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DCE holds the “ 6th Futures Legal Theory & Practice Forum” in Dalian on September 5 to discuss 4 topics on the “new judicial interpretation of futures market manipulation crime and relevant regulations on futures market manipulation by China Securities Regulatory Commission (CSRC)”, the “establishment of diversified dispute settlement mechanism of futures market”, the “legal issues related to diversified participants involved in the Chinese futures market under the opening-up context”, and the “legal issues on the construction and development of the over-the-counter market”. Over 40 persons attend the forum upon invitation, including chiefs of judicial authorities, regulation institutions and self-disciplinary organizations in China and experts from famous law offices at home and abroad.
DCE Chairman Li Zhengqiang says at the forum that under the complicated political and economic background in the world and the continuously strengthened financial supply-side structural reform in China, market participants have increasing appeal for risk management. As commodity futures prices can offer pricing benchmark for domestic spot trade and international trade, risk management instruments for enterprises, and great opportunities for the RMB internationalization, the futures market is of great significance for China’s overall foreign strategy. However, the legal construction of the Chinese futures market lags behind compared with the overall legal development in China, and there is no “Futures Law” to regulate the whole industry. Currently, the Chinese derivatives market has entered the new stage for the open and diversified development. DCE’s iron ore futures has ushered in overseas traders for over a year, and DCE will open up more products in the future. In this process, the self-regulation mode, the risk prevention and control system of the Exchange call for further improvement and upgrade. DCE is willing to facilitate the legal construction of the futures market together with relevant parities, thus adapting to the requirements of an open and diversified era.
The representatives say that the topics of this legal forum are close to the open and diversified development of the market and conform to the CSRC’s requirements: the four awes (stand in awe of the market, rule of law, professionalism and risks) and one joint force (the capital market’s development needs all the efforts made by all sides). The judicial authorities, regulatory organizations, and legal offices have fully discussed the latest industry situation and thoroughly analyzed the hot legal issues in the market, thus cementing relevant parties’ recognition on the legal construction of the futures industry.
