May 13, 2014
By Liu Zhenhua
The State Council recently released the Opinions on Further Promoting the Healthy Development of the Capital Market (the “9 New Opinions” for short), another programmatic document, in response to China’s new round of reform and opening-up. With regard to the construction and development of the futures market, the “9 New Opinions” point out that the futures market construction should be promoted, the commodity futures market should be further developed, and the financial futures market should be built as well.
The “9 New Opinions” allows qualified institutional investors to participate in the futures market and cancel the unnecessary limitations on enterprises’ application of risk management, which will optimize the investor structure in the futures market. The “9 New Opinions” also demands to relax the restrictions on the business access of securities and futures operating agencies and to support intermediaries’ innovative development. And decentralizing more rights to the market will enable the futures market to adapt to the changing market demands, while developing more products and optimizing systems will contributing to strengthening the impetus for the sustainable development of the market.
Shanghai is now actively promoting the construction of an international financial center, and the futures market will be one of its key fields. An official of the Shanghai Futures Exchange (SHFE) said that the SHFE will, in line with the requirements in the “9 New Opinions”, greatly promote the “marketized, internationalized, and legalized” construction of the SHFE and enhance its ability of serving the real economy driven by innovation. With regard to the product transformation, it will improve the development of four major fundamental product series, including nonferrous metals, ferrous metals, precious metals, and energy and chemicals, launch commodity index futures, options and other derivatives, and speed up the development and listing of crude oil futures. In terms of internationalization, the SHFE will, by taking the opportunity of launching crude oil futures, pay close attention to the construction of an international crude oil futures platform, actively usher in overseas investors, and facilitate the release of relevant supporting policies, laws, and regulations for the opening-up, so as to steadily promote the internationalization of the SHFE. As for the legal construction of the futures market, it will actively cooperate and participate in the legislation of the “Futures Law” and, synchronized with the listing of crude oil futures, establish a system of legal rules acting on international convention.
In addition, the SHFE will actively promote the application of information technologies, with the Internet as its representative, in the futures market, grasp the development trend of future information technologies such as the “Big Data” and the “Cloud Computing”, and build a leading comprehensive trading platform in this industry, so as to provide the market with more diversified products and more convenient services.
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