The first is macro risk management.
Macro-management can be divided into three aspects: legislative management, administrative management and industry self-discipline management.
(1) Legislative management Legislative management regulates the organization and operation mechanism of the futures market by formulating and promulgating laws and regulations on futures trading.
(2) Administrative management refers to the management implemented by government administrative organs through the performance of their duties.
(III) Industry Self-discipline Management Industry Self-discipline management refers to the autonomy, coordination and self-discipline management of industry associations in the futures market.
Followed by micro-risk management.
1. Risk management of futures exchanges
(1) Pre-transaction risk management 1, improve trading system and rules 2, strengthen member management 3, select appropriate listed products 4, and establish a computer risk control system.
(2) Risk management 1 in the transaction process, margin system 2, position limit system 3, large household declaration system 4, daily limit system 5, transaction avoidance system 6, market prohibition system.
(3) Exchange risk management 1, daily settlement system 2, forced liquidation system 3, risk reserve system 4 and risk early warning system.
2. Risk management of futures brokerage companies
According to the sources and manifestations of risks of futures brokerage companies, futures brokerage companies should manage risks from the following four aspects: customer management, employees management of futures brokerage companies, margin management in daily transactions, and limited positions management in delivery months.
(1) customer management; 4) Review customer qualifications, sources of funds and credit status; 5) Strengthen risk education and moral education; 6) Implement strict margin management; 7) Improve customer trading skills.
(2) Management of employees in futures brokerage companies 1, referring to business skills 2. Cultivating professional ethics
(III) Margin system 1, daily settlement 2, customer risk rate 3, forced liquidation.
(4) Daily self-supervision and inspection (5) Limited warehouse management of varieties in delivery month.
3. Customer risk management
(A) careful selection of futures brokerage companies
(2) Defining the investors and raising risk awareness.
(3) Be familiar with futures business knowledge and futures varieties.
(4) abiding by discipline and law
(five) to check the real situation of the transaction.
(six) to complain or reflect to the regulatory authorities to safeguard their legitimate rights and interests. It was learned from the China Securities Regulatory Commission that in order to implement the spirit of managing inflation expectations and stabilizing prices in the Notice of the State Council on Stabilizing the General Level of Consumer Prices to Guarantee People's Basic Living (hereinafter referred to as the Notice), the CSRC will further strengthen the supervision and management of the futures market, resolutely curb excessive speculation, pay close attention to abnormal trading behaviors, severely crack down on illegal transactions, and do a good job in market risk prevention and control to ensure the futures market.
The relevant person in charge of the CSRC said that after the announcement, the CSRC immediately convened a meeting of the principal responsible persons of the futures exchange and decided to take five measures to effectively strengthen the supervision of the agricultural futures market, severely crack down on illegal activities such as market manipulation, and resolutely curb excessive speculation.
First, the futures exchange is required to substantially increase the trading margin of all varieties on the existing basis, and at the same time moderately increase the price limit of futures varieties. From165438+1October 26th, the trading margin of each futures product will be raised to above 10%, and excessive trading will be suppressed by reducing the leverage ratio of futures trading.
Second, from June 29th 165438+, the intraday trading cost of all futures varieties will be greatly increased, and short-term intraday trading will be suppressed.
The third is to guide the futures exchange to issue relevant account identification standards in a timely manner to prevent illegal activities such as market manipulation.
Fourth, the futures exchange is required to strengthen the audit power and increase the number of auditors to meet the needs of the rapid development of the market and various audit work.
Fifth, carefully study the changing trend of market operation and ask the futures exchange to formulate further regulatory measures and risk control plans.
Sixth, send a working group to supervise the risk control and front-line supervision of futures exchanges, and conduct on-site inspections of key regions, key futures companies and key customers, which will deter market violations. At the same time, strengthen communication and coordination with the spot authorities to ensure the coordinated development of the spot market.
It is understood that since July, due to various factors at home and abroad, the prices of bulk commodities, mainly agricultural products, have risen rapidly, and the futures market prices have also fluctuated greatly with the spot market. Although the price fluctuation of the futures market leads to a significant increase in market size and trading volume, the futures market is generally stable, with good market order and measurable, controllable and affordable risks.
With the general increase of global commodities, China Securities Regulatory Commission has sized up the situation, strengthened the monitoring of market operation and taken decisive measures against all kinds of abnormal trading behaviors. For illegal transactions, the first is to curb excessive speculation and regulate abnormal trading behavior; Secondly, strengthen the supervision of programmed transactions; The third is to supervise the futures exchange to strengthen the front-line supervision of the market and severely investigate and deal with illegal acts.
The person in charge said that in order to make the futures market better serve the real economy, the CSRC will continue to improve the rules and regulations of the futures market on the basis of fully considering the development and changes of the spot market, specifically in expanding contract value, limiting speculative positions and facilitating industrial customers to apply for hedging, so as to meet the risk management demands of industrial customers and further enhance the ability of the futures market to serve the real economy.