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Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft regulation for public consultation aimed at standardizing derivative trading, enhancing market transparency, protecting legal rights, and promoting the service of the real economy while mitigating financial risks [2][4]. Summary by Sections Derivative Trading Definition and Functions - Derivative trading includes swap contracts, forward contracts, and non-standardized options, which play a positive role in risk management, resource allocation, and serving the real economy [4]. Scope and Management - The regulation 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 [4]. - The regulation encourages the use of derivatives for hedging and supports the development of derivatives that meet medium to long-term risk management needs while limiting excessive speculation [4][10]. Basic Principles - All parties involved in derivative trading must adhere to principles of fairness, voluntariness, compensation, and good faith, prohibiting market manipulation, insider trading, and other illegal activities [5][6]. Contract Development and Trading Rules - Derivative contracts must have fair market pricing and good liquidity, and complex structures should be developed cautiously [5]. - Derivative trading institutions are prohibited from promoting contracts through advertising or inducement unless otherwise specified by the CSRC [5]. Performance Guarantee and Trader Suitability - Derivative transactions must include performance guarantees such as margin requirements, and institutions must manage these guarantees safely and transparently [5]. - Traders must meet professional standards set by the CSRC, and institutions are required to understand their clients thoroughly [5]. Monitoring and Regulatory Oversight - Institutions must continuously monitor and assess the compliance of traders' activities as per CSRC regulations [6]. - The regulation specifies prohibitions and restrictions on trading practices that harm traders' rights or disrupt market order [6]. Institutional and Infrastructure Regulation - Derivative trading institutions must meet specific conditions to operate, and the CSRC may implement tiered management based on prudential regulatory principles [6]. - Institutions must maintain records for at least 20 years and use dedicated accounts for hedging transactions [6]. Legal Responsibilities and Compliance - The CSRC is responsible for supervising and inspecting derivative market infrastructure and institutions, ensuring compliance with the new regulations [6][9]. - The draft emphasizes a unified regulatory approach for all derivative trading institutions, enhancing risk management and compliance standards [9][10].