广期所再出手，铂、钯、碳酸锂期货同步收紧风控。 12月23日晚间，广期所发布多项风控措施公告，涉及铂、钯、碳酸锂及多晶硅等多个活跃品种，通过上 调手续费、保证金、涨跌停板幅度及收紧交易限额等方式，进一步强化市场风险管理。 市场人士普遍认为，在部分品种价格波动显著放大的背景下，广期所密集出手，释放出"强监管、防风 险"的明确信号。 铂、钯、碳酸锂风控同步加码 根据公告，经研究决定，对铂、钯、碳酸锂期货相关合约的交易手续费标准、涨跌停板幅度和交易保证 金标准作如下调整： 自2025年12月25日交易时起，铂期货PT2606合约、钯期货PD2606合约的交易手续费标准调整为成交金 额的万分之二点五，日内平今仓交易手续费标准调整为成交金额的万分之二点五；碳酸锂期货LC2605 合约的交易手续费标准调整为成交金额的万分之三点二，日内平今仓交易手续费标准调整为成交金额的 万分之三点二。 自2025年12月25日结算时起，铂、钯期货合约涨跌停板幅度调整为10%，交易保证金标准调整为12%。 如遇上述涨跌停板幅度、交易保证金标准与现行执行的涨跌停板幅度、交易保证金标准不同时，则按两 者中幅度大、标准高的执行。 广期所在公告中 ...

Core Viewpoint - The Chinese futures market is experiencing increased regulatory scrutiny, particularly in the area of over-the-counter (OTC) derivatives, which has led to multiple disciplinary actions against various risk management subsidiaries of futures companies [1][2][3]. Regulatory Actions - The China Futures Association (CFA) has issued over ten disciplinary decisions since June, marking the first public announcements of such actions since the end of 2024 [1]. - The CFA's focus on OTC derivatives is evident, with companies like Bohai Rongsheng Capital Management and Shanghai Rongzhi Industrial receiving reprimands for failing to meet compliance requirements in their OTC derivatives trading [2]. - Disciplinary actions also include warnings to companies like Zhongtai Huirong Capital for engaging in improper trading practices that did not align with genuine business needs [3]. Market Performance - Despite the stringent regulations, the futures market is showing strong internal growth, with a reported trading volume of 6.79 billion contracts and a turnover of 54.73 trillion yuan in May, reflecting a year-on-year decrease of 4.51% and 1.55% respectively [4]. - Cumulatively, from January to May, the trading volume reached 33.37 billion contracts, with a turnover of 286.93 trillion yuan, marking year-on-year increases of 15.61% and 21.33% [4]. - The profitability of futures companies has also improved significantly, with net profits reaching 7.85 billion yuan and total revenues of 30.73 billion yuan as of April 2025, showing year-on-year growth of 38.83% and 6.32% respectively [4].

Core Viewpoint - The article highlights the recent disciplinary actions taken by the China Futures Association (CFA) against several futures risk management subsidiaries, indicating a focus on compliance and risk management in the over-the-counter derivatives business. Group 1: Disciplinary Actions - Since June, the CFA has issued multiple disciplinary decisions against futures risk management subsidiaries, marking the first new announcements since the end of 2024 [1] - The CFA's recent focus on the over-the-counter derivatives business is evident, with companies like Bohai Rongsheng Capital Management and Shanghai Rongzhi Industrial receiving reprimands for failing to meet compliance requirements [2] - Zhongtai Huirong Capital Investment was penalized for engaging in improper trading practices that did not align with substantive business needs, resulting in a disciplinary reprimand [3] Group 2: Market Development - Despite stringent regulations, the futures market in China continues to show strong development momentum, with a reported trading volume of 6.79 billion contracts and a turnover of 54.73 trillion yuan in May, reflecting a year-on-year decrease of 4.51% and 1.55% respectively [4] - Cumulatively, from January to May, the trading volume reached 33.37 billion contracts, with a turnover of 286.93 trillion yuan, marking year-on-year increases of 15.61% and 21.33% [4] - The net profit of futures companies has significantly increased, with total operating income of 120.75 billion yuan and net profit of 32.64 billion yuan reported for the first four months of the year, representing year-on-year growth of 6.32% and 38.83% respectively [4]