责任编辑：李桐 英镑兑美元和欧元均上涨0.5%，因货币市场下调对英国央行降息的押注，此前英国央行决策者Megan Greene警告称，美国利率下降将推升英国通胀。 英镑/美元上涨0.5%，至1.3569，为9月份以来最高；欧元/英镑下跌0.5%，至0.8661。 互换合约显示，交易员预计英国央行今年降息36个基点，低于周四时的41个基点。 英镑兑美元和欧元均上涨0.5%，因货币市场下调对英国央行降息的押注，此前英国央行决策者Megan Greene警告称，美国利率下降将推升英国通胀。 英镑/美元上涨0.5%，至1.3569，为9月份以来最高；欧元/英镑下跌0.5%，至0.8661。 互换合约显示，交易员预计英国央行今年降息36个基点，低于周四时的41个基点。 责任编辑：李桐 ...

1. Report Industry Investment Rating - There is no mention of the specific industry investment rating in the provided content. 2. Core Viewpoints of the Report - The "Draft for Comments" aims to promote the standardized and healthy development of the derivatives market, which is an implementation of measures to drive high - quality capital market development in the derivatives field [3][4]. - It will regulate derivatives trading, improve the multi - level capital market system, enhance market transparency, and boost the professional capabilities of financial institutions to better serve the real economy [3][33][34]. 3. Summary According to Relevant Catalogs Core Content Breakdown - **Define the regulatory scope and the functional positioning of derivatives**: The "Draft for Comments" defines "derivatives trading" as the trading of swap contracts, forward contracts, non - standardized option contracts, and their combinations. It also clarifies that derivatives should serve the real economy by managing risks, allocating resources [6][9]. - **Prevent regulatory arbitrage and excessive speculation, and clarify various prohibited actions and quantify penalty standards**: It restricts excessive speculation, prohibits illegal activities such as market manipulation and insider trading, and blocks the path of "stealthy reduction" or "circumventing reduction" [11]. It also quantifies penalty standards compared with the 2023 versions [12]. - **Strengthen institutional access and continuous compliance, and strictly manage investor suitability**: It sets higher access and operation requirements for derivatives business institutions and raises the bar for investor suitability management [13][14]. - **Improve trading and settlement infrastructure and establish a derivatives trading repository**: It improves trading and settlement infrastructure to address information opacity and counterparty risks. It also proposes the construction of a derivatives trading repository for data sharing and cross - market monitoring [15][16]. Derivatives Trading Development Situation - **Securities companies' derivatives trading**: As of September 27, 2022, there were 45 over - the - counter (OTC) options dealers in the securities industry. As of the end of July 2023, the nominal principal of securities firms' OTC derivatives reached 2.31 trillion yuan. The main participants in the OTC derivatives market are commercial banks, securities companies, and private funds [17][19][25]. - **Futures companies' derivatives trading**: As of November 2025, the total nominal principal of off - exchange derivatives held by futures companies' risk management subsidiaries was 375.438 billion yuan, a 11.5% increase from the end of 2024. Commodity - based derivatives are the main type, and options are the most common contract type [27]. Impact and Significance on Industry Development - **Regulate derivatives trading and improve the multi - level capital market system**: It provides clear rules for market participants and reduces systemic risks [33]. - **Promote the establishment of a trading repository and improve market transparency**: It helps regulators monitor potential risks and provides data support for counter - cyclical regulation [34]. - **Enhance the professional capabilities of financial institutions and strengthen the ability to serve the real economy**: Financial institutions will improve their competitiveness, and the market's ability to serve the real economy will be enhanced [35].

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].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft of the "Derivatives Trading Supervision and Management Measures (Trial) (Draft for Comments)" aimed at supporting derivatives trading for risk management and service to the real economy while enhancing monitoring and regulation to effectively prevent risks [1][4]. Group 1: Regulatory Framework - The draft establishes a unified regulatory requirement for various derivatives operating institutions under the CSRC to promote a standardized and healthy market development [1]. - Derivatives trading venues are required to report to the CSRC when organizing new derivatives contract trading or adjusting contract varieties and structures [1]. - The draft emphasizes the importance of risk management, compliance management, and internal management for derivatives operating institutions [2][4]. Group 2: Market Development Direction - The derivatives market is encouraged to engage in hedging and risk management activities, with a focus on developing derivatives that meet medium- to long-term funding risk management needs while legally restricting excessive speculation [2]. - The draft aims to enhance the clarity of business rules related to margin recording, custody, and usage, ensuring that margins are prioritized for derivatives trading settlement [2]. Group 3: Management and Supervision - A comprehensive regulatory arrangement is established to better prevent and mitigate financial risks, including counter-cyclical management of derivatives trading by the CSRC [2]. - The CSRC is mandated to coordinate supervision with other financial management departments and strengthen regulatory cooperation with overseas supervisory bodies for derivatives trading conducted by foreign institutions [2]. Group 4: Compliance and Legal Responsibilities - Clear "red lines" are set for participants in derivatives trading, prohibiting market manipulation, insider trading, and other illegal activities [3]. - The draft specifies the prohibitive behaviors of derivatives operating institutions and their personnel, detailing the legal responsibilities for violations [3]. Group 5: Adaptability and Inclusiveness - The draft outlines that derivatives trading should be conducted with margin requirements, with further details to be specified in normative documents and self-regulatory rules [3]. - It allows for differentiated standards for professional traders based on the type of underlying assets, ensuring that they meet or exceed the CSRC's professional trader standards [3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the draft of the "Regulations on the Supervision and Management of Derivative Transactions (Trial)" for public consultation, marking the first systematic regulation of the derivative market in China, aimed at risk management and supporting the real economy [1][2]. Group 1: Regulatory Framework - The "Regulations" provide a comprehensive framework for derivative trading, settlement, and the responsibilities of trading entities, while excluding the interbank derivative market and OTC derivatives organized by banks and insurance institutions [2]. - The regulations emphasize the importance of risk management, resource allocation, and serving the real economy, while also enhancing monitoring and supervision to effectively prevent risks [2][3]. Group 2: Key Highlights - The regulations adhere to a functional supervision principle, establishing unified regulatory requirements for various derivative trading entities under the CSRC, promoting healthy market development [3]. - They clarify the development direction of the derivative market, encouraging hedging activities and the development of derivatives that meet medium- to long-term risk management needs, while legally restricting excessive speculation [3]. - The regulations enhance business rules, including contract development, margin management, and internal compliance, which will improve the standardization of derivative business [3]. - A comprehensive regulatory arrangement is established to better prevent and mitigate financial risks, including counter-cyclical management and cooperation with foreign regulatory bodies for cross-border transactions [3][4]. - Clear "red lines" are set, prohibiting market manipulation, insider trading, and other illegal activities, with specified legal responsibilities for violations [4]. - The regulations introduce a more inclusive and adaptable system for margin requirements and position limits, allowing for flexibility in implementation while ensuring regulatory oversight [5]. Group 3: Market Impact - The rapid development of China's derivative market, characterized by increasing complexity and diverse participants, necessitates a balance between encouraging innovation and preventing systemic risks across markets and institutions [5]. - The introduction of these regulations is expected to enhance market transparency, standardization, and stability, while curbing speculative trading and refocusing on the core functions of price discovery and risk management [5].

1月16日，证监会发布《衍生品交易监督管理办法（试行）（征求意见稿）》（简称《管理办法》），是证 监会首部衍生品市场部门规章公开征求意见，意在支持鼓励衍生品交易发挥管理风险、服务实体经济等功 能，同时加强监测、监控、监管，有效防范风险。 衍生品交易是指互换合约、远期合约和非标准化期权合约及其组合的交易，其具有管理风险、配置资源、服务 实体经济的积极作用，是我国多层次风险管理市场的重要组成部分。制定《管理办法》是落实党中央、国务院 决策部署的具体举措，是推进《期货和衍生品法》相关规定落地实施的要求。 《管理办法》对衍生品交易和结算、衍生品交易者、衍生品经营机构、衍生品市场基础设施、监督管理和法律 责任等进行了规范。 一是遵循功能监管原则 ， 对证监会监管的各类衍生品经营机构制定统一监管要求，更好促进市场规范健康发 展。 要求衍生品交易场所组织开展新的衍生品合约品种交易，调整合约品种范围、合约结构，应当向证监会 报告；衍生品交易场所以外开展的衍生品交易，应当符合衍生品行业协会关于衍生品合约结构和标的物的管理 规定。 二是衍生品市场的发展方向更加明确。 衍生品市场具有管理风险、配置资源、服务实体经济的积极功能。鼓 ...

衍生品交易是指互换合约、远期合约和非标准化期权合约及其组合的交易，其具有管理风险、配置资源、服务实体经济的积极作用，是我国多层 次风险管理市场的重要组成部分。制定《管理办法》是落实党中央、国务院决策部署的具体举措，是推进《期货和衍生品法》相关规定落地实施 的要求。 《管理办法》对衍生品交易和结算、衍生品交易者、衍生品经营机构、衍生品市场基础设施、监督管理和法律责任等进行了规范。 一是遵循功能监管原则，对证监会监管的各类衍生品经营机构制定统一监管要求，更好促进市场规范健康发展。要求衍生品交易场所组织开展新 的衍生品合约品种交易，调整合约品种范围、合约结构，应当向证监会报告；衍生品交易场所以外开展的衍生品交易，应当符合衍生品行业协会 关于衍生品合约结构和标的物的管理规定。 二是衍生品市场的发展方向更加明确。衍生品市场具有管理风险、配置资源、服务实体经济的积极功能。鼓励利用衍生品市场从事套期保值等风 险管理活动，支持开发满足中长期资金风险管理需求的衍生品，依法限制过度投机行为。 三是相关业务规则更加健全完善。《管理办法》进一步丰富了衍生品合约开发，保证金的记录、存管和使用，要求保障保证金优先用于衍生品交 易结算，确 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft regulation for the supervision of derivative trading, aiming to enhance risk management and support the real economy through the development of the futures and derivatives market [1][2]. Group 1: Regulatory Framework - The draft regulation outlines the scope of application, stating that all derivative trading and related activities under CSRC's jurisdiction will be governed by this regulation [2]. - It emphasizes the functions of the derivatives market in managing risks, allocating resources, and serving the real economy, along with the basic principles for participating in derivative trading activities [2]. - The regulation specifies the conditions and procedures for developing derivative contracts, as well as the basic trading rules for various types of derivative contracts [2]. Group 2: Risk Management and Oversight - The draft includes provisions for performance assurance systems and standards for the appropriateness of traders [2]. - It aims to strengthen monitoring and cross-market regulation of derivatives, enhancing oversight of derivative operating institutions and trading venues [2]. - The regulation also addresses the supervision of derivative clearing institutions and trading report databases, along with clarifying supervisory management and legal responsibilities [2]. Group 3: Stakeholder Feedback - In 2023, the CSRC previously sought public opinion on the draft, receiving general support for its aim to standardize the development of the derivatives market, along with suggestions for further improvement [2]. - The CSRC has taken into account reasonable suggestions from stakeholders, making further modifications to enhance the adaptability and inclusiveness of the regulation [2].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has drafted the "Supervision and Management Measures for Derivative Transactions (Trial) (Draft for Comments)" to promote the healthy development of the derivatives market in accordance with national policies and legal requirements [1][2]. Group 1: Regulatory Framework - The draft specifies the applicable scope, stating that it governs derivative transactions and related activities under the supervision of the CSRC [2]. - It outlines the functions of the derivatives market, including risk management, resource allocation, and service to the real economy, along with basic principles for participation in derivative trading [2]. - The draft establishes conditions and procedures for the development of derivative contracts [2]. Group 2: Trading Rules and Oversight - Basic trading rules for various types of derivative contracts are clearly defined in the draft [2]. - The draft includes provisions for performance guarantee systems and standards for the appropriateness of traders [2]. - Enhanced monitoring and cross-market regulation of derivatives are emphasized, along with prohibitive and restrictive requirements for derivative trading [2]. Group 3: Institutional and Infrastructure Regulation - The draft strengthens the regulation of derivative operating institutions and trading venues, as well as clearing institutions and reporting databases [2]. - It specifies the supervisory management and legal responsibilities associated with derivative transactions [2]. - Feedback from the public has been generally supportive of the draft, with suggestions for further refinement being considered by the CSRC [2].

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].