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CSRC Official: Index Futures Are Absolutely Necessary
The Futures Department of China Securities Regulatory Commission (CSRC) will adjust futures regulatory policies in accordance with the requirements of the development of the Chinese economy in a bid to promote the healthy and stable development of futures market, Kang Huanjun, vice director of the department, said Monday in Beijing.
Speaking of stock index futures, Kang said from the point of view of the long-term development of China's futures market, it is absolutely necessary to launch index futures. CSRC will seriously study such issues as whether the futures companies, like securities firms, own the brokerage rights and on which bourse the trading of index futures will be dealt in after the launch of index futures in the future.
He revealed that as the varieties in the current futures market are still fewer, CSRC will, according to the requirements of the market, launch a series of big varieties, such as corn, sugar and cotton, at a proper time. He said after the establishment of China Futures Industry Association (CFIA), it will shoulder the responsibility of self-discipline of the industry to share the duties which should have been fulfilled by CFIA but actually have to be performed by CSRC. In the next stage, the Futures Department of CSRC will, on one hand, consider the issues on the standardization of the futures industry. On the other hand, it will attach importance to the development of futures market. It will promote online transaction through the integration of the network of stock exchanges to reduce the trading cost and raise market efficiency. Meanwhile, it will also consider other measures to promote the stable development of the market.
The president of China International Futures Corporation Tian Yuan believes that the polices of CSRC targeted at futures market are currently being released gradually and orderly, and that the spring of the futures market will come soon. The establishment of CFIA will also inject new impetus to the development of the market.
He introduced that the 180 members of the soon-to-be-launched CFIA will include the futures brokerage companies which are in operation and those having been specially treated. Individuals will also be invited to join CFIA in future, he said.
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