Zhongxin Finance, April 20. According to the website of the China Securities Regulatory Commission, on April 20, the 34th meeting of the Standing Committee of the 13th National People's Congress voted to pass the "Futures and Derivatives Law of the People's Republic of China" (hereinafter referred to as futures). Law).

The China Securities Regulatory Commission pointed out that the futures law passed this time will focus on regulating the futures market and take into account the derivatives market.

  The formulation of the Futures Law is based on serving the real economy, preventing and controlling financial risks, and deepening financial reform. It adheres to the direction of marketization, rule of law, and internationalization, and comprehensively and systematically stipulates various basic systems for the futures market and derivatives market. It provides a strong legal guarantee for building a standardized, transparent, open, dynamic and resilient capital market, which is of great importance and far-reaching significance.

  The Futures Law focuses on regulating the futures market, while taking into account the derivatives market.

The legal nature and basic positioning of the futures market and the derivatives market are generally the same. The two are deeply integrated, functionally complementary, and closely connected, serving the real economy together.

However, the futures market and the derivatives market have different degrees of development.

  Based on the actual market conditions, the Futures Law takes two markets into consideration: on the one hand, it systematically stipulates the basic systems of the futures market such as futures trading and settlement and delivery, establishes a trader protection system, and regulates futures business institutions, futures trading venues, and futures settlement. The operation of market entities such as institutions and futures service institutions, and clarify the supervision and management of the futures market.

  On the other hand, the Derivatives transaction was included in the scope of legal adjustment, fully absorbed the consensus reached by the G20 to strengthen the supervision of derivatives after the global financial crisis, and learned from the experience of international mature markets, established a single master agreement, terminated netting, The basic system of derivatives transactions such as the transaction report library, and authorized the State Council to formulate specific management measures, so that the development of the derivatives market has "laws to follow".

  In addition, the futures law also plays the role of the futures market and enhances the ability to serve the real economy.

Focusing on the main line of serving the real economy, the Futures Law has made institutional arrangements to promote the functioning of the futures market: it clearly stipulates that the state supports the healthy development of the futures market, and exerts the functions of market price discovery, risk management and resource allocation; encourages real enterprises to use the futures market to engage in hedging For risk management activities such as futures hedging, the position limit exemption is specified; it is specially stipulated to take measures to promote the development of the agricultural product futures market and the derivatives market, and guide the production and operation of domestic agricultural products; establish a market-oriented variety listing mechanism, stipulate in principle the basic conditions for variety listing, optimize The procedures for listing varieties, enriching the varieties of futures, and improving the product structure; expanding the business scope of futures companies, and reserving legal space for enhancing the operational capabilities and risk management capabilities of futures companies and better serving real enterprises.

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