirements for derivatives business institutions and raises the bar for investor suitability management [13][14]. - Improve trading and settlement infrastructure and establish a derivatives trading repository: It improves trading and settlement infrastructure to address information opacity and counterparty risks. It also proposes the construction of a derivatives trading repository for data sharing and cross - market monitoring [15][16]. Derivatives Trading Development Situation - Securities companies' derivatives trading: As of September 27, 2022, there were 45 over - the - counter (OTC) options dealers in the securities industry. As of the end of July 2023, the nominal principal of securities firms' OTC derivatives reached 2.31 trillion yuan. The main participants in the OTC derivatives market are commercial banks, securities companies, and private funds [17][19][25]. - Futures companies' derivatives trading: As of November 2025, the total nominal principal of off - exchange derivatives held by futures companies' risk management subsidiaries was 375.438 billion yuan, a 11.5% increase from the end of 2024. Commodity - based derivatives are the main type, and options are the most common contract type [27]. Impact and Significance on Industry Development - Regulate derivatives trading and improve the multi - level capital market system: It provides clear rules for market participants and reduces systemic risks [33]. - Promote the establishment of a trading repository and improve market transparency: It helps regulators monitor potential risks and provides data support for counter - cyclical regulation [34]. - Enhance the professional capabilities of financial institutions and strengthen the ability to serve the real economy: Financial institutions will improve their competitiveness, and the market's ability to serve the real economy will be enhanced [35].