Jiang Yang, member of the CPPCC National Committee and former vice-chairman of the CSRC, was interviewed by reporters: Promoting the legislation of futures law can create conditions for the opening of China's futures market to the outside world

A year ago, in March 2018, the crude oil futures of INE were officially listed and traded, which marked that China's futures market entered a period of rapid development of opening to the outside world. By the end of 2018, the average daily turnover reached 150,000 lots unilaterally and the average position reached more than 30,000 lots, which has reached the third largest market in the world.

In the future, how to better expand the opening up of China's futures market, increase its influence on the global futures market, and make "Shanghai Oil" become the benchmark oil alongside "New York NYMEX Crude Oil" and "North Sea Brent Crude Oil"?

Futures markets need to be regulated by law:
In the interview, Jiang Yang told Daily Economic News that at present, Shanghai crude oil futures have been running for more than a year, iron ore futures of DCE have been introduced to foreign traders for more than half a year, and PTA futures of Zhengzhou Commodity Exchange have also been introduced to foreign traders for some time. From these developments, the conditions for China's futures market to open to the outside world have been met.

However, he also pointed out to reporters that the speed and pace of foreign investors' participation in China's futures market is still relatively slow, mainly because China's Futures Law has not yet been promulgated.

Jiang Yang said that because the current legal construction of futures market in China is not sound enough, leading foreign investors to worry that many civil rights in the futures market cannot be protected. In addition, foreign investors' compliance managers will also point out that the legal construction of China's futures market is not sound enough in the pre-investment compliance review. These factors weaken the participation speed of foreign investors.

In this regard, Jiang Yang told reporters that as a member of the CPPCC National Committee, he has put forward four proposals this year, one of which is related to the introduction of futures law. He continued to suggest this year that the introduction of Futures Law should be accelerated.

Reporters also noted that Jiang Yang also submitted proposals at the 2018 NPC and CPPCC sessions, suggesting that the legislation of Futures Law should be speeded up and the futures law should be promulgated as soon as possible.

At that time, Jiang Yang said in an interview with reporters that China's imports of commodities were very large. Since the establishment of the futures market for more than 20 years, there has been no law to regulate it, and administrative regulations have always played a role. Whether it is to promote the internationalization of the futures industry or to strengthen the domestic futures market, higher-level futures laws need to be introduced as soon as possible, so as to standardize, guide and guarantee the further innovation and development of futures and derivatives markets.

The draft Futures Law has been included in the legislative work plan:
Since the futures law plays such an important role in regulating the futures market, has the current legislation made further progress?

In this regard, Jiang Yang told reporters that, according to his understanding, the draft Futures Law has been consulting the relevant departments.

Reporters also noted that on the progress of Futures Law legislation, in August 2018, the CSRC disclosed in its letter on the reply to Proposal 2588 (Finance, Taxation and Finance 223) of the First Session of the 13th National Committee of the CPPCC: "At present, the Futures Law (Draft) has been deliberated and approved by the plenary session of the Finance and Economic Committee of the National People's Congress, and is now included in the legislative work plan of the Standing Committee of the National People's Congress Items for consideration."

In addition, at the third China (Zhengzhou) International Futures Forum held from September 8 to 9, 2018, Fang Xinghai, Vice Chairman of CSRC, pointed out that the legislation of Futures Law should be accelerated and the trading guarantee of the basic futures trading system should be improved. On September 15, last year, at the fifth meeting of the China Futures Association, Fang Xinghai also said that the CSRC was concentrating on steadily advancing the legislation of the Futures Law.

全国政协委员、证监会原副主席姜洋接受每经记者采访：推进期货法立法可为中国期货市场对外开放创造条件

一年前的2018年3月，上海国际能源中心的原油期货正式上市交易，标志着中国期货市场进入了对外开放的高速发展时期。截至2018年末，其日均成交量达到单边15万手，持仓达到平均3万手以上，已经做到全球第三大市场的规模。

未来，如何更好扩大中国期货市场的对外开放，加大其对全球期货市场的影响力，让“上海油”成为与“纽约NYMEX原油”和“北海布伦特原油”并肩的基准油种？

3月2日，全国政协委员、证监会原副主席姜洋就这一话题在驻地接受了《每日经济新闻》记者的采访。他向记者指出，推进期货法立法对于期货市场的对外开放尤为重要。

期货市场需要法律进行规范
在采访中，姜洋对《每日经济新闻》记者表示，目前，上海原油期货已运行一年有余，大连商品交易所铁矿石期货引入境外交易者也有大半年，郑州商品交易所PTA（精对苯二甲酸、重要的大宗有机原料）期货引入境外交易者也有一段时间。从这些进展来看，中国期货市场对外开放的条件已经具备。

不过，他同时向记者指出，当前外国投资者参与中国期货市场的速度和节奏还是比较缓慢，主要原因在于中国的期货法还没有出台。

姜洋表示，由于我国目前期货市场的法律建设还不够健全，导致外国投资者担心在期货市场中，有很多民事权利得不到保护。此外，外国投资者的合规经理在投资前的合规性审查中，也会指出中国期货市场法律建设还不够健全。这些因素的存在，削弱了外国投资者的参与速度。

对此，姜洋向记者表示，作为全国政协委员，他今年一共提了4个提案，其中一个就与推出期货法有关。他今年继续建议，要加快期货法的出台。

记者也留意到，在2018年的全国两会上，姜洋也曾提交提案称，建议加快期货法立法工作，推进期货法尽快出台。

当时，姜洋在接受记者采访时表示，中国的大宗商品进口量非常大，期货市场成立20多年来，没有一部法律来进行规范，一直靠行政法规起作用。无论是推动期货行业国际化，还是壮大国内自身期货市场，都需要更高层级的期货法尽快推出，从而规范、引导和保障期货及衍生品市场进一步创新发展。

期货法草案已列入立法工作计划
既然期货法对于规范期货市场有如此重要的作用，那当前相关立法工作是否有了进一步进展？

对此，姜洋对记者表示，据他了解，期货法草案已经在征求相关部门的意见。

记者也注意到，关于期货法立法进展，2018年8月，证监会在《关于政协十三届全国委员会第一次会议第2588号（财税金融类223号）提案答复的函》中披露：“目前，期货法（草案）已经全国人大财经委全体会议审议通过，现已列入全国人大常委会2018年立法工作计划预备审议项目。”

此外，2018年9月8日至9日举办的第三届中国(郑州)国际期货论坛上，中国证监会副主席方星海指出，要加快推动期货法立法，完善对期货交易基础制度的交易保障。去年9月15日，在中国期货业协会第五次会员大会上，方星海也表示，证监会正集中精力把期货法的立法工作稳步向前推进。