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国务院关于进一步整顿和规范期货市场的通知 Circular of the State Council Concerning the Further Consolidation and Standardization of Futures Markets

2006-05-14 16:56   我要纠错 | 打印 | 收藏 | | |

国发199827号
(August 1, 1998)
颁布日期:19980801  实施日期:19980801  颁布单位:国务院

  In pursuance of the arrangement of the State Council, China Securities Supervision and Control Commission(hereinafter referred to as China Securities Commission) has stepped up the work of consolidating and standardizing future markets. Through the efforts in the last few years, the momentum of blind development of futures markets in China has been effectively contained with the gradual standardization of market conduct and strengthening of supervision and control capability. However, there still exist at present certain problems in the futures markets which brook no negligence, among which the most outstanding ones are the excessive number of futures exchanges and futures brokerage institutions and non-standardization of operations; a small number of institutions and individuals joining hands in manipulating the markets and seeking exorbitant profits; existence of illegal acts of engaging in overseas futures and foreign exchange trading on margin; weakness in supervision and control forces of the supervision and control departments and backwardness of the means of supervision and control. With a view to strengthening the supervision and control of the futures markets in real earnest, preventing and absolving market risks and ensuring the smooth carrying out of the experiments of the futures markets, the relevant questions are hereby notified as follows in the light of the spirit of the national conference on finance work and the unified arrangement of the Central Committee of the Chinese Communist Party and the State Council:

  I. Continuation in the Consolidation, Disbandment and Amalgamation of Futures Exchanges

  (I)The existing 14 futures exchanges shall be consolidated, disbanded and amalgamated and only 3 futures exchanged shall be retained in Shanghai, Zhengzhou and Dalian in accordance with the principle of "continuation of the experiment, strengthening of supervision and control, standardization according to law and prevention of risks". The futures exchanges retained shall practise centralized uniform management and futures exchanges shall be put under the direct administration of China Securities Commission, taking the management system of stock exchanges as reference. The general manager and deputy general manager(s) of a futures exchange shall be appointed by China Securities Commission, and the chairman and vice chairman(chairmen) of the board of directors shall be nominated by China Securities Commission and elected by the board of directors.

  (II)Detailed measures of adjustment are as follows:

  1. Amalgamation in the same city. Upon appraisal of properties and funds, Shanghai Metal Exchange, Shanghai Commodities Exchange and Shanghai Food grains and Oils Commodities Exchange shall be amalgamated into Shanghai Futures Exchange in accordance with the principle of "unified institution, unified finance, uniform trading, uniform settlement and uniform rules".

  2. Networking in different cities. Excluding the maintenance of Shanghai Futures Exchange, Zhengzhou Commodities Exchange and Dalian Commodities Exchange, other futures exchanges shall be reorganized as company-based local trading halls or local offer halls and conduct net trading with the above-mentioned 3 futures exchanges. Local trading halls or local offer halls shall provide the members of futures exchanges with trading seats in different cities and services of note issuance and shall not engage in listing of futures categories, shall not engage in match-making intruding and shall not handle settlement business. Local trading halls or local offer halls shall enjoy corporate status and be committed independently to the debtor-creditor relationship of the original futures exchanges.

  3. To achieve stable transition, the futures exchanges not to be retained can also be reorganized by adopting various modes: first, reorganization as futures brokerage firms; and second, reorganization as securities management agencies where conditions mature.

  II. Cancellation of Part of Futures Trading Categories of Commodities and Increment in the Futures Trading Guaranty Funds of Part of Commodities Varieties

  To give full play to the functions of futures markets in the discovery of price and hedging and to further curb over-speculation, the number of commodities futures trading varieties shall be cut down from 35 to 12, cancelling 23 categories. 12 commodities varieties of copper, aluminium, soya bean, wheat, soya bean scum, green bean, natural rubber, plywood, indicia rice, beer barley, red bean and peanut kernel shall be retained.

  Increment in the futures trading guaranty funds of part of commodities varieties. The rate of minimum trading guaranty funds shall be maintained at the existing 5% without change for the 3 commodities varieties of copper, aluminium and soya bean which have a better function in hedging and are not easy to scalp, the rate of minimum trading guaranty funds for the other 9 commodities varieties shall be raised to 10%. Shanghai Futures Exchange, Zhengzhou Commodities Exchange and Dalian Commodities Exchange shall re-design the futures contracts and engage in listing and trading upon the verification and approval of China Securities Commission. Henceforth, China Securities Commission may in the light of market demand adjust the listing varieties and fix the rate of minimum trading guaranty funds.

  III. Banning Illegal Futures Brokerage Activities, Sorting out and Consolidating Futures Brokerage Agencies

  (I)Revocation of futures brokerage qualification of members of all non-futures brokerage firms and no agency or individual shall engage in futures brokerage business without the approval of China Securities Commission. Departments of industry and commerce administration shall, in conjunction with China Securities Commission, conduct in a serious manner investigation and handling with respect to agencies or individuals engaging in illegal futures brokerage business under various names and impose a firm ban thereon.

  (II)Raise of the rate of minimum registered capital of futures brokerage firms and promotion of amalgamation and reorganization of futures brokerage firms to achieve scale operations. Rate of minimum registered capital of a futures brokerage firm shall be worked out separately by China Securities Commission.

  (III)No futures brokerage firm shall engage in own-account futures business operations, further sorting out and consolidation shall be carried out with respect to agency business and standardization of all links in trading realized so as to put risks under strict control.

  (IV)Perfection of annual inspection system, nullification of futures brokerage firms not in keeping with the provisions, and adequate support rendered to big-size brokerage firms with standardized operations and good credit standing.

  IV. Strict Control over Overseas Futures Trading

  The State Council hereby reiterates once again that no agency or individual shall, without approval, engage in overseas futures trading on its/his/her own and no futures brokerage firm shall engage in overseas futures business. For the small number of import and export enterprises which have the actual requirements to exploit overseas futures markets in hedging, China Securities Commission shall, in conjunction with the State Economic and Trade Commission and the Ministry of Foreign Economic Relations and Trade, carry out strict examination and verification and upon submission to and approval by the State Council, issue overseas futures business licences. No enterprise without obtaining the overseas futures business licence shall engage in overseas futures trading under any pretext and in any form. Enterprises having obtained overseas futures business licences shall only be permitted to engage in hedging in overseas futures markets and shall not engage in speculative trading. The State Economic and Trade Commission and the Ministry of Foreign Economic Relations and Trade shall, in conjunction with China Securities Commission, determine the trading varieties and the maximum futures trading turnover in accordance with the import and export commodities categories and actual trade volume of those enterprises, and China Securities Commission shall designate their overseas futures brokerage agencies and overseas futures exchanges.

  Overseas Chinese-capital agencies shall be prohibited to engage in overseas futures trading on their own without approval, those in violation thereof shall be investigated of the liability of the personnel involved. The State Economic and Trade Commission and the Ministry of Foreign Economic Relations and Trade shall carry out sorting out and consolidation of industrial and foreign trade enterprises already engaging in overseas futures trading and report the results of consolidation to the State Council and despatch a copy simultaneously to China Securities Commission.

  China Securities Commission shall, in conjunction with the departments concerned, strengthen the supervision and control over illegal overseas futures trading. China Securities Commission shall, in conjunction with the departments concerned, investigate and handle cases involving securities operating agencies' and futures brokerage agencies' operations in overseas futures in violation of law; the State Administration of Industry and Commerce shall, in conjunction with the departments concerned, investigate and handle cases involving other agencies illegally engaging in overseas futures. Stern penalties shall be meted out to enterprises and overseas Chinese-capital agencies engaging in overseas futures trading on their own in violation of the afore-said provisions, persons-in-charge and persons directly responsible of the enterprises shall be imposed the penalty from removal from office to expulsion by their higher competent departments, and the leadership of their higher competent departments shall be investigated of their responsibilities; where a crime has been constituted, the case shall be transferred to the judicial organ for the investigation of criminal liability according to law.

  V. Acceleration of Legislation and Further Strengthening of Supervision and Control over Futures Markets

  As futures markets are highly risky and speculative, legislation for futures markets shall be accelerated to realize supervision and control in accordance with law. The Legislative Affairs Office under the State Council and China Securities Commission should make good use of time in drafting the regulations on futures trading administration to be submitted to the State Council for review. China Securities Commission should further step up supervision and control over futures markets, standardize and unify the rules of futures markets on trading, settlement and delivery. Financial institutions, institutions, Party and government organs are strictly prohibited to participate in futures trading, state-owned enterprises are strictly prohibited to engage in futures trading in violation of regulations, credit funds and financial funds are strictly prohibited to flow into futures markets in any form, and financial institutions shall not provide financing or guaranty for futures trading. No institution shall engage in financial futures trading without approval. Domestic financial institutions' foreign exchange trading in violation of regulations shall be investigated and handled in accordance with law. Internal management of and external supervision and control over the financial institutions engaging in forward exchange as well as straddling, exchange rate swap and other businesses shall be strengthened.

  As of the date of issuance of this Circular, all futures exchanges shall stop forthwith to roll out any new contract, trading may be conducted to the last trading day for the contracts already listed. As of January 1, 1999, operations shall start officially in accordance with the new futures commodities varieties and rate of trading guaranty funds. China Securities Commission should further step up supervision and control and intensify its efforts in law enforcement. All regions and departments should earnestly implement the spirit of this Circular, exerting efforts in coordination and rendering active support for China Securities Commission in doing well the work of futures markets standardization and consolidation so as to maintain market and social stability.

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