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Interpretation of the highlights of the draft of the "Futures Law"; the development of the futures market has been elevated to the height of the national strategy.
After a lapse of eight years, our country's "Futures Law" legislation has ushered in significant progress. On April 26, 2021, the draft of the "Futures Law" was submitted to the 28th meeting of the 13th National People's Congress for the first deliberation, and publicly solicited opinions on April 30. This is the first time that our country has specifically legislated to regulate and promote the healthy development of the futures market, and it is also the proper meaning of the issue of the development and reform of the financial market.
This draft of the "Futures Law" has 14 chapters and 173 articles. Compared with the current "Futures Trading Management Regulations" (hereinafter referred to as the Regulations), which has a total of 8 chapters and 86 articles, the draft adds 6 chapters in total including other derivatives transactions, futures settlement and delivery, futures traders, futures settlement institutions, futures service organization, and cross-border jurisdiction and cooperation. It has clearly stipulated and systematically improved systems such as over-the-counter derivatives supervision, the central counterparty positioning of settlement institutions, the investor class action system, the rights and obligations of futures service institutions, and two-way openness.
Special legislation to elevate the development of the futures market to a national strategy.
Since 1990, many economic functions of the futures market have been placed high hopes by the times, and such hopes have not changed until now. Through functions such as price discovery and risk management, the futures market plays an active role in promoting the circulation of production, consumption, and distribution, and serving the development of the real economy.
Since COVID-19, global financial markets have been volatile. Different from the stock market, the price of commodities has a strong global linkage and is directly related to the operation of the national economy. In the draft, a series of words such as "support the development of the futures market", "encourage" and "take measures to promote" are a full affirmation of the current development of the futures market. At present, in the face of rising global inflation expectations and accelerating exposure of financial risks, the construction and development of our country’s futures market has also entered a new period of development, that is, starting from the top-level design of the national strategy, "serving the national economy, preventing and dissolving financial risks, and maintaining national economic security" has become the ultimate goal of the development of the futures market.
Encourage innovation and enhance the ability of the futures market to serve the real economy.
In 2020, the trading volume of our country's futures market will reach 6.153 billion lots. Among them, the trading volume of commodity futures (excluding options) was 5.929 billion lots, ranking first in the world for 11 consecutive years. At present, our country has developed into the world's largest futures market for agricultural products, non-ferrous metals, coke, thermal coal and ferrous building materials, with 92 futures and options listed, covering major areas of the national economy.
On January 8, 2021, DCE officially listed live hog futures, which is our country's first live-body futures product. The launch of live hog futures, in addition to improving the market pricing mechanism and enhancing our country’s “right to speak” in the international hog trade, it also effectively complements feed futures to form a relatively complete agricultural product futures system covering major agricultural and livestock products, thereby further improving our country's agricultural industrialization level.
On the occasion of the 100th anniversary of the founding of the party, the number of futures and derivatives will also exceed 100. It is reported that the Shanghai Futures Exchange will promote the listing of futures products such as refined oil, natural gas, alumina, ferrochrome, and synthetic rubber, options products such as crude oil, silver, and rebar, as well as index products such as shipping index futures and non-ferrous metal index futures options; Zhengzhou Commodity Exchange will promote the listing of peanuts, chicken, steel billet, caustic soda, PX, bottle flakes and other varieties; Dalian Commodities Exchange will promote the listing of futures varieties such as dried chilli, ethanol, and container capacity; China Financial Futures Exchange will study the launch of new products such as 30-year treasury bond futures .
In addition, Guangzhou Futures Exchange is positioned to serve green finance. As the fifth domestic futures exchange, Guangzhou Futures Exchange is located at the forefront of reform and opening up and serves the Guangdong-Hong Kong-Macao Greater Bay Area. In addition to the first launch of commodity index futures, it will become a new bright spot in the future development of our country's futures market and will further optimize the spatial layout of my country's futures exchanges.
The two-way opening makes the futures company's business model usher in a transformation.
According to data released by the China Futures Association, as of the end of 2020, China's futures companies have total assets of 984.825 billion yuan and net assets of 135.001 billion yuan, and their capital strength has increased.
Few market participants and outstanding strategic position in the industry are the characteristics of the futures and derivatives market. This draft not only upgrades the "Administrative Regulations on Futures Trading", but also has more innovations in style and content. For example, the inclusion of over-the-counter derivatives trading and the establishment of a special chapter stipulating "other derivatives trading" will help build a unified financial derivatives market; in terms of the scope of legal validity, the principle of "long-arm jurisdiction" is introduced by referring to the securities law; in terms of settlement, the central counterparty system is clearly incorporated into the futures settlement system.
As the futures law will complement the last piece of capital market legislation, the business model of futures companies will also undergo a transformation. According to data from the Futures Industry Association, as of the end of March 2021, our country has 150 futures companies with 90 risk management subsidiaries, 10 asset management subsidiaries, and industry net assets of 139.4 billion yuan.
Previously, the "Administrative Regulations on Futures Trading" stipulated that futures companies could only engage in brokerage, investment consulting, and other futures businesses prescribed by the futures regulatory agency of the State Council, and their business activities were strictly restricted. Through the formulation of the Futures Law, it is expected to further broaden the breadth and depth of futures operating institutions' services to the real economy, and provide development space for futures operating institutions to explore new business models and operating concepts. The consolidation of the legal foundation for state-owned enterprises to participate in the derivatives market will also further enrich the structure of investors in the futures market.
This draft of the "Futures Law" also creates a fair and orderly business environment for foreign investors to enter the Chinese market to carry out derivatives business, and creates better and more favorable conditions for the opening of our country's capital market. At the same time, the investor structure of the futures market will become more and more abundant, and the total volume of institutional investors will expand. This means that industrial customers will be more active in using the futures market to carry out hedging, which in turn makes the structure of futures market participants more reasonable.
《期货法》草案亮点解读，期货市场发展提升至国家战略高度
时隔八年，我国《期货法》立法迎来重大进展。2021年4月26日，《期货法》草案提请十三届全国人大常委会第二十八次会议初次审议，并在4月30日公开征求意见。这是我国首次专门立法规范和促进期货市场健康发展，更是金融市场发展与改革的题中应有之义。
本次《期货法》草案共14章173条，与现行共8章86条的《期货交易管理条例》（下称条例）相比，草案增加了其他衍生品交易、期货结算与交割、期货交易者、期货结算机构、期货服务机构、跨境管辖与协作6个章节，对场外衍生品监管、结算机构中央对手方定位、投资者集体诉讼制度、期货服务机构权利义务、双向开放等制度进行了明确规定和系统性完善。
专门立法，期货市场发展提升至国家战略
1990年以来期货市场的诸多经济功能被时代寄予了厚望，至今未变。通过价格发现、风险管理等功能，期货市场对于促进生产、流通、消费、分配循环，服务实体经济发展发挥着积极作用。
新冠疫情以来，全球金融市场波动不断。不同于股市，大宗商品价格全球联动性强且直接关系国民经济的运行。草案中，“支持期货市场发展”“鼓励”“采取措施推动”等一系列词汇，是对当前期货市场发展的充分肯定。当下，面对全球通胀预期抬头与金融风险加速暴露，我国期货市场建设与发展也进入全新发展时期，即从国家战略顶层设计出发，“服务国民经济，防范化解金融风险，维护国家经济安全”成为期货市场发展的终极目标。
鼓励创新，提升期货市场服务实体经济的能力
2020年，我国期货市场交易量达61.53亿手。其中，商品期货（不含期权）交易量为59.29亿手，连续11年位居世界第一。目前，我国已发展成为全球最大的农产品、有色金属、焦炭、动力煤和黑色建材期货市场，已经上市92个期货、期权品种，覆盖了国民经济的主要领域。
2021年1月8日，大商所正式挂牌交易生猪期货，这是我国首个以活体为标的的期货品种。生猪期货的推出，除了完善市场定价机制，增强我国在国际生猪贸易中的“话语权”之外，更与饲料期货有效互补，形成涵盖主要农畜产品的较为完整的农产品期货体系，从而进一步提升我国农业产业化水平。
正值建党100周年之际，期货及衍生品种也将突破100个。据悉，上期所将推动成品油、天然气、氧化铝、铬铁、合成橡胶等期货产品，原油、白银、螺纹钢等期权产品，以及航运指数期货、有色金属指数期货期权等指数类产品上市；郑商所将推进花生、鸡肉、钢坯、烧碱、PX、瓶片等品种上市；大商所将推进干辣椒、乙醇、集装箱运力等期货品种上市；中金所将研究推出30年国债期货等新产品。
此外，定位于服务绿色金融，广州期货交易所作为国内第五家期货交易所，落子于改革开放最前沿和服务粤港澳大湾区，除了首推商品指数期货，成为未来我国期货市场发展的新亮点，也将进一步优化我国期货交易所的空间布局。
双向开放 期货公司经营模式将迎来转型
中国期货业协会公布的数据显示，截至2020年底，中国期货公司总资产9848.25亿元，净资产1350.01亿元，资本实力有所增强。
市场参与者少，行业战略地位突出，是期货及衍生品市场的特点。本次草案不单就《期货交易管理条例》进行升级，其在体例和内容有较多创新，如将场外衍生品交易纳入其中，设专章规定“其他衍生品交易”，有利于构建我国统一金融衍生品市场；在法律效力范围方面，借鉴证券法，将“长臂管辖”原则引入；在结算方面，明确将中央对手方制度纳入期货结算体系中等。
随着期货法将补齐资本市场立法最后一块“拼图”，期货公司经营模式也将迎来转型。期货业协会数据显示，截至2021年3月底，我国共有150家期货公司，下设90家风险管理子公司、10家资产管理子公司，行业净资产1394亿元。
此前，《期货交易管理条例》规定期货公司只能从事经纪、投资咨询以及国务院期货监督管理机构规定的其他期货业务，经营活动受到严格限制。通过制定期货法，有望进一步拓宽期货经营机构服务实体经济的广度和深度，为期货经营机构探索新的经营模式、经营理念提供发展空间，国有企业参与衍生品市场的法律基础夯实，也将进一步丰富期货市场投资者的结构。
本次《期货法》草案还为境外投资者进入中国市场开展衍生品业务创造公平有序的业务环境，为我国资本市场对外开放创造更好更有利的条件。与此同时，期货市场投资者结构将越来越丰富，机构投资者总量将扩容，这意味着产业客户利用期货市场开展套期保值的意愿将更加积极，进而使得期货市场参与者的结构更为合理。
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