With the approval of the China Securities Regulatory Commission (CSRC), China Financial Futures Exchange (CFFEX) adjusts the fees for closing out intraday positions in CSI 300, SSE 50, CSI 500 and CSI 1000 Index futures contracts to 0.023% of the notional value effective March 20, 2023.
In 2022, with the leadership of the China Securities Regulatory Commission (CSRC), the support of relevant ministries and commissions of the central government, and the joint efforts of market participants, China Financial Futures Exchange (CFFEX) maintained a stable, orderly, and well-functioning China government bond (CGB) futures market, which played an active role in serving the high-quality development of the bond market and the real economy. To award exemplary performance and promote market development, CFFEX recently organized the appraisal for outstanding institutions and individuals participating in the CGB futures market for the year 2022. After review and selection, 15 institutions received the Outstanding Institution Award, 3 received the Best Progress Award, and 6 received the Medium and Long-term Capital Service Award. In addition, 23 individuals nominated by the award-winning institutions received the Outstanding Trader Award.
With 2023 being the first year to comprehensively implement the guiding principles of the 20th CPC National Congress, CFFEX’s priority for the year is to pursue higher-quality development of the financial futures market. In line with the decision and arrangements of the Central Economic Work Conference, the requirements of the CSRC Annual Work Conference and the principle of “Four Awes” and “One Synergy”, CFFEX will continue to enrich the CGB futures offerings, facilitate participation by banks, insurance companies and other institutions, and guide various types of medium and long-term capital to use CGB futures in risk management. With these efforts, CFFEX aims to comprehensively promote the high-quality development of the CGB futures market, and enhance the capacity of the financial sector to serve the real economy, thus further contributing to a standardized, transparent, open, dynamic and resilient capital market.
Appendix: List of 2022 CFFEX CGB Futures Outstanding Institutions and Individuals
2022 has been a crucial year for the Communist Party of China (CPC) and for China. The 20th CPC National Congress unveiled a grand blueprint for building China into a modern socialist country in all respects. Over the year, with the strong leadership of China Securities Regulatory Commission (CSRC) and the support of our members, China Financial Futures Exchange (CFFEX) has taken concrete steps to strengthen itself and build a more robust financial futures market. In particular, CFFEX continued to expand its product lineup, further facilitated risk management functions, and improved the market ecosystem, contributing to the high-quality development of the financial futures market.
To recognize those members that have contributed to safe market operations, bolstered market functioning, enhanced market promotion and improved market structure, CFFEX recently organized the appraisal for 2022 outstanding members. A total of 56 members received the Platinum Award, Gold Award, Risk Management Award, IT Management Award, Progress Award, Market Promotion Award, and Institutional Service Award.
Embarking on a new journey in 2023, CFFEX will join hands with members in following the guidance of the Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. With a deep understanding of the decisive significance of the “Two Establishes”, and to strengthen the commitment to the “Four Consciousnesses”, Four-Sphere Confidence, and the “Two Upholds”, CFFEX will put the directives of the 20th CPC National Congress, the Central Economic Work Conference, and the CSRC Annual Work Conference into action; uphold the CPC’s leadership over the financial futures market as well as the principle of pursuing progress while ensuring stability; maintain objectivity and pragmatism, respect the law of the market, establish holistic views, and insist on bottom-line thinking. In line with the CSRC’s policy of “system building, non-intervention, and zero tolerance” and the principle of “Four Awes” and “One Synergy”, CFFEX will coordinate pandemic control with safe operations and the high-quality development of the financial futures market, to further contribute to a modern capital market with Chinese characteristics.
Appendix: List of 2022 CFFEX Outstanding Members
On December 23, 2022, China Financial Futures Exchange (CFFEX) released the Notice on Reducing the 2023 Delivery Fee and Exercise (Assignment) Fee by Half, according to which the delivery fee for equity index futures and CGB futures as well as the exercise (assignment) fee for equity index options will be reduced by half from January 1, 2023 to December 31, 2023.
The reduction of delivery fee for equity index futures and CGB futures took effect in August 2021. The arrangement for continued and further fee reductions represents CFFEX’s latest step to systematically reduce fees and charges, thus bringing tangible benefits to market participants.
A CFFEX official commented that CFFEX’s fee reduction arrangements are aimed at implementing the tax and fee cuts policies of the CPC Central Committee and the State Council, and promoting the “Better Service, Tangible Benefits” initiative of the China Securities Regulatory Commission (CSRC). Such arrangements will effectively reduce the cost of financial futures transactions, better meet investors’ risk management needs, and enhance financial support for the real economy.
Next, under the leadership of the CSRC and in accordance with the decisions of the 20th CPC National Congress, CFFEX will further improve its services, and implement the tax and fee cuts policies with determination and solid measures, thus playing a greater role in and further contributing to the new development paradigm.
On December 14,2022, China Financial Futures Exchange (the “Exchange”) released the SSE 50 index options contract specifications and relevant rules, thus finalizing preparations of the said contract specifications and rules.
On December 5, 2022, the Exchange published the draft SSE 50 index options contract specifications and relevant rules on its website for public consultation. During the consultation period ended December 9, 2022, the Exchange extensively solicited comments and suggestions from market participants and received general approval.
Next, under the leadership of the China Securities Regulatory Commission (CSRC), the Exchange will steadily proceed with the listing of the SSE 50 index options to ensure a smooth product launch and stable market operations.