2065438+On February 1 2003, China Futures Association issued the Guidelines for Futures Companies to Set up Subsidiaries to Carry out Pilot Work with Risk Management Services as the Main Business, and the mode of futures companies serving the real economy in the form of risk management subsidiaries was officially opened. 2065438+On August 26th, 2004, China Futures Association issued the revised Guidelines for Establishing Subsidiaries of Futures Companies to Carry out Risk Management Services (Revised) (hereinafter referred to as the Guidelines), which further standardized the filing and declaration of the pilot business of futures risk management subsidiaries, and further clarified the boundaries for smooth business development. A futures risk management subsidiary refers to a limited liability company or a joint stock limited company established according to the Company Law, in which the futures company holds more than 50% of the shares, and its main business is to provide risk management services. According to the Guidelines (Revised), risk management subsidiaries can carry out business related to risk management services, such as basis trading, warehouse receipt service, cooperative hedging, pricing service, and market-making business. In 20 13, eight futures companies, namely yongan futures, Zheshang Futures, Wanda Futures, Guangfa Futures, Zheng Lu Futures, Dida Futures, Founder Mid-term Futures and hongyuan futures, were allowed to set up subsidiaries for the first time, and launched business pilots focusing on risk management services, marking the formal establishment of futures risk management subsidiaries by futures companies.

According to the official data of China Futures Association, as of the end of July, 20 16, 50 futures companies in the whole industry have completed the filing of pilot business of risk management companies, 5/kloc-0 futures risk management subsidiaries have been established, and 43 companies have completed the filing of pilot business. Among the established futures risk management subsidiaries, 80% companies have carried out warehouse receipt service, basis trading and cooperative hedging business, and more than 70% companies have carried out pricing service business. The absolute controlling position of the futures company makes the futures risk management subsidiary pay attention to the inheritance of risk management in its natural endowment, and the natural high leverage and high risk of futures make the futures risk management subsidiary have risk control awareness and disposal ability.