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Steadily Advancing Healthy and Stable Development of the Financial Futures Market

--CFFEX Engaged in Studying and Implementing the Vision and Mission of 2017 National Conference on Securities and Futures Regulation

On February 14, a meeting was held by the party committee of China Financial Futures Exchange (hereinafter referred to as “CFFEX”) on which the vision and mission of the 2017 National Conference on Securities and Futures Regulation was promptly conveyed. The keynote speech by Chairman Liu Shiyu was thoroughly studied, and the priorities of CFFEX in 2017 were set forth.

The party committee of CFFEX believes that the 2017 National Conference on Securities and Futures Regulation is an important meeting under the new circumstances of capital market reform and is of great significance in responding to current and future challenges in the development of a sustained, stable and healthy capital market. The meeting summarized all the work and accomplishments achieved by China Securities Regulatory Commission (“CSRC”) in 2016 in terms of supervision, reform, and development and opening up. CSRC followed the directive and arrangement of the Central Party Committee and the State Council, while showing great resolution in comprehensive self-governance. The meeting also analyzed the complex situation at home and abroad, and also the opportunities and challenges confronting China's capital market. A full plan for 2017 was proposed with focus on the securities and futures regulatory system "continuously strengthening the ‘four consciousness’, putting development and stability on the top of our agenda and coordinating the reform and governance of the capital market". In particular, the conference put forward specific requirements on achieving the "six stability" and "six advances" in the capital market, laying down the ideological foundation for 2017 by providing guidance for action and goals moving forward.

The conference demonstrated the firm commitment of the party committee of CSRC to fully implement the vision and mission of the 6th Plenary Session of the 18th CPC Central Committee and the Central Economic Work Conference, adhere to the principle of comprehensive and strict supervision in accordance with the law, unswervingly uphold the key role of marketization, the rule of law, and internationalization, and steadfastly maintain confidence and determination in developing a healthy and stable capital market in the long run.

The party committee of CFFEX is deeply aware that the internal and external environment for China's capital market will become even more complex in 2017, and with increasing uncertainty in the global economy, the imbalance in the domestic economic structure will remain prominent, and the contradiction between the "three superimpositions" will persist. In this context, CFFEX will, in accordance with the requirements of CSRC, fully implement the vision and missions of the 18th CPC National Congress and the 3rd, 4th, 5th and 6th Plenary Sessions of the 18th CPC Central Committee, further study the core values of General Secretary Xi Jinping's important speeches as well as the new concepts and philosophy of governing the country, and resolutely implement Xi's important directives on the reform, development and risk prevention in the capital market. In light of the realities of the Exchange, CFFEX shall have a deeper understanding and firmer implementation of the underlying principle of seeking progress while maintaining stability. We shall neither miss opportunities due to being too prudential nor lose stability due to premature advancement, but rather achieve development by "aligning with the core, striving for stability, preventing risk and balancing development". With a stronger sense of responsibility and accountability, we will fully implement comprehensive self-governance of the Party, the Commission, and in all aspects of our operation, assume the role of comprehensive and high-standard supervision in compliance with the law, carry our steady and orderly management of the Exchange, promote the role of the financial futures market and continuously improve the capability of serving the real economy, thus increasing the level of satisfaction of market participants and the public.

First, we will enforce accountability mechanism through strict self-governance of the Party, and spearhead efforts to enforce strict discipline in the operation of the Exchange in all aspects. With the "four consciousness", especially the “upholding the core value from the leadership” and “keeping in alignment” principles constantly enhanced, we will stay in line with the central party committee with President Xi as the core, strive to be fully capable of shouldering all of our responsibilities, improve our capacity to take on and successfully complete the tasks from the CPC central committee and party committee, and give full play to the role of CFFEX party committee as the political and leadership backbone.

Second, we will firmly enhance confidence in development of the financial futures market by further promoting the functionality of the market and enhancing the product line, so as to better serve the supply-side structural reform. We will draw on the lessons and experience from the stock market upheaval. We will constantly sharpen our views on the development of the futures market, and capture precisely the role, the function and positioning of financial futures in building and perfecting a socialist market economy. We will develop the bond futures market, coordinate relevant departments to optimize and enrich the structure of investors, and refine the yield curve of government bonds that reflects supply and demand. We will continue to complete the rules, improve the system, increase efficiency of the financial futures market, and enhance the functionality and capacity to serve the spot market and real economy.

Third, we will stick to the bottom line of zero systematic risk and further strengthen the front-line supervision of the Exchange. Prevention of risks will be the top priority of our work in 2017. We will pay close attention to the risk factors in the bond market, and prepare a contingency plan for risk mitigation. We will deepen our implementation of comprehensive and strict regulation in accordance with the law, improve frontline market regulation, establish a robust regulatory model with futures agencies as the pivots, build a dynamic monitoring system for stock index futures with VOL/OI ratio as the core reference, and promote further synergy in cross-market supervision, so as to protect investors' legitimate rights and interests.

Fourth, we will resolutely safeguard the smooth operation of the market and further strengthen the construction of IT infrastructure as well as capacity building of regulatory safeguards. We shall adhere to the operational lifeline of "non-interrupted transactions and data", and assure the safe and stable operation of IT systems. On top of this, we will accelerate the technology R&D base project and the financial data platforms project, and constantly upgrade the informatization level of the Exchange.

Fifth, we shall promote the two-way opening of the financial futures market in an orderly manner. The market shall serve the “Belt & Road" initiative, enhance connections and business cooperation with relevant countries and regions, advance substantive collaboration after the investment in Pakistan Stock Exchange, encourage China Europe International Exchange to play a positive role in promoting industrial partnerships, and explore other feasible opening-up options of financial futures market.

Sixth, we will further strengthen the internal management and talent building of the Exchange. We will promote Party conduct with clean and honest administration, while shaping an upright and honorable political ecology. Specifically, we shall step up staff training and development, improve professionalism, optimize talent structure, and mobilize group solidarity and competitiveness, to eventually build a cadre which is "accountable, efficient, impartial and honest, and politically reliable".

The party committee of CFFEX called on all staff to thoroughly and enthusiastically study the vision and mission from the national conference on securities and futures regulation, so as to deeply comprehend and resolutely implement its core ideas. CFFEX is firmly on board with the Party leadership, and its committee calls for reinvigorated efforts by all concerning parties to undertake their mandate seriously, remain down-to-earth, practical and mindful of our responsibilities. As the art of war says “he will win whose army is animated by the same spirit throughout all its ranks ", and we shall all “roll up our sleeves to forge ahead with full-speed”, strive for steady progress in operations and management to ensure an efficient completion of all tasks in 2017. When visions turned into reality, we can then better serve the overall development of the national economy and the capital market thus to greet the 19th CPC National Congress with outstanding achievements.

Copyright ©2010 CFFEX

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