9月10日，在2025年服贸会金融服务专题"服贸聚力·智汇助航"汇率风险管理专场发布会上，国家金融监督管理总局北京监管局一级巡视员逯剑表示，当前影 响全球稳定的因素增多，对金融机构和企业资产安全带来挑战，商业银行亟待提高市场风险管理能力。 其次是完善计量体系，提升精细化管理水平。逯剑进一步解释道，《办法》将市场风险明确限定在利率、汇率、股票价格和商品价格的不利变动导致银行表 内外业务发生损失的风险上，强调了计量的重要性，商业银行要持续提升市场风险计量能力，选择适当的风险计量工具和方法，不断完善系统建设，夯实数 据基础，提高风险估值质量和风险对冲管理综合能力，保证风险管理的有效性和精准度。 接着是加大资源投入，提升专业化管理能力。逯剑认为，现阶段银行要加大对市场风险管理团队的建设，一方面要丰富交易经验，提升复杂金融产品和国际 金融市场交易规则的风险认知和把控能力；另一方面要将管理流程、模型开发、系统建设、数据应用、交易规则与市场风险产品深度融合，防范信用风险、 流动性风险、操作风险对市场风险的传染、扩散以及放大的影响，增强市场风险专业化管理的深度和广度。 2025年6月20日，国家金融监督管理总局发布了《商业银 ...

Core Insights - The 2025 Service Trade Fair in Beijing focuses on financial services with the theme "Digital Intelligence Drives Open Win-Win" [1] - The increasing global stability challenges necessitate enhanced market risk management capabilities for financial institutions and enterprises [1] Regulatory Framework - The National Financial Regulatory Administration released the "Market Risk Management Measures for Commercial Banks," consisting of five chapters and forty-three articles, aimed at improving market risk governance and management [3] - The new measures emphasize the importance of regulatory policy coordination and refined management to enhance banks' resilience against market fluctuations compared to the guidelines from 20 years ago [3] Recommendations for Banks - Banks should implement principal responsibility and enhance market risk management awareness, recognizing the significant impact of market risks on their operations [4] - A refined measurement system is essential, focusing on risks from adverse changes in interest rates, exchange rates, stock prices, and commodity prices, while improving risk measurement capabilities and data quality [4] - Increased resource investment is necessary to build specialized market risk management teams, enhancing understanding of complex financial products and international market rules [5] - Banks should adopt a customer-centric approach to improve product management capabilities, ensuring appropriate product offerings align with customer needs and enhancing risk management practices [5]

Core Viewpoint - The Financial Regulatory Bureau has revised the "Guidelines for Market Risk Management of Commercial Banks" to enhance capital supervision and standardize business operations, thereby improving market risk management levels in commercial banks [1] Summary by Sections Market Risk Definition - The revised regulations clarify the definition of market risk and specify the applicable scope, excluding interest rate risk related to bank balance sheets, while strengthening alignment with other regulatory frameworks [1] Governance Structure - The regulations emphasize the need for a robust market risk governance structure, clearly defining the responsibilities of the board of directors, supervisory board, and senior management, and highlighting the importance of market risk management at the consolidated group level [1] Risk Management Requirements - The regulations detail comprehensive market risk management requirements, including risk identification, measurement, monitoring, control, and reporting. They also refine internal model definitions and management, as well as stress testing requirements, aligning with current market risk measurement frameworks and practices [1] Implementation Guidance - The Financial Regulatory Bureau will enhance supervision and guidance to ensure the effective implementation of the new regulations, aiming to improve the market risk management capabilities of banks [1]

Core Viewpoint - The National Financial Supervision Administration has revised the "Guidelines for Market Risk Management of Commercial Banks" to enhance capital regulation and improve market risk management levels in commercial banks, effective immediately upon issuance [2]. Group 1: Definition and Scope of Market Risk - The new "Measures" redefine market risk, excluding interest rate risk related to bank books, which is now treated separately [2][3]. - The previous guidelines, in effect for over 20 years, required updates to align with evolving banking practices and the implementation of the "Capital Management Measures" [2]. Group 2: Management and Governance Structure - The "Measures" emphasize the need for a clear governance structure for market risk management, outlining the responsibilities of the board, supervisory board, and senior management [3]. - It is highlighted that the business functions of commercial banks should remain independent from market risk management functions to avoid potential conflicts of interest [4]. Group 3: Compensation and Incentives - The "Measures" stipulate that the compensation of market risk management personnel should not be linked to direct operating profits, preventing incentives for excessive risk-taking [5]. - The board and senior management are advised to avoid compensation structures that encourage short-term profit focus at the expense of long-term risk considerations [5]. Group 4: Risk Management Requirements - The "Measures" detail comprehensive requirements for market risk management, including risk identification, measurement, monitoring, control, and reporting [5]. - There is a call for improved internal model definitions, model management, and stress testing to align with current market risk measurement frameworks and practices [5].

Core Viewpoint - The Financial Supervision and Administration Bureau has issued guidelines requiring commercial banks to perform daily market value re-evaluations of trading book instruments [1] Group 1: Regulatory Requirements - Commercial banks are mandated to conduct daily market value re-evaluations of their trading book instruments [1] - The re-evaluation process must be managed by departments independent from the business operations, such as risk management or financial accounting [1] - Pricing factors used for market value re-evaluation should be sourced from channels independent of the business operations or verified independently [1]

Core Viewpoint - The National Financial Supervision Administration has issued the "Market Risk Management Measures for Commercial Banks," emphasizing the importance of market risk as a primary risk faced by commercial banks and the board's ultimate responsibility for managing it [1] Group 1 - The board of directors of commercial banks must recognize market risk as one of the main risks [1] - The board is responsible for ensuring the establishment of a risk culture that aligns with market risk management requirements [1] - Commercial banks are required to effectively identify, measure, monitor, and control the market risks associated with their business operations [1]