Due to the high-yield characteristics of futures investment funds during the 1987 US stock market crash, futures investment funds have attracted more and more attention from financial circles and are welcomed by mass investors. It is against this background that Japan introduced futures investment funds, and since then, futures investment funds have developed rapidly in Japan. Japan Futures CTA Fund was established in 1987, when there was no commodity fund law in Japan. At first, some investors transferred private funds to the United States, set up investment companies in some tax haven countries such as Panama, and entrusted the funds to American Investment Consulting Company (CTA) to conduct expert financial management in the global futures market. This is the embryonic form of Japanese futures CTA fund. 1989, Japan's first futures fund was formally established. After two years' development, the Japanese government promulgated the Commodity Fund Law on 199 1 to regulate the futures fund and gradually regulate the order of the commodity fund market. After years of supplementary revision, it continues to check the gap. Finally, in June, 5438+February, 2000, JCFA (Japan Commodity Fund Association) officially promulgated the Japanese Commodity Fund Law, which has been continuously improved for many years, and became the code of conduct to guide and standardize the commodity fund market, making the commodity futures fund market develop healthily in the direction of orderly competition.
1. Overview
Japanese futures laws and regulations have different legal basis because of different objects. The laws regulating commodity futures trading are mainly the Commodity Investment Enterprise Law (also known as the Commodity Fund Law) and the Commodity Trading Law; The laws regulating financial futures trading are mainly the Securities Exchange Law and the Financial Futures Exchange Law. Due to the different nature of futures commodities, the competent authorities of Japanese futures are supervised by different authorities. The competent authorities of commodity futures are the Ministry of Economy, Trade and Industry and the Ministry of Agriculture, Forestry and Fisheries. The competent authority of financial futures is the Financial Services Department.
2. Definition
CPO refers to the raising of futures CTA funds, and after being approved by the competent authorities and registered with the Commodity Investment Fund Association, the fund and related businesses are operated in accordance with commodity investment contracts. The qualification conditions approved by the competent department are quite strict. In addition to the minimum paid-in capital of not less than one billion yen, it should also meet the requirements of having experience in various commodity futures funds.
3. Classification of futures CTA funds
Futures CTA funds in Japan can be classified according to different reference standards:
(1) According to the investment target, it is divided into energy, agricultural products (00006 1, shares) and precious metals.
(2) According to investment strategy: capital preservation type, active use type, etc.
(3) Differentiate by investment currency: dollar-denominated type and yen-denominated type.
4. The size of the minimum financing unit
The minimum size of the Japanese futures CTA fund is different, mainly 50 million yen and 654.38+0 billion yen. At the beginning, the minimum raising units of Japanese futures funds were relatively large, mostly above 654.38 billion yen. Starting from 1996, under the background that the Japanese Hashimoto government began to implement the financial deregulation and financial system reform plan, in order to promote the development of futures CTA funds, the Japanese government gradually relaxed the regulation of futures investment funds from 1996. First of all, from 1996 to 1997, the Japanese government relaxed the restrictions on the minimum sales unit of futures investment funds for four times, and the minimum sales unit of funds was reduced from 1996 to 1998+0 billion yen to 50 million yen and 1996 to 2000 million yen. Since June 1998, the minimum fund sales unit limit has been completely abolished, and fund raisers can freely design the minimum fund sales unit according to the needs of investors. At present, most commodity futures funds in Japan are sold in millions of yen, with a minimum of 654.38+ millions of yen.
5. Regulations
Referring to Articles 27 and 28 of Japan's Law on Commodity Investment Enterprises, if the operation of futures CTA fund violates Article 2 of the Law on Commodity Investment Enterprises, the Law on Commodity Trading and the restrictions on investment proportion stipulated by relevant laws on commodity investment, the competent authority may directly order it to rectify or abolish its business license.
6. Information disclosure of Japanese futures CTA fund.
Referring to the provisions of Articles 16, 17 and 18 of the Japanese Law on Commodity Investment Enterprises, CPO/CTA should provide relevant written documents to investors before, during and after opening an account, and implement the principle of information disclosure.
Commodity investment contract before opening an account (including investment strategy, investment target, investment proportion limit stipulated by law, operation mode, distribution mode, investment risk, etc.). ) and relevant written materials specified by the competent authority.
When opening an account, you should provide the customer with the Commodity Investment Contract and the written materials prescribed by the competent authority. A commodity investment contract shall include the following clauses:
(1) Matters related to the content of commodity investment.
(2) Investment income distribution or trust income distribution and other related matters.
(3) Matters related to the termination of the contract.
(4) Matters related to the predetermined amount of damages (including liquidated damages).
(5) Matters related to the transfer of the beneficial right of commodity investment.
(6) Other matters required to be recorded by the competent authority.
After opening an account, the following reports or explanations shall be provided to the customer:
(1) annual financial report.
(2) quarterly fund report.
(3) Monthly report of fund net value.
Japan's futures CTA funds account for a very low proportion of all investment funds in the futures market, and the weight is regulated by the government. Moreover, the fund cannot raise funds from financial institutions, and can only use the raised funds. Therefore, compared with the futures CTA funds in Europe and America, the scale is relatively small, even the larger futures CTA funds are less than $654.38 billion. It is understood that futures investors in Japan's commodity futures market are mainly individual investors, accounting for about 90% of the trading share, with funds accounting for 7% to 8%, and the remaining 2% to 3% are overseas orders.
Two. Overview of laws, regulations and structure of Singapore futures CTA fund
1. Overview
(1) related specifications
In Singapore, futures funds are in the form of collective investment. Relevant norms mainly come from the Securities and Futures Trading Law, the Commodity Trading Law, the Guidelines for Collective Investment Plans and the Securities and Futures Rules of Collective Investment Plans (Investment Offers) Regulations of 2005.
(2) Regulatory agencies
There are two main institutions that supervise futures trading: one is the Financial Management Bureau, which is responsible for formulating securities and futures laws, laws and regulations on collective investment plans, detailed rules of collective investment plans, etc. The other is the Singapore Committee of International Enterprises, which is responsible for formulating commodity trading laws. If there are problems that need to be supervised by two regulatory agencies, they will be resolved through discussion between the Monetary Authority and the International Enterprise Bureau.
2. Futures Fund Manager
The manager of a collective investment plan established in Singapore must obtain a fund management service license or a fund management exemption license in accordance with Article 99 of the Securities and Futures Law, and it must be evaluated and approved by the Monetary Authority.
3. Investment objectives
According to the provisions of the collective investment plan, the futures fund is a collective investment plan with financial and/or commodity derivative contracts as the main investment targets.
4. Raising and custody of futures trading advisory funds
(1) can be sold in the following ways.
(1) Public offering: the approval of the financial regulatory authority shall be obtained, and a prospectus shall be attached.
(2) Private placement: There is no need to obtain the permission of the Monetary Authority or to make a public prospectus, but it must be sold to 50 or less people within one year, and it is not allowed to make a public sale by advertising. Except for administrative and professional service fees, the quotation does not pay any promotion fees.
(3) Raising from institutional investors: refers to collective investment plans raised by institutional investors such as banks, finance companies, insurance, trusts, governments and pension funds. Without the approval of the Monetary Authority or the preparation of the prospectus.
(4) Restricted collective investment plan: raise funds for the rich, with a minimum amount of not less than S $200,000. Advertising is not allowed, except for administrative and professional service fees, this offering will not pay any promotion fees, and an information memorandum must be made, stating that it will not be raised by the investing public. The Securities and Futures Law defines a rich person as a natural person with a net asset of more than 2 million yuan and an income of not less than 300,000 yuan in the previous year, as well as a natural person stipulated by companies, trustees and other competent authorities whose balance sheets have been audited and certified by accountants recently. Such collective investment plans still need to be approved by the monetary authorities.
⑤ Small-scale offering: refers to raising no more than 5 million yuan within one year, without advertising, declaring that the offering complies with Article 302(B) of the Securities and Futures Law, and not disclosing the prospectus without the approval or recognition of the Monetary Authority.
(2) guardianship
The Securities and Futures Law does not stipulate that an approved collective investment plan must have a custodian. At that time, it was stipulated that the approved collective investment plan must have a custodian and be separated from the assets of the manager.
5. Investment objectives and norms
Futures CTA funds, which mainly trade futures, can invest in the following types: futures and options in the market; OTC options, forward contracts and exchange contracts signed with legal counterparties; Securities issued by local or foreign companies; Money market commodities or bonds; Gold and cash.
According to the laws and regulations of the collective investment plan, the risks arising from the fund's investment in the aforementioned items 1 and 2 shall not exceed 20% of the net asset value of the futures fund. The calculation of relevant risks shall comprehensively consider the daily contract price, changes in the futures market, the time required for liquidation, the present value of the underlying assets, credit risk and other factors, and shall be calculated at least 1 time per day, and shall not be lower than the confidence interval of 99%. Assuming that the holding period of each position is not less than 1 month, the proportion of investment options in the collective investment plan mainly trading futures does not exceed 10% of the fund's net asset value. In addition, the risk calculation method should be disclosed in the prospectus and evaluated by risk management experts or independent experts of futures CTA funds.
In addition, the laws and regulations of the collective investment plan stipulate that the fund should take 20% of the net asset value as the minimum liquidity reserve, and it is not allowed to borrow funds except for the purpose of fund redemption and short-term borrowing. Even if the total amount of borrowed funds does not exceed 65,438+00% of the net asset value of the fund.
In case of violation of the relevant provisions of the collective investment plan, the financial management institution may consider canceling or suspending the collective investment plan, and refuse the manager of the collective investment plan (if it is a company, it is a company) to apply for a new fund.
If the loan and investment limit is exceeded (uncontrollable factors), the administrator shall notify the competent authority within 3 days from the date of knowing.
6. Information that the investment plan should disclose to the public
In addition to the public offering, the collective investment plan also needs to prepare a public prospectus, and publish annual and semi-annual reports regularly to reveal the changes in the closed profit or income, the changes in the unrealized open net profit or income, the total profit and loss of the fund in other transactions and all transaction costs.
III. Development, laws and regulations and operation process of China Taiwan Province Futures CTA Fund.
Since the implementation of the futures trading law in Taiwan Province Province from June 1986 to June 1, the market system construction has been improved day by day. At present, the futures market margin in Taiwan Province Province is nearly 30 billion yuan. At the beginning of the establishment of the futures market, in addition to opening up commission agents and futures dealers, in order to facilitate portfolio investors to participate in the futures market, the regulatory authorities opened up the futures trading auxiliary business operated by securities brokers with reference to the American futures brokerage system, so as to introduce the brokerage trading function, increase trading channels and realize smooth trading. Since then, Taiwan Province Futures Exchange has launched "Taiwan Stock Exchange Stock Index Futures" on July 2 1 and 1987, followed by Taiwan Province Stock Index Financial Insurance and Small Futures Contract, and launched Taiwan Province Stock Index Option Contract on February 24 1990. Due to the strong professionalism of futures trading, with the development of the market, since the end of 1989, in order to actively guide futures traders to engage in rational futures trading, improve the willingness of various institutional funds and legal persons to participate in futures trading, and improve the futures market structure, Taiwan Province Province began to open futures manager business, that is, futures CTA. On June 8th, 2008 +099 165438, Taiwan Province Province issued the Standards for Setting up Futures Manager's Business and the Rules for Managing Futures Manager's Business, followed by the regulations on the minimum amount of entrusted trading funds and the maximum multiple of the total amount of entrusted trading funds, and on July 1992+65438, the futures manager authorized futures. The first futures trust fund (CPO) in Taiwan Province Province was officially approved for operation in 2009.
1. Classification of Taiwan Province Futures Service Industry
Taiwan Province Province has made a special distinction between the futures service industry and adopted a restrictive franchise mode. According to the futures trading law of Taiwan Province Province, it can be divided into four categories: futures trust business, futures manager business, futures consultant business and futures trading assistant:
(1) Futures Trust (CPO)
Raise futures trust funds to issue beneficiary certificates and use futures trust funds to engage in futures trading.
(2) Futures Manager Enterprise (CTA)
Engaged in discretionary futures trading, but also engaged in raising funds from unspecified people to engage in futures trading. The difference between futures trust and futures trust is that futures trust raises funds to engage in futures trading by issuing beneficiary certificates, while futures managers do not issue beneficiary certificates. They adopt the ideas and methods similar to the trust industry's collective management and the use of trust funds for futures trading.
(3) Futures consulting business
Accept the entrustment, provide research and analysis opinions or suggestions on matters related to futures trading, issue publications related to futures trading and hold lectures related to futures trading.
(4) futures trading assistant
Entrusted by futures commission merchants, solicit and represent futures commission merchants to open accounts with traders, accept the entrustment of traders and deliver them to futures commission merchants for execution.
2. China Taiwan Province futures CTA regulatory laws and regulations system.
Articles 82, 87, 88 and item 3 of Article 82 of the Futures Trading Law of Taiwan Province Province clearly stipulate that the establishment standards and management rules of futures service enterprises shall be formulated by the competent authorities. Taiwan Province Securities and Futures Management Committee will formulate and issue standards and rules for the establishment of futures managers' businesses, and draw up self-discipline rules such as the rules for the operation of futures managers' businesses with full authority for futures trading with reference to management measures such as securities investment consultants and investment trusts, so as to enhance the self-discipline function.
3. Operation process of futures CTA
According to the management rules of futures manager enterprises, the subjects of discretionary futures trading include futures traders (clients), futures manager enterprises and custodian institutions. Taiwan Province Securities Regulatory Commission considers that if a futures manager enterprise is also responsible for the use and custody of discretionary trading funds, it will be prone to fraud, and if all the entrusted funds are deposited in the customer margin account of the futures company without a custodian, there will be risks. Therefore, a separate custodian institution is set up for the entrusted trading funds of relevant clients, and it is stipulated in the second paragraph of Article 25 of the Rules for the Administration of Futures Managers' Enterprises that the custodian institution is responsible for the opening of futures trading accounts of clients, the payment of deposits and royalties, clearing and settlement, accounting treatment and other related matters. As for the qualification as a custodian institution, the first paragraph of Article 26 stipulates that it is a bank that has been approved to operate the custody business and has reached the credit rating recognized or recognized by the CSRC.