On May 28, the 12th Shanghai Derivatives Market Forum (SDMF) was held in Shanghai. The theme of the forum is “futures markets’ development and cooperation under the One Belt and One Road Strategy”. Yao Gang, vice chairman of the China Securities Regulatory Commission (CSRC) attended the forum and delivered a speech.
Yao said that in recent years, China's futures and derivatives market has gained a good momentum of development, playing an increasingly prominent strategic role in supporting the transformation and development of the real economy and deepening the reform of the financial market reform. At present the total number of the futures products has reached 52 in China, covering agriculture, metals, energy, chemicals, finance and other major fields of national economy. Meanwhile, the futures market has seen the reform of the systems and rules continuously stepped up, with the market vitality further unleashed and the operational quality of the market constantly improved.
Yao pointed out that the initiation of the national strategy of “One Belt and One Road” provides a rare historical opportunity and a broad stage for China's futures market in supporting the efforts of the real economy to “go global” and bringing the functions of pricing service and risk management into full play. It is expected that with a decade of efforts, the annual value of trade between the relevant countries along the “One Belt and One Road” will reach US$2.5 trillion. We will accelerate the development of China’s futures market, gradually strengthen the capacity for pricing the bulk commodities and continue to enrich all kinds of risk management instruments, which will better the pricing service provided for the trade companies and provide the hedging instruments for the market participants to deal with the risks of fluctuation in bulk commodity prices and exchange rates. With abundant resources of bulk commodities, the regions along the “One Belt and One Road” are highlighted by the close correlation in commodities and complementary advantages in resources with China. The strengthened cooperation and coordinated development of the futures markets in different regions will help enhance cooperation and communication, cement the regional economic adhesion, and speed up the achievement of connected facilities, smooth trade and financing, thus pushing forward the process of regional integration and realizing complementation and all-win results for all parties concerned.
Yao stressed that according to the deployment and requirements of the CPC Central Committee and the State Council for building the new system of open economy, next, the CSRC will further implement the requirements of the new “State Nine Opinions”, accelerate reform and innovation, and make efforts in developing an open, inclusive, competitive and cooperative futures and derivatives market, so as to better support the development of the open economy.
First, we will advance the innovation in the market more rapidly so as to support the “new normal” of the economic development. We will optimize the mechanism of listing new futures products, making efforts to develop new products and instruments to meet the market demands and improve the system of the futures and derivatives market. We will vigorously make preparations and coordinate all parties concerned to ensure the smooth listing and safe operation of the crude oil futures. We will develop the commodity options market by implementing the pilot for the stock index options. In order to meet the diversified and individualized demands of the real economy for risk management and pricing, we will create the conditions for the development of the OTC derivatives market. The establishment of the trader system will be explored and the group of traders will be cultivated. We will energetically push forward the innovative development of the futures business institutions.
Second, we will actively promote the opening-up and cooperation and support the “One Belt and One Road” strategy. We will study the overall strategy and implementation steps of the opening up of the futures and derivatives market. We will make a breakthrough from the crude oil futures and gradually introduce foreign investors to participate in China's futures market. We will study and advance various means of opening up including contracts and authorization of the settlement prices of the contracts. We will take full advantage of both domestic and international markets and resources, and strengthen exchanges and cooperation with the regions related to the “One Belt and One Road”.
Third, we will focus on the regulatory transformation and effectively enhance regulatory efficiency. We will continue to deepen decentralization, remarkably intensify the supervision in and after the process, and improve the multi-level system of risk monitoring, early warning, prevention and control. We will make innovation in regulatory philosophy and methods, strengthen market supervision, crack down on market manipulation and other illegal activities, and safeguard an “open, fair and just” market and the investors' legitimate rights and interests. We will further press ahead with the reform of the regulatory system, optimize the market rules, reduce the market costs and improve the market efficiency. We will make further efforts in the legislation of the “Futures Law”.
Fourth, we will consolidate the foundation of the market and optimize the soft environment for the market development. We will make effective research in the impact of China’s futures market on the economy organized by the NPC Financial and Economic Committee and the CSRC. In addition, we will continue to deepen the cultivation of the market, make efforts in rationalizing and removing all unnecessary restrictions, and actively guide the investors with the demand for risk management, especially the industrial enterprises and financial institutions, in entering the market to trade. We will strengthen the risk education for the investors, publicity and guidance of public opinions.
Tu Guangshao, standing member of the CPC Shanghai Municipal Committee and executive vice mayor, attended and addressed the forum. The forum was jointly organized by the Shanghai Futures Exchange, Zhengzhou Commodity Exchange, Dalian Commodity Exchange and China Financial Futures Exchange, and supported by China Futures Market Monitoring Center and the China Futures Association. Present at the forum were the officials of the state government departments and the relevant industry associations, the executives of well-known financial institutions and enterprises at home and abroad, the experts, the scholars and the representatives of the media.
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