中国证监会就《衍生品交易监督管理办法（试行）（征求意见稿）》公开征求意见

Core Viewpoint - The article discusses the draft of the "Supervision and Management Measures for Derivative Transactions (Trial) (Draft for Comments)" aimed at promoting the healthy development of the derivatives market in China, in line with the directives from the State Council and the Futures and Derivatives Law [2][3]. Group 1 - The draft specifies the applicable scope, stating that all derivative transactions and related activities under the supervision of the China Securities Regulatory Commission (CSRC) are subject to these measures [3]. - It outlines the functional positioning of the derivatives market, emphasizing its role in risk management, resource allocation, and serving the real economy, along with the basic principles for participating in derivative transactions [3]. - The draft clarifies the development conditions and procedures for derivative contracts, as well as the basic trading rules for various types of derivative contracts [3]. Group 2 - The measures include a performance guarantee system and establish suitability standards for traders involved in derivative transactions [3]. - Enhanced monitoring and cross-market regulation of derivatives are emphasized, along with prohibitive and restrictive requirements for derivative trading [3]. - The draft also focuses on strengthening the regulation of derivative operating institutions and the infrastructure of the derivatives market, including trading venues, clearing institutions, and transaction reporting databases [3][4]. Group 3 - The CSRC has previously solicited public opinions on the measures, receiving overall support for the regulation, while also considering suggestions for further improvement [3][4]. - The article highlights that the CSRC has made modifications to the draft based on feedback, aiming to enhance adaptability and inclusiveness, and to refine business rules and internal management requirements for derivative operating institutions [4]. - The CSRC invites further public input on the draft to ensure comprehensive refinement before its official implementation [4].