BIZCHINA / News |
Nation issues draft rules on futures exchanges, companies(XFN-Asia)Updated: 2007-04-02 15:40 The China Securities Regulatory Commission (CSRC) said it has issued draft administrative rules covering futures exchanges and futures companies, helping prepare for the launch of stock index futures trading. In September, China's first financial derivatives exchange was established in Shanghai, with stock index futures based on the Shanghai Shenzhen 300 Index intended to be the first instruments to be listed. The launch has been delayed due to technical difficulties. According to the draft rules, futures companies seeking to participate in trading financial futures must have a largest shareholder with net assets of over 30 million yuan (US$3.88 million). In new futures companies, shareholders holding over 5 percent must have net assets of over 30 million yuan and at least two years of operations. For 100 percent-owned new companies, net assets of the shareholder must exceed 1 billion yuan. The rules allow for overseas futures trading at some stage. CSRC said it is seeking feedback on the draft rules, with April 15 set as the effective date. (For more biz stories, please visit Industry Updates)
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