The 14th China International Futures Conference held in Shenzhen on 1st Dec,2018.

CSRC announce that lower Index Futures Margin and offer more derivatives.

ⅠIndex futures: lower the margin and transaction fees

According to China Financial Future Exchange, since the settlement on December 3, 2018, the CSI 300 and SSE 50 stock index futures trading margin standards have been uniformly adjusted to 10%, and the CSI 500 stock index futures trading margin standard has been uniformly adjusted to 15%; Since December 3, 2018, the regulatory standard for over-trading in stock index futures has been adjusted to 50 contracts for a single contract. The number of open positions for hedging transactions is not subject to this limit; from December 3, 2018, stock index futures will be used. The transaction fee standard for Pingjin warehouse is adjusted to 4.6 parts per million of the transaction amount.

ⅡCommodity futures: more new varieties, more internationalization

1. Jiang Yan, Chairman of the Shanghai Futures Exchange: will increase the opening up of futures varieties

On the one hand, the new variety No. 20 rubber futures will adopt the crude oil futures model and open to the outside world with the model of “international platform, net price transaction, bonded delivery, and RMB pricing”.

On the other hand, existing mature varieties, considering the next step as a specific species to introduce foreign investors, and increase the certification of overseas registered brands, in addition, there are also certain considerations in the layout of the delivery warehouse outside the country.

2. Xiong Jun, general manager of ZCE: preparing for the preparation of new varieties such as jujube and urea, actively preparing for the Singapore office

Other new varieties such as jujube, urea, soda ash, short fiber, peanuts, coffee, etc. are being considered to broaden the service area, and on the basis of white sugar option, it is hoped to introduce more options such as cotton option.

At present, we are actively preparing for the Singapore office and hope to further increase our links with the international market through this window. At the same time, in order to better open up to the outside world, we will introduce more international talents. Strengthen the training of the internal staff of the exchange and expand the international vision.

3.Wang Fenghai, general manager of DCE: preparation for internationalization of soybeans, palm oil and other varieties

It will speed up the international research and preparation of agricultural products such as yellow soybean No. 1, yellow soybean 2, palm oil, and chemical products such as linear low-density polyethylene and polypropylene, and continuously improve the level of opening up. Furthermore, Ethylene glycol futures will be listed on December 10th to further expand the service of the real economy.

We are promoting the development of futures such as pepper, pig, styrene, gas coal, scrap steel, ocean container shipping, LPG, etc. Among them, the pig future was approved by the China Securities Regulatory Commission at the beginning of this year. At the same time, with the launch of the first domestic commodity option-the bean meal option, corn options are also expected to be listed in the first quarter of next year.

Ⅲ Options: ETF options and commodity futures ETF are being prepared

1. Liu Shaotong, Deputy General Manager of Shanghai Stock Exchange: Hope to expand the variety of ETF options

Next, we hope to expand the variety of ETF options and introduce CSI300 ETF options and CSI500 ETF options. At the same time, we should improve the mechanism of margin of complex positions, combination of options strikes orders, two-way order of market makers and so on, which conforms to international practice. In this process, we should promote opening up and integrate it with the international market.

2. Wang Hong, deputy general manager of Shenzhen Stock Exchange, will launch commodity futures ETF products in cooperation with the Commodity Futures Exchange

Next, Shenzhen Stock Exchange will launch Shenzhen Innovation Engine ETF products and Zhejiang New Motivation ETF products. Next, it will launch commodity futures ETF products in cooperation with the Commodity Futures Exchange.

Ⅳ Futures Industry: More Policy Support

1. Supporting CTA's commodity investment and launch more public-asset management products investing in commodities
Fang Xinghai, Vice Chairman of the China Securities Regulatory Commission: We should continue to promote the opening of the futures industry to the outside world, actively prepare for foreign investment in domestic futures companies, and welcome foreign futures companies to participate in the Chinese market. We will vigorously promote the participation of state-owned enterprises and entity enterprise in the futures market, continue to promote eligible commercial banks and insurance institutions in the work of treasury bond futures, and promote foreign investment institutions to participate in futures trading through interconnection, QFII, RQFII, etc. Supporting CTA commodity investment and launching more public-asset management investing in commodities.
2. We will speed up the legislation of Futures Law and promote the listing of futures companies both at domestic and overseas.
Fang Xinghai : The CSRC will further improve the system, enhance the efficiency of supervision, and ensure that the regulatory capacity is compatible with the degree of opening up of the market. We should accelerate the legislation of Futures Law and consolidate the legal basis of futures market in an open environment. To revise and improve the Measures for the Supervision and Administration of Futures Companies, and to study and promulgate relevant management measures for subsidiaries and branches of futures companies. We will promote the listing of futures companies both at home and abroad, increase their capital strength and better participate in international competition.

第十届四中国(深圳)国际期货大会本周六在深圳举办，证监会和各期货、证券交易所领导出席会议并发言，与往期不同的是，各位在会议上透露了多项重磅动向，而股指期货的政策调整更是在周日立即发布，本文整理总结如下

一、股指期货：调降股指期货交易保证金及手续费标准

据中国金融期货交易所网站公告，经中国证监会同意，中国金融期货交易所在综合评估市场风险、积极完善监管制度的基础上，稳妥有序调整股指期货交易安排：

一是自2018年12月3日结算时起，将沪深300、上证50股指期货交易保证金标准统一调整为10%，中证500股指期货交易保证金标准统一调整为15%；

二是自2018年12月3日起，将股指期货日内过度交易行为的监管标准调整为单个合约50手，套期保值交易开仓数量不受此限；

三是自2018年12月3日起，将股指期货平今仓交易手续费标准调整为成交金额的万分之四点六。

目前，股指期货的交易保证金标准在15%~30%，平今仓手续费为成交金额的万分之六点九，为基础手续费的30倍，交易成本较高，而且日内非套保开仓量限制为20手，投资者的风险管理需求无法得到有效满足。

二、商品期货：更多新品种、更多国际化

1. 上期所理事长姜岩：将加大品种的对外开放力度

一方面，新品种20号胶期货将采取原油期货的模式，以“国际平台、净价交易、保税交割、人民币计价”的模式向境外开放；

另一方面，现有的成熟品种，考虑下一步作为特定品种引进境外投资者，加大境外注册品牌的认证力度，除此之外，在境外交割库存的布局上也有一定的考虑。

2. 郑商所总经理熊军：红枣、尿素等新品种准备中，积极进行新加坡办事处的筹备工作

正在考虑推出红枣、尿素、纯碱、短纤、花生、咖啡等其他新品种，以拓宽服务领域，并且在白糖期权的基础上，希望推出棉花等更多的期权品种。

目前我们正积极进行新加坡办事处的筹备工作，希望通过这一窗口进一步加大与国际市场的联系，同时为更好实现对外开放，我们将引入更多的国际化人才，同时加强交易所内部员工的培训，扩大国际化视野。

3. 大商所总经理王凤海：大豆、棕榈油等多个品种国际化准备中

将加快推进黄大豆1号、黄大豆2号、棕榈油等农产品和线型低密度聚乙烯、聚丙烯等化工品种的国际化研究和准备，不断提升对外开放水平，乙二醇期货将在12月10日挂牌上市，进一步拓展服务实体经济领域。

正在推进辣椒、生猪、苯乙烯、气煤、废钢、远洋集装箱航运、LPG等期货品种开发，其中，生猪品种今年年初获得证监会立项批复，同时，随着国内首个商品期权——豆粕期权推出，玉米期权也有望在明年一季度挂牌上市。

三、期权：ETF期权和商品期货ETF筹备中

1. 上交所副总经理刘绍统：希望扩大ETF期权品种

下一步我们希望扩大ETF期权品种，推出沪深300ETF期权和中证500ETF期权。同时，完善组合策略保证金、行权指令的合并申报、做市商双边报价等与国际惯例相符合的机制。在这一过程中推进对外开放，与国际市场相结合。

2. 深交所副总经理王红：将与商品期货交易所合作推出商品期货ETF产品

接下来深交所还会推出深圳创新引擎ETF产品和浙江新动能的ETF产品，下一步将与商品期货交易所合作推出商品期货ETF产品。

四、期货行业：将给予更多政策支持

1. 支持CTA商品投资，协调推出更多投资于商品的公募资管产品

证监会副主席方星海：要持续推进期货行业对外开放，积极做好外资投资国内期货公司的各项准备，欢迎外资期货公司参与中国市场。大力推动国企和各类实体企业参与期货市场，持续推进符合条件的商业银行和保险机构参与国债期货工作，推动外资机构通过互联互通、QFII、RQFII等参与期货交易。支持CTA商品投资，协调推出更多投资于商品的公募资管产品。

2. 将加快推动期货法立法，推动期货公司境内外上市

证监会副主席方星海：中国证监会将进一步补齐制度短板，提升监管效率，确保监管能力与市场对外开放程度相适应。加快推动期货法立法，夯实开放环境下的期货市场法制基础。修订完善《期货公司监督管理办法》，研究出台期货公司子公司及分支机构相关管理办法。推动期货公司境内外上市，增加资本实力，更好地参与国际竞争。