Xinghai Fang, vice chairman of the China Securities Regulatory Commission, said that eligible leading futures companies are encouraged to go public for financing

Xinghai Fang, vice chairman of the China Securities Regulatory Commission, stated at the 17th China (Shenzhen) International Futures Conference in 2021 on December 5 that we must strengthen the confidence to promote the construction of the futures market and serve the high-quality development of the real economy.

First, take the opportunity of futures legislation to further strengthen the rule of law in the futures market. The second is to strengthen market construction and create a diversified open futures derivatives market system.

The third is to continue to improve the futures intermediary system.

Xinghai Fang said that since the beginning of this year, breakthroughs have been made in the formulation of the Basic Law of the Futures Industry. The Futures and Derivatives Law has passed the first and second readings and is expected to be officially released after the third reading in 2022.

Guided by the legislative framework and principles of the futures law, promote the improvement of departmental regulations, self-discipline rules and other institutional systems, continue to consolidate the foundation for the construction of the rule of law in the futures market, and improve the ability and level of governing the market according to law.

Focusing on building a diversified and open futures derivatives market system, Xinghai Fang said that the next step is to improve the variety rule system, continue to optimize the market-making system, accelerate the construction of the over-the-counter derivatives market, and continue to open up to the outside world.

Guided by the demand of the industrial chain, we should optimize the stock, do a good job of increment, and continue to expand the new varieties of the industrial chain related to the listed products. Promote the innovation of futures products such as carbon emission rights and new energy metals.

According to the actual demands of the industry group, we will continue to promote the optimization of rules and systems, continue to enhance contract continuity, optimize the layout of delivery warehouses, further improve the warehouse receipt transaction mechanism and the premium and discount mechanism, and promote futures prices to better reflect the situation of spot supply and demand.

In terms of accelerating the construction of the over-the-counter derivatives market, Xinghai Fang said that it is necessary to steadily expand the pilot varieties of warehouse receipt transactions, improve the service functions of the integrated futures trading platform, strengthen cooperation with emerging technology, finance, warehousing, logistics and other parties, and strengthen industry and finance. Accelerate the construction of a commodity ecosystem, build a commodity trading center and an information center, promote the coordinated development of on- and off-market, and continue to expand the coverage of futures derivatives to serve the real economy.

Focusing on futures and expanding opening to the outside world, Xinghai Fang said that it is necessary to continue to expand the scope of specific open products, deepen the price influence of opened products, and strive to promote breakthroughs in regional pricing influence of key products such as crude oil, PTA, and iron ore;

Expand the diversified and open model, steadily advance the layout of overseas foreign exchange warehouses, and gradually realize the “bringing in from the transaction side and going out on the delivery side”.

Deeply promote institutional opening, introduce more overseas traders to participate in the domestic market, and promote the improvement of the quality and service level of the futures industry with a higher level of opening.

Futures companies are an important bridge connecting the futures market and investors. Xinghai Fangs aid that it is necessary to guide futures companies to play more of their functions as a dealer, and to promote the common development of brokerage and other businesses of futures operating agencies.

One is to support industry-leading companies to accelerate their development.
The second is to vigorously support the development of futures risk management companies.

The third is to steadily expand the group of traders.

Xinghai Fang expressed that it is necessary to support futures companies to expand financing channels and carry out cross-border operations, encourage qualified leading futures companies to go public for financing, and strive to build a group of strong capital, international competitiveness, risk management and asset pricing services. Support the derivatives and commodities service company for core business.

证监会副主席方星海表示 鼓励符合条件的头部期货公司上市融资

中国证监会副主席方星海12月5日在2021年第17届中国（深圳）国际期货大会上表示，要坚定信心推动期货市场建设，服务实体经济高质量发展。一是以期货立法为契机，进一步加强期货市场法治建设。二是加强市场建设，打造多元开放期货衍生品市场体系。三是继续完善期货中介机构体系。

方星海说，今年以来，期货行业基本法制定取得突破性进展，期货和衍生品法通过一读和二读，有望在2022年三读后正式发布。要以期货法立法框架和原则为指导，推动完善部门规章、自律规则等制度体系，不断夯实期货市场法治建设基础，提升依法治市能力和水平。

围绕打造多元开放期货衍生品市场体系，方星海说，接下来要完善品种规则体系，持续优化做市制度，加快场外衍生品市场建设，持续扩大对外开放。要以产业链需求为导向，优化存量，做好增量，不断拓展已上市品种相关产业链新品种。推进碳排放权、新能源金属等期货品种创新工作。根据产业群体现实诉求，不断推动规则优化和制度优化，继续增强合约连续性，优化交割仓库布局，进一步完善仓单交易机制和升贴水机制，促进期货价格更好地反映现货供需状况。

在加快场外衍生品市场建设方面，方星海说，要稳步扩大仓单交易试点品种、完善期现综合交易平台服务功能，加强与新兴科技、金融、仓储、物流等各方合作，强化产融联合，加快构建大宗商品生态圈，打造大宗商品交易中心和信息中心，促进场内场外协同发展，持续扩大期货衍生品服务实体经济覆盖面。

聚焦期货扩大对外开放，方星海表示，要继续扩大特定开放品种范围，深化已开放品种价格影响力，着力推动原油、PTA、铁矿石等重点品种在区域定价影响力上形成突破；拓展多元化开放模式，稳步推进海外交割库布局，逐步实现“交易端引进来，交割端走出去”。深入推进制度型开放，引入更多境外交易者参与国内市场，以更高水平开放促进期货行业质量和服务水平的提升。

期货公司是连接期货市场和投资者的重要桥梁。方星海表示，要引导期货公司更多发挥交易商功能，促进期货经营机构经纪和其他业务共同发展。一是支持行业领先公司加快发展。二是大力支持期货风险管理公司发展。三是稳步扩大交易商群体。

方星海表示，要支持期货公司扩宽融资渠道和开展跨境经营，鼓励符合条件的头部期货公司上市融资，努力打造一批资本实力雄厚、具有国际竞争力、以风险管理和资产定价服务为核心业务的衍生品和大宗商品服务公司。（宋薇萍）