Eligibility Management New Rules facilitates the participation of foreign investors and the effect is obvious.
Crude oil futures have opened a new journey of internationalization of China's futures market. Over the past year, more and more foreign investors have participated in the trading of specific futures in China.
The development and service of these overseas customers are very difficult. It is not only cultural differences that affect the efficiency of communication, but also differences in laws and regulations that cause problems in overseas marketing and customer participation. At the end of May this year, three domestic commodity futures exchanges simultaneously revised their respective Futures Trading Participant Eligibility Management Rules, unified the evaluation criteria for options and specific varieties, and increased Exchanges mutual recognition and exemption. Over the past month, the effect of this rules adjustment has initially appeared. Some futures companies have reported that the number of accounts opened for specific varieties, such as crude oil futures, has increased significantly.
Companies have reported a surge in the number of accounts opened for specific types
The general manager of a futures company told reporters that the three commodity futures exchanges revised the eligibility rules of futures trading participant at the same time. While unifying the criteria for identifying specific varieties, the criteria and requirements of eligibility have not been reduced, but the applicability is broader, more scientific and more flexible in operation, which attracts more investors participate in specific product transactions.
According to the reporter's understanding, this revision further optimizes the eligibility criteria for investors of specific futures varieties in China, adds the exemption and mutual recognition provisions for specific futures varieties, and makes some adjustments to the opening documents of overseas customers.
"For the market, on the one hand, it simplifies the application and examination requirements for participating in a number of specific varieties and greatly improves the efficiency of the market. On the other hand, it also conveys to the global market the open and transparent market environment of China's futures market, and improves the recognition and affirmation of foreign investors to China's futures market and commodity futures." Relevant sources told reporters that, more importantly, in the light of the current expansion of opening up to the outside world in various domestic industries, the market can clearly feel the determination and motivation of China's futures market to keep pace with the times and further expand its opening up.
Economists told reporters that all kinds of market participants had very good feedback on the adjustment of eligibility rules, especially the exemption and mutual recognition of the application for opening accounts for specific varieties. The market generally expressed that this provided convenience for investors who needed to participate in multiple specific varieties at the same time. Overseas intermediaries welcome this.
"From the perspective of variety characteristics, there is no inevitable industrial link between crude oil, iron ore (865,-18.50,-2.09%) and PTA (5420,-134.00,-2.41%) futures that have been introduced to foreign traders at present, however, from a macro perspective, these varieties are closely related to the global macro-economic and industrial restructuring. Domestic and foreign investors have a high convergence in their attention to these varieties. The exemption and mutual recognition of eligibility assessment greatly facilitates investors.
Reporters learned from the Shanghai International Energy Exchange (INE) that in June, the number of INE crude oil futures accounts increased sharply.
In addition, the INE crude oil futures position has increased by 10% since June, while Brent and WTI crude oil futures positions have remained almost unchanged in the same period. This shows that the adjustment of eligibility rules is effective and will continue to show effect in the later period.
The adjustment of eligibility rules also has a positive impact on the opening up of China's futures market. For foreign investors, the standardization, transparency and openness of China's futures market are the cornerstones of their participation. Whether we can attract enough domestic and foreign investors from different industries to participate in this market is the basis of whether the price of Chinese futures market can be generally recognized and accepted in the world. In the process of continuously optimizing and perfecting rules, the determination and action of China's futures market to open to the outside world can be widely transmitted to global investors, which will greatly help China's futures market to open to the outside world and enhance the recognition of futures prices.
It is understood that up to now, the number of overseas customers of INE crude oil futures has exceeded 100, including 9 countries such as the United Kingdom, Australia, Singapore, as well as Hong Kong, Macao and Taiwan. At the same time, INE has completed the opening of 53 overseas intermediaries from Singapore, Britain, Korea, Japan, the Netherlands and Hong Kong, China.
This achievement is not easy. The internationalization of futures varieties first needs to face a series of technical problems such as cross-border supervision, delivery and inspection. At the same time, relevant domestic institutions need to meet the requirements of laws, regulations and supervision of their countries or regions when exhibiting abroad. Taking the Japanese market as an example, the relevant Japanese institutions engaged in commodity futures business in Japan need to obtain a CDBO license issued jointly by the Ministry of Economy, Industry, Agriculture, Forestry and Fisheries of Japan. If domestic futures operators directly accept Japanese investors to participate in INE crude oil futures trading, then these institutions also need to obtain CDBO licenses.
This requires good communication between domestic agencies and local regulatory authorities, and submission of a series of required materials in accordance with local requirements. But this process is often very cumbersome and lengthy. In France, for example, the statutory review market lasts for up to six months.
Of course, there are also some exceptions. For example, if an overseas customer reaches the "reverse solicitation" condition, that is, it is initiated by an overseas customer, the domestic futures operator can apply for an exemption license from the local regulatory authority.
"In fact, in the process of opening the domestic futures market to the outside world, this way of promoting market demand may be more efficient." One industry veteran said.
According to the reporter's understanding, the above is only one of the problems that domestic futures operators may encounter in overseas exhibition industry.
In fact, domestic futures operators will encounter many details when expanding overseas markets. "For example, influenced by cultural differences, domestic institutions are faced with cognitive differences and low communication efficiency when exhibiting abroad. In addition, some of them, such as the provision of original certification materials and the cumbersome signature process, have also brought many troubles to domestic futures operators in expanding overseas markets.
Improving the level of internationalization requires the joint efforts of all of us
Internationalization usually refers to the two dimensions from inside to outside and from outside to inside. We should not only "go out", but also introduce the products and institutions from outside, so that we can talk about internationalization. There are many opportunities, but at the same time there are many challenges.
In addition to the above mentioned problems of supervision and communication faced by overseas exhibition industry, the respondents generally believe that to enhance the internationalization of domestic futures market, first of all, a good market trading environment is needed, and further improvement of laws and regulations is the top priority.
Large overseas institutions attach great importance to this, and they want all the rules to be followed. In fact, this is also a common problem reflected by many overseas institutions, that is, policies should be clear and transparent, which requires the joint efforts of relevant departments and market parties to improve and optimize.
As China is more and more integrated into the global pricing system, "going out" and "introducing" already have a considerable industrial foundation. It is essential to establish a set of rules that are in line with Chinese characteristics and recognized by international investors. "In this regard, we need to “seek common ground while reserving differences, choose the best and use the best “rules, the rules different is normal, pluralism is common, and openness and inclusiveness is the trend.
"In addition, according to the needs of investors, it is necessary to study whether Chinese characteristics should be closer to international practices when conflicts arise between Chinese characteristics and international practices, and whether Chinese characteristics can be integrated into international practices through innovation in the future, so as to make the rules closer to investors.
In addition, in the gradual process of internationalization of futures market, futures exchanges need to enhance their capabilities in variety research and development, system optimization and service awareness. At the same time, as the main force to promote the internationalization of the market, futures companies should insist on both "going out" and "introducing", constantly strengthen their innovation ability and cultivate their core competitiveness.
In view of this, the necessary conditions for the domestic futures market to be in line with international standards are as follows: firstly, we need to speed up the introduction of Futures Law to eliminate the concerns of foreign investors; secondly, we need to build an international trading platform to expand the influence of domestic futures exchanges and enhance the international representation of products; thirdly, we need to further optimize the structure of investors. To become a market dominated by institutional customers, industrial customers and professional investors; finally, it is necessary to train and introduce diversified talents who are "both domestic and foreign", "both futures and spot" and "both investment and risk control".
For those risks brought by the internationalization of the market, in recent years, the domestic futures market rarely has a big risk event, which shows that the current domestic futures market risk management system is effective, what we need to do is to adhere to the implementation and further optimize.
Even so, in the process of risk management, the futures market itself will also have some potential risks, and there will be some new risk points in the process of market internationalization. Relevant institutions need to actively study the causes of new risks, make good plans, and actively develop new risk management tools under the premise of compliance.
While adhering to the bottom line of risk, domestic futures exchanges can try to learn from mature overseas experience to enhance their international competitiveness. Exchanges should provide technological innovation support for trading platforms, including improving the stability of long-distance and remote electronic transactions, trying to interconnect domestic and foreign exchanges, establishing global inventory layout, and strengthening risk system control.
As for the level of futures companies, in the face of the more complex and changeable market environment brought about by opening and internationalization, it is probably the best way to take precautions in advance in case of unexpected events, which requires futures companies to adhere to the "bottom line thinking" and resolutely resist illegal business activities. In addition, futures companies should guard against the appearance of "gray rhinoceros" in the interior as well as the external "black swan". In addition, futures companies should strengthen their internal supervision, establish and constantly improve the internal risk control system. They should not only have the first hand to prevent risks, but also have the methods to deal with them and the consciousness to implement them. Finally, futures companies should standardize the practice of practitioners and stick to the bottom line of practice.
Especially in overseas exhibition, futures companies should abide by the laws and regulations of foreign countries. After all, most countries have licensing requirements for financial activities in their own countries. Therefore, in carrying out relevant business, futures companies should avoid these irregularities. In addition, when introducing foreign investors, futures companies should conduct due diligence to prevent the entry of some enterprises or individuals subject to international sanctions and avoid unnecessary legal risks.

提升特定品种国际化程度任重道远
适当性新规便利境外投资者参与效果初显
原油期货开启了我国期货市场国际化的新征程，一年多来，越来越多的境外投资者参与到了我国境内特定期货品种的交易当中。
殊不知，这些境外客户的开发、服务十分艰辛。不仅仅是文化差异影响了沟通效率，法律法规制度的差异更是给境外市场推广、境外客户参与等带来了困扰。为最大程度方便境内期货经营机构的展业和境外客户的参与，今年5月末，国内三家商品期交所同时对各自的期货交易者适当性制度进行修订，统一期权和特定品种评估标准，增加跨所互认和豁免规定。一个多月来，这一制度调整效果初步显现，有期货公司反映，原油期货等特定品种开户数量增长明显。
有公司反映特定品种开户数量激增
某期货总经理葛国栋告诉期货日报记者，三家商品期交所同时对期货交易者适当性制度进行修订，在统一特定品种的认定标准的同时，适当性的标准和要求并未降低，适用度却更广、更科学性，操作上更灵活，可吸引更多的投资者参与特定品种交易。
据记者了解，本次修订进一步优化了国内特定期货品种投资者适当性标准，增加了特定品种间的豁免和互认规定，并对境外客户的开户文件进行了一定的调整。
“对市场而言，一方面简化了参与多个特定品种的申请和考试要求，极大地提高了市场的效率，另一方面也是向全球市场传达中国期货市场公开透明的市场环境，提高境外投资者对中国期货市场和商品期货的认知和认可。”某期货期货产业研究所原油期货研究总监王笑告诉记者，更重要的是，结合当前国内各行业扩大对外开放，市场可以明显地感受到中国期货市场与时俱进，进一步扩大对外开放的决心和行动力。
某期货副总经理、首席经济学家景川告诉记者，各类市场参与主体对此次适当性制度调整都有非常好的反馈，特别是对特定品种开户申请的豁免和互认，市场普遍表示这给需要同时参与多个特定品种的投资者提供了便利。境外中介机构更是对此表示欢迎。
“从品种特性上看，当前已引入境外交易者的原油、铁矿石、PTA期货之间没有必然的产业联系，但从宏观角度看，这几个品种与全球宏观经济、产业结构调整有着密切联系，境内外投资者对这几个品种的关注有较高的趋同性，适当性考核的豁免和互认大大便利了投资者。”景川说。
期货日报记者从上海国际能源交易中心（INE）了解到，6月份，INE原油期货开户数激增。
“自5月底三家商品期货交易所修订期货交易者适当性制度以来，仅某期货在特定品种上的开户数量就出现了数倍增长，而且境外相关产品也在积极准备申请交易编码的材料。”葛国栋说，“目前已经有一只境外产品通过我们公司以转委托的方式申请到了境内三家商品交易所的交易编码。”
另外，从持仓量看，6月份以来INE原油期货持仓量增加10%，而同期Brent和WTI原油期货持仓几乎保持不变。景川认为，这表明适当性制度的调整是有效的，后期仍将继续显现效果。
适当性制度调整对我国期货市场对外开放也有着积极影响。“对境外投资者来说，中国期货市场的规范、透明和开放是其参与的基石。是否能够吸引足够多、来自不同行业的境内外投资者参与到这个市场中来，则是中国期货市场价格是否能够在全球范围内得到普遍认可和接受的根本。”景川说，在不断优化和完善制度的过程中，中国期货市场对外开放的决心和行动能够广泛地传递给全球投资者，这对中国期货市场对外开放、期货价格认可度提升都有着非常大的帮助。
据了解，截至目前，INE原油期货境外客户开户数已超过100个，包括英国、澳大利亚、新加坡等9个国家，以及我国香港、澳门和台湾地区。同时，INE已经完成了来自新加坡、英国、韩国、日本、荷兰等国和中国香港的53家境外中介机构的备案。
这一成绩的取得并不容易。要知道，期货品种的国际化首先需要面对跨境监管、交割和检验等一系列技术性问题，同时境内相关机构在境外展业时还需要满足所在国家或地区法律法规和监管的要求。以日本市场为例，日本相关机构在日本从事商品期货业务，需要取得由日本经济产业省、农林水产省共同颁发的商品期货经营者（CDBO）牌照。若境内期货经营机构直接接受日本投资者参与INE原油期货交易，那么这些机构也需取得CDBO牌照。
这就需要境内机构与当地监管部门保持良好沟通，并按照当地的要求提交所需的一系列材料。但这一过程往往十分繁琐漫长，以法国为例，法定审阅市场就长达6个月。
当然，这其中也会存在一些例外，比如某境外客户达到“反向招揽”条件即由境外客户发起，境内期货经营机构可向当地监管机构申请豁免牌照。
“实际上，在国内期货市场对外开放的过程中，这种通过市场需求推进的方式可能更有效率。”一位业内资深人士说。
据记者了解，上述还只是境内期货经营机构境外展业可能遇到的问题之一。
事实上，境内期货经营机构在拓展境外市场时，还会遇到很多细节问题。“比如受文化差异影响，境内机构在境外展业时面临双方存在认知差异、沟通效率偏低的情况。另外，一些如证明材料原件的提供、繁琐的签字流程等也给境内期货经营机构拓展境外市场带来了不少烦恼。”某期货副总经理王冬凡说。
提高国际化水平需各方共同努力
在景川看来，国际化通常是指由内到外和由外到内的两个维度，不仅要“走出去”，更要将外面的产品、机构等引进来，如此才能谈得上国际化。这其中有很多机遇，但同时伴随着不少挑战。
除上述提到的境外展业面临的监管、沟通等问题外，受访行业人士普遍认为，提升境内期货市场国际化程度，首先需要有一个良好的市场交易环境，进一步完善法律法规制度是当务之急。
“境外大型机构对这一块非常看重，他们希望所有的规则都有章可循，不能模棱两可。”某期货国际业务部负责人倪韬雍说，“实际上，这也是我们接触的许多境外机构普遍反映的问题，即政策要明确和透明，这需要有关部门和市场各方共同努力去完善和优化。”
景川也表示，随着我国越来越融入全球定价体系，“走出去”和“引进来”已具备相当的产业基础，建立一套符合中国特色同时被国际投资者认可的规则至关重要，“在这方面，我们需要对规则做到‘求同存异，择优而用’，规则的差异化是常态，多元化是共性，开放包容是趋势”。
“另外，还要根据投资者的需求，研究中国特色与国际惯例出现冲突时是否要向国际惯例靠拢，未来是否可以通过创新做到将中国特色融入国际惯例，让规则更加贴近投资者。”他说。
除此之外，葛国栋认为，在期货市场国际化这一循序渐进的过程中，期货交易所需提升在品种研发、制度优化方面的能力，加强服务意识。同时，作为推动市场国际化的主力军，期货公司应坚持“走出去”和“引进来”并重，不断加强创新能力，培育核心竞争力。
鉴于此，葛国栋表示，境内期货市场与国际接轨的必备条件有四点：首先，需加快出台期货法，消除境外投资者的顾虑；其次，需打造国际化交易平台，扩大境内期交所的影响力，提升产品国际代表性；再次，投资者结构需进一步优化，形成以机构客户、产业客户和专业投资者为主的市场；最后，需培养引进“既懂国内又懂国外”“既懂期货又懂现货”“既懂投资又懂风控”的多元化人才。
对于那些市场国际化带来的风险，葛国栋认为，近年来国内期货市场鲜有大的风险事件发生，这说明当前国内期货市场的风险管理体系行之有效，“我们要做的就是坚持执行并进一步优化”。
即便如此，景川还是认为，在管理风险的过程中期货市场本身也会出现一些风险隐患，在市场国际化的过程中还会产生一些新的风险点，“相关机构需要积极研究新风险产生的原因，做好预案，并在合规的前提下积极开发新的风险管理工具应对”。
景川同时建议，国内期交所在坚守风险底线的同时，可尝试借鉴成熟的海外经验，提升自身的国际竞争力。交易所应为交易平台提供技术创新支持，包括提高远程异地电子化交易的稳定性、尝试境内外交易所互联交易、建立全球库存布局、强化风险制度管控等。
至于期货公司层面，葛国栋认为，在开放、国际化带来的更趋复杂多变的市场环境面前，“备预不虞”可能是最好的方法，而这需要期货公司坚守“底线思维”，坚决抵制违法、违规经营活动。另外，期货公司在警惕外部“黑天鹅”的同时，还要防范内部出现“灰犀牛”。此外，期货公司还要加强内部监管，建立并不断完善内部风险控制制度，既要有防范风险的先手，也要有应对的方法，更要有自上而下贯彻执行的思想觉悟和行动自觉。最后，期货公司要规范从业人员执业行为，守住执业底线。
“特别是在境外展业时，期货公司要遵守境外相关国家的法律法规，毕竟大部分国家对在本国开展金融活动都有持牌要求。因此，在开展相关业务时，期货公司要避开这些违规展业行为。”倪韬雍补充说，另外，在引入境外投资者时，期货公司要做好尽职调查，防止一些受到国际制裁的企业或个人进入，避免产生不必要的法律风险。