China Proposes Rules For Derivatives Trading
China's banking-industry regulator published draft rules on over-the-counter financial-derivatives business conducted by commercial banks and other financial institutions.
Traders said the rules, on which foreign banks have been asked to comment, will help develop financial-derivatives trading in China.
The China Banking Regulatory Commission's regulations state that it is the primary agency in charge of the financial-derivatives business, which is still in its formative stage in mainland China.
All institutions engaged in such trading -- including forwards, futures, swaps and options -- must first obtain approval from the commission.
Traders said the draft regulations don't cover foreign-exchange-related derivatives -- such as nondeliverable forward and currency forward contracts. China's State Administration of Foreign Exchange oversees trading in these markets. Nondeliverable forward trading is prohibited in China.
Only three state-owned commercial banks, Bank of China, China Construction Bank and Industrial & Commercial Bank of China, are allowed to conduct trade in deliverable foreign-currency forwards involving the yuan. Foreign banks are allowed to offer forward contracts in other currencies to clients that want to hedge their foreign-currency positions.
While China's foreign-exchange rate and interest rates are fixed, companies are increasingly looking into financial derivatives to hedge their positions, especially in recent months when external political pressures have been building up for China to relax its foreign-exchange policy, traders said.
The draft regulations call for stock and commodities derivative products to be approved by their respective regulatory authorities.
中国公布场外金融衍生产品条例草案
中国银行业监管机构周一公布了一份条例草案，为的是对商业银行及其它金融机构从事的场外金融衍生产品业务进行规范化管理。
交易员表示，外资银行已经应邀对该条例发表意见，并表示条例将有助于中国衍生金融产品交易的发展。
中国银行业监督管理委员会(China Banking Regulatory Commission, 简称：银监会)在条例草案中称，中国大陆的金融衍生产品业务还处于初始阶段，银监会将主要负责对其进行管理。
所有机构在从事包括远期交易、期货交易、互换和期权等金融衍生产品业务前必须得到银监会的批准。
交易员表示，条例草案内容不包括与外汇相关的衍生产品，如不可交割远期合约(nondeliverable forward)和货币远期合约等。中国国家外汇管理局(State Administration of Foreign Exchange)负责对这些市场的交易进行监管。
不可交割远期交易目前还禁止在中国大陆开展。仅有3家国有商业银行获准开展包括人民币在内的可交割的远期外汇业务，它们是中国银行(Bank of China)、中国建设银行(China Construction Bank)和中国工商银行(Industrial & Commercial Bank of China)。
外资银行允许向希望对外汇头寸进行套期保值的客户提供人民币以外的远期合约业务。 交易员表示，虽然中国的人民币汇率和利率是固定的，但随著近几个月外部要求中国放松汇率政策的压力逐渐增大，一些公司越来越希望通过金融衍生产品对其外汇头寸进行保值处理。
银监会某官员称，条例草案并未提及债券期货交易的复兴。
1995年中国曾废除了一个债券期货交易试点市场，原因是当局认为该市场缺乏管理，且存在高度投机性操作。
条例草案要求股票和商品衍生产品须得到各自监管当局的批准。
草案还要求，若想获得申请衍生产品交易执照的资格，一个金融机构必须有一名高层管理人士具备5年以上直接参与衍生交易活动和风险管理的资历。
金融机构还须具有两名接受相关衍生产品交易技能培训半年以上的交易人员，以及至少1名精通风险管理和其他风险分析的研究人员。
政策性银行、中外商业银行、信托投资公司、大型企业金融子公司、金融租赁公司及其他非银行金融机构均可申请开办衍生金融产品交易业务。
银监会目前正就条例草案公开征求意见，公示截止日为10月25日。
