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Liu Yunfeng: Driving Reform of Futures Market
At the 2012 China Plastics Industry Conference (CPIC) held yesterday, Liu Yunfeng, Deputy Director of the Futures Supervision Department I of China Securities Regulatory Commission (CSRC), said that efforts would be made to boost the reform of regulatory systems related to commission fee, hedging, arbitrage, margin, and position limit in the futures market so as to elevate the market efficiency.
Liu also said that this year, CSRC would drive the innovation of the market, build the treasury bond futures market and bulk commodities futures markets such as the crude oil futures market, boost the launch of new futures products such as coking coal and glass, expand the channels and modes of the futures market’s services for rural areas, farmers and agriculture, as well as develop options and other new trading tools, and new futures products such as the iron ore and the right of carbon emission. Besides, CSRC would drive the reform of regulatory systems related to commission fee, hedging, arbitrage, margin, and position limit so as to elevate the market efficiency. Furthermore, CSRC would strengthen the construction of legal system for the market, boost the research on the legislation of the “Futures Law” and the amendment to the “Regulation on Administration of Futures Trading”, as well as crack down on law-breaking and rule-breaking behaviors for maintaining the principle of “equality, fairness, and openness”.
Finally, Liu said that as the system of the chemical-industry-related futures products had taken shape in the country, futures prices had become the benchmarks for the pricing of the physical market. Moreover, all the relevant enterprises in the plastics industry chain gradually traded futures for managing price risks and stabilizing operational incomes, which achieved a lot of successes.
Source: Futures Daily
