1. Futures companies promote shareholding system reform.
20 12 At the end of April, the CSRC clearly expressed its support for the restructuring and listing of domestic high-quality futures companies, and domestic excellent futures companies immediately started the restructuring work. 10 In late October, both yongan futures and nanhua futures announced that they had changed to "joint-stock companies" and had received listing guidance from securities companies. Later, companies such as Hongye Futures, Da Rui Futures and Zheng Lu Futures were also changed to "joint-stock companies". The listing of futures companies not only helps to broaden the financing channels of futures companies, but also allows investors to share the "dividends" of the booming futures market.
2. The maturity of new varieties is shortened.
20 12 variety innovation in domestic futures market is accelerated. Silver and glass futures were listed on May 1 1 and February 3, 65438 respectively. 65438+February 28th, rapeseed and rapeseed meal futures were listed. In addition, the preparations for the listing of treasury bonds futures are basically ready, and the preparations for relevant regulations and business rules for crude oil futures are basically completed. It is worth noting that the new varieties listed in that year met the demand of the spot market because of the reasonable design of contract rules. After the new varieties are listed, the liquidity is greatly improved, and the variety cultivation and maturity are obviously shortened.
3, the futures market to complete the work of account specification.
The standardization of futures market accounts, which lasted for 8 months, was completed as scheduled at the end of June 20 12. In this account standardization work, 865,000 dormant accounts have been standardized, 30 1 1,000 active historical accounts have been standardized, and the opening authority of 30,500 overdue non-standardized accounts has been frozen. All the 654,380+0.07 million accounts (involving 860,000 customers) of normal transactions are standardized.
In order to further improve the management of accounts in the futures market, China Futures Margin Monitoring Center decided to organize the whole market to identify and handle normal dormant accounts once a month from July 20 12.
4. The transaction fees and supervision fees in the futures market have dropped significantly.
20 1 June 1 day and September1day, four domestic futures exchanges significantly reduced the transaction fees of existing futures products twice. After adjustment, the cumulative reduction of transaction fees for various varieties is between 20% and 66.7%, and the cumulative reduction of transaction fees for half varieties reaches or exceeds 50%. At the same time, the standard of futures market supervision fee charged on the basis of annual transaction volume has also been greatly reduced by 50%. The standard of market supervision fees charged by the CSRC for the previous issue, Zhengshang Institute and Dashang was adjusted from 0.002‰ of the annual transaction amount to 0.00 1‰ of the annual transaction amount, and the supervision fees charged for CICC were also implemented according to the above-mentioned charging standards.
Significantly reduce transaction costs and market supervision costs, reduce transaction costs in the futures market, reduce the burden on investors, and help improve market efficiency. According to the market turnover of 20 1 1, the transaction cost in the futures market can be reduced by 8.8 billion yuan in 20 12 years.
5. The asset management business of futures companies was officially liberalized.
On August 3, 20 12, the pilot measures for asset management business of futures companies were officially released and implemented on September 1 2. 165438+1October 2 1 day, the first batch of 18 futures companies obtained the asset management business license.
Asset management business is an important innovative business in the future business structure of futures companies, which is helpful to break the industry dilemma of homogenization competition in the past, promote the futures companies to change into diversified business models, and truly promote the futures companies to change from intermediary institutions to financial derivatives professional service institutions with trinity functions of "intermediary services, risk management and wealth management".
6. Institutional investors in the futures market have been strengthened.
10 year 10 On October 23rd, the China Insurance Regulatory Commission issued the Provisions on Insurance Funds Participating in Stock Index Futures Trading and the Interim Measures for Insurance Funds Participating in Financial Derivatives Trading, allowing insurance funds to participate in stock index futures and other derivatives trading. This is another important institution that has obtained the "passport" of futures index after brokers, funds, trusts and QFII.
At the same time, the pace of institutional investors participating in commodity futures is also accelerating. In addition to traditional industry customers, commodity futures have been tested in special fund accounts, and investment in commodity futures is also allowed in specific asset management plans of securities companies. The revision of the Guidelines for Trust Companies to Participate in Stock Index Futures Trading is also expected to include commodity futures in the scope of trust investment. In addition, the asset management business of futures companies will be launched soon, and the commodity futures market will also enter the era of institutionalization.
7. The newly revised Regulations on the Administration of Futures Trading was promulgated and implemented.
The newly revised Regulations on the Management of Futures Trading was officially unveiled on 20 12 16543810.5, and came into effect on February 512/kloc-0. Compared with the version that came into effect on April 6, 2007 15, this revision:
First, meet the demand for crude oil futures, treasury bonds futures and other varieties, and reserve space for introducing overseas institutional investors and domestic commercial banks to participate in futures trading;
Second, according to the requirements of the reform of the administrative examination and approval system, a number of administrative examination and approval items have been deleted and revised;
Third, the definition of "futures trading" was clarified, and the provisions of "disguised futures trading" were deleted, further clarifying the legal basis for cleaning up and rectifying illegal futures trading activities, and clarifying the responsibility of local governments to investigate and ban illegal futures trading activities.
8. HKEx completed the acquisition of LME.
65438+On February 6th, HKEx announced that the London Metal Exchange (LME) acquisition plan was officially completed. Several directors of LME and its parent company will leave, and Chung Kong Chow, chairman of HKEx, and Li Xiaojia, CEO will join the management.
2065438+In June 2002, HKEx signed an agreement with LME, the world's largest non-ferrous metal exchange, to acquire the entire share capital of LME at13.88 million pounds (about166.73 million Hong Kong dollars). On July 25th, the acquisition was almost unanimously approved at the LME shareholders' meeting. After that, the relevant transactions were approved by the British Monetary Authority and the High Court and sent to companies in England and Wales.
9. Allow futures companies to set up risk management subsidiaries.
After many discussions and soliciting opinions from the industry, the Guidelines for the Pilot Work of Establishing Subsidiaries for Risk Management Services of Futures Companies was officially released on February 22nd, 20/KLOC-0, and was implemented on February 20th, 20 13. This indicates that the business scope of futures companies is further broadened, and they can provide risk management services such as warehouse receipt services, cooperative hedging, pricing services and basis trading for entities through the establishment of subsidiaries. The development of subsidiary business of futures companies will help to further promote the combination of futures companies and industrial capital, and provide a broader space for the differentiated development of futures companies.