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CFFEX Amends the Measures on Hedging and Arbitrage Trading and Other Rules
To optimize trading mechanisms, strengthen the management of hedging and arbitrage quotas for financial futures, and promote the functioning of the financial futures market, the China Financial Futures Exchange (CFFEX) released nine amended rules including the Measures of China Financial Futures Exchange on Hedging and Arbitrage Trading and the Detailed Trading Rules of China Financial Futures Exchange on December 28, 2018. These amended rules took effect on January 2, 2019.
This round of amendment features three highlights. First, it improves the management of hedging and arbitrage quotas. Members and clients intending to engage in hedging with Treasury futures contracts in the nearby delivery month shall be automatically granted a quota if they meet the criteria set by the Exchange. Second, it further underscores the obligations of futures company members to supervise the hedging and arbitrage trades of their clients. Third, the “speculative trading code” is renamed as the “trading code”.
Complementing the above rule changes, CFFEX also strengthened the management of hedging and arbitrage quotas with greater precision by improving the application process without changing the approval and management criteria.
A CFFEX official commented that this round of amendment aimed to optimize the trading mechanisms and facilitate market participants’ use of financial futures for better risk management, thus promoting the functioning of the financial futures market. Following the release of the amended rules, CFFEX will continue to monitor market dynamics, enhance regulation, and improve the operational efficiency of the market to ensure its sound and stable development.
