BIZCHINA / Top Biz News
Futures contracts regulations expected
By Li Xiaowei (China Daily)
Updated: 2006-06-20 08:58
The proposed financial derivatives exchange in Shanghai is planning to
release a regulatory framework for the trading of stock index futures
contracts by the end of this month.
Trading is scheduled to begin at the end of this year, several months
later than earlier expected.
The market will trade financial contracts that obligate the buyer to
purchase financial instruments at a specified future date at a pre-set
price.
Details to be released mainly concern regulations on broking services and
clearing methods, according to the official securities paper, China
Securities News, yesterday.
But it is not clear whether other details, including contract size and
maturity, tick values, margin levels and the price movement limit, will
be released at the same time.
Contracts are likely to be based on the existing Shanghai & Shenzhen 300
Index, which covers about 60 per cent of the market value in the Shanghai
and Shenzhen markets, said China Securities News, quoting unnamed
officials.
Officials confirmed earlier reports that futures brokerage companies are
to take over the majority of the broking business for stock index futures
contracts.
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