Zhou Zhengqing: The Legislative Conditions For Futures Law Are Ripe And Should Be Speeded Up.

Zhou Zhengqing, former chairman of the China Securities Regulatory Commission, said in his written speech to the Tenth China (Shenzhen) International Futures conference in 2014 that the current legislative conditions of the Futures Act are ripe and should be speeded up to ensure the healthy development of China's futures market.

Zhou Zhengqing pointed out that due to the particularity of China's market development, there are many difficulties to be solved in the legislation of Futures Law. For example, the scope of legal challenges. In order to improve the multi-level capital market system and meet the needs of multi-level risk management, the futures law should not be confined to the futures market only, but should also include other qualified OTC derivatives markets in the field of adjustment, taking the field as the main consideration and taking into account the off-site market. At the same time, we should standardize foreign futures trading and work hard to formulate a futures and related derivatives basic law.

In terms of centralized settlement, Zhou Zhengqing believes that the futures law should unify the settlement rules shared by four exchanges, establish a principled framework, and gradually establish a unified settlement system, so as to improve spanaction efficiency.

According to its introduction, at present, China futures market There are no independent clearing houses, and four exchanges have set up a settlement system to carry out settlement business respectively. Zhou Zhengqing believes that under the current settlement system, Futures Company needs to deposit funds and settlement reserves in every exchange, and these funds can not be invoked each other, increasing the cost of capital and management costs. At the same time, exchanges and clearing standards differ among all exchanges, which are not conducive to controlling systemic risks nationwide.

stay Regulatory services Aspect, Zhou Zhengqing It is believed that futures legislation should be based on market discipline, supplemented by government regulation and strengthened service functions. He suggested that the Department of futures supervision and administration of the State Council should improve the centralized and unified supervision system across the sectors, across products and across the market for futures and other derivatives markets, and called for reduction of administrative licensing matters, simplifying the procedures for examining and approving trading varieties, and improving the marketization level of varieties listed.

Prior to that, Yin Zhongqing, deputy director of the finance and Economic Commission of the National People's Congress, said in Zhengzhou that the Standing Committee of the twelve National People's Congress attached great importance to the legislative work of futures. In September last year, the futures law was included in the legislative plan. In December last year, the finance and Economic Committee of the National People's Congress set up a drafting group. After nearly a year of intense work, the draft second draft of the draft Futures Law has been drafted recently.