Original title: The Centralized signing ceremony of cooperation memorandum between China Government Securities Depository Trust & Clearing Co. LTD and Futures Exchanges was successfully held
Sources：Shanghai Securities News
According to the information of China Securities Network of Shanghai Securities News on November 1, China Government Securities Depository Trust & Clearing Co. LTD (hereinafter referred to as "the Central Clearing Corporation") and Shanghai Futures Exchange (hereinafter referred to as "SHFE"), Zhengzhou Commodity Exchange (hereinafter referred to as "CZCE"), Dalian Commodity Exchange (hereinafter referred to as "DCE"), China Financial Futures Exchange (hereinafter referred to as "CFFEX") and Shanghai International Energy Exchange Co., Ltd. (hereinafter referred to as "INE") successfully held a centralized signing ceremony for the cooperation memorandum in Xi 'an. Wang Shaoshuang, Deputy Director of Treasury Department of the Ministry of Finance, Yan Shaoming, Deputy Director of Futures Supervision Department of China Securities Regulatory Commission, Chen Gangming, General Manager of China Central Clearing Corporation, and Guan Tao, former Director of Balance of Payments Department of Wuhan University and Foreign Exchange Bureau were invited to attend and witness. Xu Liang Dui, deputy general manager of China Central Clearing Corporation, He Jun, deputy general manager of SHFE, Yu Xuanfeng, deputy general manager of CZCE, Wang Yufei, deputy general manager of DCE, and Zhang Xiaogang, deputy general manager of CFFEX signed memorandums on behalf of various institutions respectively. This centralized contract signing marks a new level of interconnection between the bond market and the futures market. According to the memorandum, the China Central Clearing Corporation and various exchanges will conduct comprehensive and in-depth cooperation in “bonds as futures margin system applied to the futures market. “
It is reported that it is international market practice to use securities as futures margin. Bond collateral is widely accepted by international mainstream futures exchanges and used as margin due to its high liquidity, low market and credit risk. In January 2015, with the approval of the CSRC, the futures market began to formally introduce bonds as futures margin, a common practice and system in developed countries' markets, taking treasury bonds futures as a pilot and relying on professional and efficient collateral management services. In January 2019, the scope of application of treasury bonds as futures margin business will be extended to all financial futures. Up to now, the balance of treasury bonds as collateral for futures margin business has reached nearly 9 billion yuan, with rapid growth in scale and more diversified participating institutions. The signing of the contract will further promote relevant business experience and realize the bond as a futures margin system in the commodity futures market.
"The use of bonds as margin in futures market transactions will help reduce the use of cash margin and improve the efficiency of utilizing assets. As early as 2007, the "Measures for the Administration of Futures Exchanges" issued by the China Securities Regulatory Commission made it clear that the futures exchanges could accept negotiable government bonds as futures margin as recognized by the exchanges. " In his speech, the representative of the exchange said that with the signing of this cooperation memorandum, the bond as margin business will be expanded from the financial futures market to all futures markets in China, which marks the business has entered a new era and has a broader prospect in the future. Next, the futures exchanges will actively cooperate with the China Central Clearing Corporation to further improve the business in terms of expanding the scope of collateral, realizing system interconnection and establishing a rapid disposal mechanism for bond collateral in the futures market.
Relevant officials of the China Central Clearing Corporation said that this is the first time that they have signed contracts with a number of futures exchanges in a centralized way. The contract targets cover all futures exchanges in China's futures market. This means that the Central Clearing Corporation as a national financial infrastructure, its services will extend to the futures market in an all-round way and will have a profound impact on the construction and development of a multi-level capital market system. Over the years, China's bond collateral management service has continuously opened up innovative application areas of bond collateral, further deepening the important spirit of the coordinated development and functional enhancement of financial factor markets. In the next stage, under the guidance and support of the management department, the China Central Clearing Corporation will work hand in hand and closely with all futures exchanges to continuously deepen the application of collateral mechanism in the futures market, to protect the innovative development of the financial derivatives market.



原标题：中央结算公司与各家期货交易所合作备忘录集中签约仪式成功举办 来源：上海证券报
上证报中国证券网讯 据中金所11月1日消息，11月1日，中央国债登记结算有限责任公司（以下简称“中央结算公司”）与上海期货交易所（以下简称“上期所”）、郑州商品交易所（以下简称“郑商所”）、大连商品交易所（以下简称“大商所”）、中国金融期货交易所（以下简称“中金所”）、上海国际能源交易中心股份有限公司（以下简称“上期能源”）在西安成功举行合作备忘录集中签约仪式。财政部国库司副司长王绍双、中国证券监督管理委员会期货监管部副主任严绍明、中央结算公司总经理陈刚明以及武汉大学博导、外汇局国际收支司原司长管涛应邀出席并见证。中央结算公司副总经理徐良堆、上期所副总经理贺军、郑商所副总经理喻选锋、大商所副总经理王玉飞、中金所副总经理张晓刚分别代表各家机构签署备忘录。本次集中签约标志着债券市场与期货市场互联互通迈上新台阶。根据备忘录，中央结算公司与各家交易所将在债券作为期货保证金制度应用于期货市场等方面展开全面深入的合作。
据悉，以有价证券作为保证金是国际市场惯例。债券担保品以其流动性高、市场和信用风险低等特性，被国际主流期货交易所广泛接受并作为保证金。2015年1月，经证监会批准，以国债期货为试点，以专业高效的担保品管理服务为依托，期货市场开始正式引入债券作为期货保证金这一发达国家市场的普遍做法和制度。2019年1月，国债作为期货保证金业务适用范围扩大至全部金融期货品种。截至目前，国债作为期货保证金业务担保品余额已近90亿元，规模增长迅速，参与机构更加多元。此次签约，则将进一步推广相关业务经验，在商品期货市场实现债券作为期货保证金制度。
“以债券作为保证金运用于期货市场交易，有助于降低现金保证金的使用，有利于提高资产使用效率。早在2007年，中国证监会发布的《期货交易所管理办法》就明确期货交易所可以接受经交易所认定的可流通国债作为期货保证金。”交易所代表在致辞中表示，通过此次合作备忘录的签署，债券作为保证金业务将从金融期货市场拓展至境内全部期货市场，标志着该业务发展进入了新的时代，未来前景更为广阔。下一步，各期货交易所将与中央结算公司积极合作，从扩展担保品范围，实现系统互联互通，建立期货市场债券担保品快速处置机制等方面，进一步完善该项业务。
中央结算公司相关负责人表示，这是中央结算公司首次与多家期货交易所集中签约，签约对象覆盖了中国期货市场全部各家期货交易所，意味着中央结算公司作为国家金融基础设施，其服务将全面延伸至期货市场，将对建设和发展多层次的资本市场体系产生深刻影响。多年来，中债担保品管理服务不断开辟债券担保品的创新应用领域，进一步深化金融要素市场联动发展与功能提升的重要精神。下一阶段，在管理部门的指导与支持下，中央结算公司将与各期货交易所共同携手、紧密合作，持续深化担保品机制在期货市场的应用，为金融衍生品市场的创新发展保驾护航。