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No timetable set for index futures launching

(chinadaily.com.cn)
Updated: 2007-06-15 10:49

There is no specific timetable for launching the index futures but China is making preparations for the new product, said Tu Guangshao, vice chairman of the China Securities Regulatory Commission (CSRC).

The regulators are drafting rules and regulations, establishing a supervision framework for the new products and improving risk preclusion and control mechanism for futures brokers. And most recently, education to investors has been brought up to the table.

Special coverage: Markets Watch  Related readings:  Stock index futures licenses to be issued in July  China may put off launch of stock index futures  Rules for financial futures reflect growing concern

Tu also said the mainland and Hong Kong stock markets have complementary relations, and the cooperation between the two sides is the mainstream trend. The mainland authorities will continue to support domestic companies to list in Hong Kong, Tu said.

The vice chairman believed the difference in prices of A and H shares of a same company listed in the two places are not "abnormal". The markets were different after all, he said, and the qualified domestic institutional investor and qualified foreign institutional investor schemes will help diminish the gap and make the duo more "balanced".

The comments by the regulatory cleared the previous speculation on the timing of the launch based on earlier reports. Leo Melamed, the so-called "father of financial futures" said this week on a financial innovation forum that China was set to launch its first index futures this autumn, the Beijing Morning reported.

"The financial regulators and the China Securities Regulatory Commission should push forward the development of Chinese financial derivatives," said the honorary chairman of the Chicago Mercantile Exchange (CME) and founder of the world's first financial futures exchange.

"The launch of the index futures, for instance, is the most important and an inevitable step for China," he said.

Melamed said in his speech at the forum that the China Financial Futures Exchange (CFFE) would release derivative products based on the Shanghai-Shenzhen 300 Index this fall. He revealed that CME had provided training to CFFE staff.

"There is no 'improper' date for China to launch the index futures as it is an organic part of the capital market development," he said. "The Chinese stock market seemed to grow too fast. I'm not sure if it is overheated. But how high the share prices are is not directly related with the kickoff of the index futures, because the derivative is itself a hedging tool."