Fujian Has Promulgated Policies To Solve The Problem Of "Who Is The Child To Hold".

In recent months, a new round of clean-up and rectification has been launched across the country. New regulations have been set up everywhere, and measures have been taken to promote healthy development and pformation and upgrading of the industry.

Since the decision of the State Council on cleaning up and reorganizing various trading places to effectively prevent financial risks (No. 38 [2011]] (hereinafter referred to as document No. 38) and the implementation opinions of the general office of the State Council on cleaning up and reorganizing various trading places (No. 37 of the State Office [2012], hereinafter referred to as the document No. 37 issued by the State Council), the rectification and rectification of various trading markets in China has never ceased.

Because of the situation of "who children hold children", many local trading markets are still in a state of "lack of barriers, lack of rules and lack of supervision".

As a result, some institutions are "looking at money", wandering between legality and illegal, intending to evade regulation, affect social stability, and have a great potential risk.

In mid September, the Legislative Affairs Office of the Fujian provincial government promulgated the revised draft regulations on the management of trading places in Fujian for comments.

According to the opinion, trading places should be centralized and unified management of branches, no joint ventures and cooperative management branches with others, nor branches, leases or entrusted to other people's management and management.

Trading places should be centralized and unified in their business, and the decision-making and main management responsibilities of various businesses should be borne by the headquarters of trading places.

Recent documents and actions of various governments have found that the rectification of trading places in provinces (municipalities and autonomous regions) is no longer a drastic cut in all directions, but more emphasis on the improvement of laws and regulations from all aspects of admittance to supervision and control.

In addition, the opinion also stressed the establishment of a centralized registration and settlement system for trading places. The unified third party clearing houses should carry out unified registration of investors and trading targets, unified deposit and management of pactions, and unified settlement of pactions.

The trading place shall ensure that the design, operation and maintenance of its information system conform to the requirements of centralized registration and settlement, and timely.

It provides real, accurate and complete data information.

In July 28th, the official website of the Chongqing municipal government issued the notice of the general office of the people's Government of Chongqing city on Further Strengthening the prevention and control of factor market risks (hereinafter referred to as the notice).

The notice put forward specific requirements for trading places: no branch or unauthorized establishment of business outlets without permission; no illegal development of exhibition agencies such as members, brokers, agents, intermediates, etc.; no violation of investors' appropriate management requirements, illegal development of investors (customers); new types or types of businesses that could not be added or changed without authorization, and no high leverage business such as futures trading.

The notice also strengthened the risk monitoring of different place trading places in Chongqing import and export establishments.

We should establish a dynamic tracking and early warning mechanism, discover illegal clues in time, crack down on all kinds of illegal financial activities according to law, actively and safely handle risk events, and maintain social harmony and stability.

At the same time, the Shanghai municipal government issued the general plan for further deepening China (Shanghai) FTA pilot and Pudong New Area post supervision system construction (hereinafter referred to as the "plan").

The plan points out that we should strive to solve the problems of imperfect market system, excessive government intervention and inadequate supervision from eight aspects, namely, guiding market participants to self discipline, exploring industry autonomy, promoting social supervision, strengthening government supervision, strengthening professional supervision, innovating supervision system and mechanism, innovating supervision methods, and strengthening supervision infrastructure construction.

After the introduction of the Provisional Regulations on the management of trading places, such as Hainan Province, the provincial capital cities with legislative power also began to establish rules for trading places.

Guangzhou finance office issued the Interim Measures on promoting the standardized development of trading venues in the OTC market in Guangzhou (Draft for Soliciting Comments), and solicited public opinions.

There are many points to be observed in the proposed provision, for example, the establishment of a Guangzhou OTC trading association.

The association adopts disciplinary disciplinary measures such as criticizing, ordering corrections, suspending the development of new traders, canceling the launching of OTC derivatives pactions, listing the black list of employees, and expelling membership.

While setting up rules and regulations for trading places, they are not soft in the process of cleaning up and rectification.

Since mid July, the financial offices at all levels in Xinjiang autonomous region have promptly implemented the spirit of the state and autonomous region's notice on the special rectification of Internet financial risks in trading places, formulated the implementation plan for special rectification work, and made clear the bottom line of supervision.

The Finance Office of the autonomous region has also organized the mobilization and training meeting of all kinds of financial risks in trading areas in the region.

In August 23rd, the Finance Office of the Lanzhou New District issued the notice on clearing up and reorganizing various trading places. The names and business scope of the 42 provincial governments approved the establishment of the "trading center", "exchanges", "commodities trading", "electronic commodities trading", "gold trading", "precious metal trading" and so on, and the enterprises engaged in commodity trading, precious metal trading, crude oil trading, and standardized integration were rectified.

In the early September,

The notice of the provincial finance office on further strengthening supervision over various trading places in the province (hereinafter referred to as "regulatory notice") appears on the official website of the relevant trading venues in Jiangsu province.

The regulatory notice pointed out that the trading places in all regions of Jiangsu province should speed up the docking work with Jiangsu's registration of Clearing Corp, which will restrict business development by the end of the year.

Local financial offices should take appropriate measures to deal with complaints frequently and can not effectively solve the problems, and urge them to carry out rectification. They must resolutely close or ban any trading places that fail to make rectification and fail to complete rectification or continue to operate illegally.

From the perspective of market reaction, this policy shock wave has gradually been pmitted to all kinds of trading places in Jiangsu province.

In September 1st, the Sino Soviet Commodity Exchange Center announced that the new account dealers need to meet the balance of funds available at the time of opening the margin account, not less than 500 thousand yuan, and the market value of the assets of dealers should not be less than 2 million yuan.

In September 5th, the Zhenjiang commodity trading center issued a notice on business adjustment, saying that from September 12th onwards, it will stop opening new accounts and stop all pactions.

Customers who still hold positions before September 30th will have to open their positions independently. If overdue, the system will be forced to liquidate the positions in September 30th at 4:00 (October 1st 4:00), resulting in profits and losses borne by the clients themselves.

As Tianjin has not passed the inter ministerial joint meeting, the clearing and reorganization of the trading market has entered a critical stage.

Futures Daily reporter interviewed in Tianjin found that many trading places began to raise the margin or a new pformation mode.

For example, the BOC or Tianjin GUI office can raise the margin ratio to 100%, or pform the original mode completely.

Reporters interviewed in various places, also heard many people in charge of the trading place to reflect that the document issued by the national development document 38 seems to have negated the trading mode of the trading place.

They called for some innovation and tolerance in the existing trading platform.

Huang Yuncheng, the former researcher of the SFC Research Center, said that progress has been made in the rectification and rectification work, and some achievements have been made, and some people in the industry have reached a consensus.

However, the local government's understanding of the commodity market is far from enough. Its documents are simply for the implementation of Document No. 37 and No. 38 of the document, and not on the long-term development of the commodity market.

It is also pointed out that if the commodity market wants to achieve long-term development, it must thoroughly eliminate the restrictions on spot and Futures and truly realize the integration of cash and futures.

From the exchange to "noble metal" to the Ministry of Commerce to publicized the list of trading places without crude oil and refined oil products, the establishment of trading place admittance evaluation index system from Fujian to Jiangsu's supervision on the introduction of third party trading places quotes indicates that all kinds of trading markets in the early stage of "blowout" will continue to be cleaned up.

This is because many places blindly set up trading places in order to compete for the market share of the financial economy.

Due to the lack of standardized management, the rapid establishment of trading places and illegal activities in trading activities, especially commodity trading places, have a large number of risks because of their special financial attributes and risk attributes.

If the risk situation is shut down, the waste of manpower, material resources, financial resources and resources can not be underestimated.

As a result, all parts of the country keep the supervision of rectification, border management and innovation.

In fact, the rectification of the trading venues by the state and local governments focuses on the long-term healthy development of the trading places.

At the same time as "pruning scissors", the national and local governments are more focused on the top-level design of pformation and upgrading.

In September 18th, the general office of the Shandong provincial government issued the notice on Forwarding the implementation of the provincial finance office "Shandong province's financial industry pformation and upgrading plan".

After careful reading of the notice, the futures daily found that Shandong province has proposed the innovation of financial supervision mode.

In line with the reform direction of releasing the front end and paying attention to the back-end, we should innovate regulatory tools and means to give play to the supervision role of financial consumers and social public so as to form greater regulatory synergy.

We should explore and establish a mechanism for coordinating the financial rights and interests of the central financial institutions and local governments, and the mechanism for handling disputes over disputes over financial consumers' rights and interests, and supervising and executing law enforcement cooperation.

Shandong's financial industry pformation and upgrading program is "full of dry goods", and co ordinate the pilot of commodity trading between spot and futures.

For example, we should promote the Linyi International Commodity Exchange Center and the Rizhao commodity trading center to create a comprehensive commodity trading place with national influence; promote the commodity trading market to explore e-commerce + modern logistics + supply chain financing operation mode, provide pricing, trade, logistics, hedging, supply chain financing and other services; establish a standardized, efficient and risk controlled province's unified registration and settlement service platform.

At present, the layout at the national level is even greater.

A few days ago, the Ministry of Commerce and other five departments issued the "guiding opinions on promoting the pformation and upgrading of the commodity trading market". By 2020, a group of tens of billions of professional market and 100 billion level comprehensive market with better performance in pformation and upgrading were formed, and a number of platform demonstration markets were built.

In view of this, Liu Jinping, a research analyst at China International Business Center's internal trade information center, believes that this is a reasonable and concrete top-level planning and design for promoting the pformation and upgrading of China's commodity trading market after a comprehensive combination of various factors.