证监会公开征求意见，事关衍生品市场

Core Viewpoint - The article discusses the release of the "Regulations on the Supervision and Management of Derivative Transactions (Trial) (Draft for Comments)" by the China Securities Regulatory Commission (CSRC), which aims to support derivative trading in managing risks and serving the real economy while enhancing monitoring and regulation to effectively prevent risks [1][2]. Summary by Sections Derivative Trading Overview - Derivative trading includes swap contracts, forward contracts, and non-standard options, playing a positive role in risk management, resource allocation, and serving the real economy, being a crucial part of China's multi-tiered risk management market [2]. Regulatory Framework - The regulations standardize derivative trading and settlement, traders, operating institutions, market infrastructure, supervision, and legal responsibilities. They emphasize functional regulation principles, requiring unified regulatory standards for all derivative operating institutions under CSRC supervision [3]. Market Development Direction - The regulations clarify the development direction of the derivative market, encouraging risk management activities like hedging and supporting the development of derivatives that meet medium- to long-term funding risk management needs while legally restricting excessive speculation [3]. Business Rules and Risk Management - The regulations enhance business rules, ensuring that margin records, custody, and usage prioritize settlement in derivative transactions. They also specify regulatory requirements for internal management, risk management, and compliance of derivative operating institutions, improving the standardization of derivative business [3]. Comprehensive Supervision Measures - The regulations introduce a comprehensive supervisory framework to better prevent and mitigate financial risks, allowing CSRC to implement counter-cyclical management and coordinate with other financial regulatory bodies. They also establish cooperation with overseas regulatory agencies for derivatives trading conducted by foreign institutions [4]. Clear Compliance Standards - The regulations set clear "red lines" for participants in derivative trading, prohibiting market manipulation, insider trading, and other illegal activities. They detail the prohibited behaviors of derivative operating institutions and their personnel, along with the legal responsibilities for violations [4]. Inclusive and Adaptive Institutional Arrangements - The regulations provide inclusive and adaptive arrangements for derivative trading, specifying that performance guarantees should be secured through margin collection. They also allow for differentiated trader standards based on contract types, ensuring that companies can participate in derivative trading to manage operational risks [5][6].