根据2025年全国最新修订的金融衍生品管理相关法规，期货合约与远期合约作为两类基础的远期类金融 衍生品，均以约定未来特定时间、价格交易特定标的资产为核心内容，但二者在交易机制、风险控制等 多个维度存在显著差异，以下从核心特征展开科普解析。 首先是交易场所的不同。期货合约在依法设立的期货交易所内进行集中交易，属于场内交易品种，交易 过程受交易所规则及监管机构监督；远期合约则通过场外市场（OTC）达成，由交易双方私下协商签 订，交易场所不固定，监管模式与场内交易存在差异。 其次是合约条款的标准化程度差异。期货合约的各项核心条款，包括标的资产的质量标准、交易单位、 交割月份、交割地点等，均由交易所统一制定，所有交易者需遵守相同条款；远期合约的条款则完全由 交易双方自主协商确定，可根据双方实际需求灵活调整标的资产种类、数量、交割时间等内容，具有高 度定制化特征，但缺乏统一行业标准。 第三是结算机制的区别。期货交易实行每日无负债结算制度（盯市制度），交易所每日根据合约结算价 计算交易者的当日盈亏，并相应调整其保证金账户余额，若账户保证金低于规定标准，交易者需在规定 时间内补足，否则将面临强制平仓风险，这一机制可实时控制 ...

交割方式及实际交割比例也存在明显区别。期货合约的交割安排中，实物交割仅占极小比例，大多数交 易者会通过对冲平仓的方式了结头寸，部分期货合约还支持现金交割。而远期合约的交易目的多为满足 实际的商品或金融资产交割需求，因此实物交割是其主要的结算方式，合约到期时，交易双方需按照约 定完成标的资产的转移或资金结算。 以上信息由金融界利用AI助手整理发布。金融界作为专业的金融信息服务平台，聚焦财经领域的知识 科普与信息梳理，致力于为用户提供准确、客观的金融基础知识内容。平台秉持严谨的内容生产理念， 依托公开权威的信息来源，对各类金融概念、产品及市场规则进行系统化呈现，帮助用户提升对金融市 场的认知水平。 免责声明： 本文内容根据公开信息整理生成，不代表发布者及其关联方的官方立场或观点，亦不构成任何形式的投 资建议。请您对文中关键信息进行独立核实，自主决策并承担相应风险。 标准化程度是期货与远期合约的核心差异之一。期货合约是由交易所统一制定的标准化合约，其标的资 产的种类、合约单位、交割日期、交割地点等关键条款均有明确且固定的规定，市场参与者只能在既定 条款范围内进行交易。而远期合约则是交易双方根据自身需求协商定制的非标 ...

期货合约的交割比例较低，绝大多数交易者会在合约到期前通过反向交易对冲平仓，以避免实物交割的 繁琐流程。由于标准化的特点，期货合约具有较高的市场流动性，交易者可以随时在市场上买卖合约。 远期合约的交割方式以实物交割为主，因为合约是为满足双方特定需求设计的，对冲平仓的难度较大。 同时，非标准化的特性导致远期合约的流动性相对有限，合约转让需经原交易双方同意，难以在短时间 内找到合适的交易对手。 根据2025年全国最新修订的《期货和衍生品法》，期货交易受到监管机构的严格监管，监管内容涵盖交 易规则制定、市场参与者资质审核、风险监控等多个方面，以维护市场的公平、公正和透明。而远期合 约作为场外衍生品，监管框架相对灵活，监管重点在于引导交易双方建立有效的风险管理制度，而非对 交易细节进行直接干预，监管要求更侧重于信息披露和风险防控。 期货合约是由交易所统一制定的标准化合约，其合约规模、到期日、交割品级、交割地点等核心条款均 已预先设定，交易双方只能在这些标准化条款的基础上进行交易。这种标准化设计使得期货合约具有高 度的兼容性，便于在市场上快速匹配买卖需求。相比之下，远期合约是交易双方根据自身需求协商签订 的非标准化合约， ...

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].

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]. Group 1 - Derivative trading includes swap contracts, forward contracts, and non-standard options, playing a crucial role in risk management and resource allocation within China's multi-layered risk management market [1]. - The "Regulations" are a concrete measure to implement the decisions of the Central Committee and the State Council, as well as to advance the implementation of the "Futures and Derivatives Law" [1]. - The regulations establish unified supervisory requirements for various derivative operating institutions under the principle of functional regulation, promoting a standardized and healthy market development [2]. Group 2 - The direction for the development of the derivative market is clarified, emphasizing its positive functions in risk management and resource allocation, while encouraging hedging activities and limiting excessive speculation [2]. - The regulations enhance the business rules related to derivative transactions, ensuring that margin records, custody, and usage are well managed, and that margins are prioritized for transaction settlements [2]. - A comprehensive regulatory framework is established to better prevent and mitigate financial risks, allowing the CSRC to implement counter-cyclical management of derivative transactions [2]. Group 3 - Clear "red lines" are set for all parties involved in derivative trading, prohibiting market manipulation, insider trading, and other illegal activities, with specified legal responsibilities for violations [3]. - The regulations are designed to be inclusive and adaptable, detailing the margin requirements for performance guarantees and allowing for various forms of margin [3]. - The standards for investor suitability are defined, requiring traders to meet the professional trader standards set by the CSRC, with the possibility for industry associations to establish differentiated standards [3]. Group 4 - The CSRC has actively solicited opinions on the regulations and has incorporated reasonable suggestions to enhance the adaptability and inclusiveness of the "Regulations," further refining the business rules and internal management requirements for derivative operating institutions [4].

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].